Hospitals should seek a win-win patient-provider outcome through revenue cycle technology solutions, advised John O'Connor, CEO of StrongBox eSolutions, a cloud-based revenue cycle management and patient finance platform.
Revenue cycle solutions should create positive financial experiences for patients and increased collection rates for providers, he said
"By delivering a holistic patient experience with respect to patient collections and providing secure, easy-to-use payment options such as payment portals and mobile payment convenience, the patient will have more positive billing experience and a better provider profile will result," said Mr. O'Connor. "The provider further benefits by lowering risk profile and improving collection rates and lowering administrative costs."
He said adding a low-cost, paperless patient finance alternative can also result in significant returns to the patient (receives care with a better experience) and the provider (increased collection rates).
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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