Nearly four years later, challenges wrought from the pandemic continue to persist and put strain on the healthcare industry. Due to many factors identified within the workplace system by the U.S Surgeon General – such as excessive workloads, administrative burdens, and lack of organizational support – more and more health care workers are being driven to burnout[1].
The underlying causes of healthcare worker burnout is complex, and leaders working to address the issue are focused on listening to their employees’ needs and investing in their mental health and overall wellness. However, one additional area healthcare organizations can optimize to mitigate burnout is around integrated revenue cycle management (RCM) solutions and, more broadly, the healthcare payment process overall.
In the recent PatientPay 2022 study, conducted by CareCredit, a Synchrony solution, and CWH Advisors, 63% of healthcare executives reported experiencing staffing shortages in their revenue cycle departments – vacancies which are particularly difficult to fill and can lead to less predictability in revenue streams[2].
Technological integration and automated processes can provide additional support for short-staffed teams and relieve the administrative headaches while also improving the speed and efficiency of RCM processes. From online scheduling to digital payment systems, this streamlining of workstreams, integration and automation of processes ultimately saves on overhead expenses, allowing healthcare executives the financial freedom to reinvest in their workplace and employee recruitment and retainment.
Results from the PatientPay 2022 study also found technological integration is important for patients regarding their healthcare, with 51% of survey respondents reporting they use financial and healthcare apps multiple times per week, and 75% of younger patients reporting that they have used new person-to-person or digital payments to pay healthcare bills. These findings underscore the importance of shifting to technology in today’s digital age, as patients want convenient, digital payments and reliable options to fit their medical costs into their budget.
Recently, more healthcare leaders are looking to external support to maintain financial operations, while ensuring patients are getting the experience they want and financial support they need.
For healthcare leaders looking to implement these solutions to help prevent burnout, partnering with a third-party financial solution provider like Synchrony is key.
With a comprehensive suite of financing solutions, Synchrony equips health and wellness providers with the modern technology and data tools to meet the demands of today’s consumers, while also helping improve financial workflows and simplifying revenue cycle management.
CareCredit is one of the industry’s leading health and wellness credit cards, with 11.8+ million total open cardholder accounts and $40 billion in available credit and helps improve the payment experience for patients and clients.
CareCredit not only offers an easy, contactless digital experience for patients, it also provides financing options that allow people to pay for the care they need over time, with no cash payment required at the time of the transaction.
With transactions using CareCredit, providers receive payment within a matter of days, and CareCredit handles the collection and payment remittance process on behalf of practices, which ease administrative workflows.
As the healthcare industry evolves, we continue our mission to provide best-in-class products and services by researching and introducing innovative ways to meet the needs of our partners and cardholders. To learn more about how partnering with Synchrony can help you, visit www.CareCredit.com/beckers.
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Disclaimer:
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors and/or medical providers with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.
[1] U.S. Department of Health and Human Services. (2022). Health Worker Burnout.
https://www.hhs.gov/surgeongeneral/priorities/health-worker-burnout/index.html
[2] CareCredit-CWH Advisors. PatientPay 2022. March 23, 2023.
https://www.cwhadvisors.com/research/2022-patientpay-study