Innovation is reshaping the patient financing landscape, while patient centricity grows even more critical. These factors are motivating healthcare organizations to consider new solutions for solving long-standing problems within revenue cycle management. In light of the sector’s rough financial forecasts, rethinking patient financing can be a quick and easy win for RCM leaders.
A strategic approach to patient financing allows your organization to improve its financial performance and help patients afford the care they need. However you help your healthcare system navigate this complex decision, keep three things in mind:
Hospitals and health systems shouldn't also be “the bank”; scrutiny of your in-house payment plans can benefit financial performance.
Traditional patient financing approaches come with trade-offs. Consider the full impact on cost and collection rates, not just headline pricing.
Patients benefit from customized payment plans that account for their unique ability to pay, based on real-life data. When done right, providers can benefit as well.
While numerous financial constraints impact both providers and patients, healthcare organizations can take steps to counteract these pressures and prepare for the future. Choosing the right patient financing approach allows your organization to drive cash acceleration, strengthen your financial position and increase affordability--all while delivering on the promise of quality patient care.
