Patient financial responsibility is increasing as high-deductible health plans grow in popularity, leaving many Americans struggling to pay medical expenses.
This means hospitals potentially face writing off more debt that can't be recovered from patients, as well as compressed margins and reduced cash flow, said Erica Franko, senior vice president and managing director of advisory and implementation services at nThrive.
To address the issue, she recommended that organizations focus on the patient experience and staff.
"Many patients remember the days of the co-pay and are now confronted with more complex forms of liabilities. Ensuring that your staff is prepared to explain these liabilities is paramount to patient and staff satisfaction," Ms. Franko told Becker's.
"Be sure to also prioritize point-of-service collections. Patients are more likely to pay upfront, especially if they understand how much and why they owe, and they are provided support options, if needed.
Improve financial clearance efficiency by enabling technology, and provide programs for the under- and uninsured by understanding the patient's needs and providing the right level of support."
Read more from Ms. Franko about addressing patient liability here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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