Healthcare Insurance Concerns on the Rise
By Gordon Jaye, VP Hospital Operations
While there are conflicting reports about how the dismantling of the ACA has impacted the number of insured people in America, such as the recent Commonwealth Fund Survey and the CDC report circulating in the news, one thing is for certain: at least 29.3 million people were without insurance last year, and that number is only expected to climb. This is a problem that effects both patients and hospitals. Not only are millions of patients now faced with the stress of being responsible for unknown out-of-pocket healthcare costs, but hospitals are going to have to be more prepared than ever before to collect revenue directly from patients and need to be equipped with the proper IT and analytics to ensure optimal revenue cycle performance.
While the politics of healthcare remains uncertain, hospitals need to figure out how to collect the revenue they deserve while still ensuring a positive patient experience. The good news is that forward-thinking provider organizations are working to solve this issue by rethinking its revenue cycle management from the top down and implementing personalized payment solutions. By integrating a hybrid technology-and-tactics system (like our IntelliPassTM System) that combines key business functions with data-integration tools and proven best practice training strategies, hospitals can transform the patient experience by helping patients manage the financial burden associated with their care. This system enables hospitals to relieve patients of the stress of receiving surprise (often exorbitant) medical bills by providing them with accurate bill estimates prior to care, so that patients know what they can expect to pay and when. Offering customized financial solutions for every patient ensures that they will leave the hospital with a personalized, realistic plan to meet these obligations in a fair and manageable manner.
As healthcare costs and concerns are on the rise for all constituents, it’s critical that healthcare organizations deliver a financial experience every bit as compassionate and professional as their clinical care.