Point-of-service collections are becoming a larger part of hospital payment procedures, as roughly 86 percent of hospital and health system executives said bad debt now accounts for more than 2 percent of their total cost of services, according to a TransUnion Healthcare survey.
TransUnion and Oxford Economics surveyed 101 hospital and health system leaders, a little more than half of whom are in the C-suite. Here are some other findings from the survey:
• About 93 percent of respondents said their organization is either using or plans to invest in point-of-service technology to help with upfront collections.
• Thirty-one percent of executives indicated their institution uses predictive analytics to manage their revenue cycle. Another 58 percent said they are in the process of using predictive analytics or are considering those solutions for their revenue cycle management.
• The biggest challenges to implementing data collection at the point of service were the cost of systems and increased staff workload.
TransUnion and Oxford Economics surveyed 101 hospital and health system leaders, a little more than half of whom are in the C-suite. Here are some other findings from the survey:
• About 93 percent of respondents said their organization is either using or plans to invest in point-of-service technology to help with upfront collections.
• Thirty-one percent of executives indicated their institution uses predictive analytics to manage their revenue cycle. Another 58 percent said they are in the process of using predictive analytics or are considering those solutions for their revenue cycle management.
• The biggest challenges to implementing data collection at the point of service were the cost of systems and increased staff workload.
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5 Ways Hospitals Can Improve Point-of-Service Payments