Hospitals are not doing a good enough job of managing their revenue cycle management vendors and that is making the process more complex and costly, according to a published report.
Making vendor management oversight simpler boils down to two key components, according to the report: reporting and performance management.
“Most health systems, if you ask them how many patient dollars came in, they have a hard time answering that,” said Alan Nalle, chief patient officer of Patientco, which sells patient payment technologies, “because they have to look at how many came in through merchant accounts, how many came in through an online bill pay portal … and getting their hands around how many came out is difficult. “
A better financial experience not only results in more dollars being collected, but will also help with a healthcare facility’s brand loyalty, Nalle said.
“The financial experience is intimate,” said Nalle. “They’re putting their hand in your wallet. More than half of Americans have received a bill they could not afford. A lot of patients have deferred care or avoided care because of their concerns out-of-pocket. (Reporting) makes for a healthier community and increases revenue because it’s the payer who reimburses.”
Healthcare facilities and revenue cycle management companies should want to treat their brands like Netflix, Nalle said. Companies should know what their customers want and tailor the offerings to meet those preferences.
