Healthcare providers are facing monumental challenges. Healthcare organizations must address mounting regulatory requirements, finding ways to efficiently address data management, training, audits, and how they will respond if a data breaches or noncompliance issue occurs. They’re also dealing with technology disruption, which requires them to keep up with the latest innovations to provide the highest standards of care and patient experiences. Healthcare organizations are also addressing rising costs of hiring and retaining skilled practitioners and operational expenditures.
Costs aren’t only rising for the healthcare organizations themselves, however. They’re also increasing for patients, which is creating a new challenge for your clients. About 30 percent of an average healthcare bill is covered by the patient, and hospital revenue from patients’ responsibility grew 88 percent from 2012 to 2017. Although a healthcare provider’s first concern is for the welfare of the patient, collecting payment is also a priority. Logically, without adequate revenue, healthcare providers, especially small practices, can’t sustain their practices. A Black Book Revenue Cycle Management Survey found that 83 percent of practices with fewer than five practitioners say slow payment from high-deductible patients are their biggest collection challenge, and 81 percent say communicating patient responsibility can also be an issue.