Over the past seven years, High Deductible Health Plans (HDHPs) have increased ten-fold, and with out-of-pocket payments expected to grow to $420 billion by 2015, healthcare providers are finding themselves scrambling to keep up with the changing landscape.1
In light of the changing industry, we asked healthcare banking experts to highlight some of the key best practices to patient payment optimization. Three stood out from the rest.
Make it easier for consumers to pay their bill. Survey your current offerings and "plug any gaps" in the payment types available to their patients, including point of service, phone, web, credit card, check, etc. (see chart below). You can also tailor current policies to allow all points of service to engage patients in collections—and to accept all payment methods.
The potential benefits to your bottom line include lowering operating costs from electronic transactions, greater efficiency and productivity through automation, improved cash flow, greater collections and lower write-offs.
Today, healthcare provider management does not necessarily have access to reliable, near-real-time data on a granular level. Managers need visibility into higher-level metrics such as:
Answers to these sorts of questions—or visibility into this data via reports and dashboards—can drive real performance improvements over time, in part because it allows for benchmarking.
Providers must integrate payment processing into their healthcare systems, including clinical information systems, hospital information systems, patient accounting modules, enterprise resource planning systems and general ledgers. This means integrating payment processing into healthcare workflows so that your patients can pay at the point of service, by web, by mail, by phone and via payment plans.
The key benefits of integrated payment processing include:
Practical considerations for provider organizations seeking to improve payer payment and remittance processes.Read white paper about Payer Payment Optimization
Six industry trends to help organizations navigate the criteria for, and readily adapt to, the Affordable Care Act’s Hospital Value-Based Purchasing Program.Read article about Top Trends for Capitalizing on the Hospital Value-Based Purchasing Program
What can healthcare learn from retail about consumer satisfaction?Read article about Keeping Up With the Consumerization of Healthcare
Healthcare clients rely on us for:
Weekly insights on the economic issues that matter most to your business.
For inquiries regarding corporations and institutions with revenues between $20 million and $2 billion, or for questions regarding commercial real estate, please complete the form below.
Businesses with revenue under $20 million should contact Chase for Business.