Collecting money from patients in a timely fashion is the biggest concern for revenue cycle managers, more important than managing insurance denials and hiring and training staff, according to the results of a nationwide survey that were released yesterday.
By the Numbers: Forty-eight percent of revenue cycle managers listed timely patient collections as the biggest challenge facing their team, ahead of managing denials (36%), and hiring and training staff (32%).
- Among the Key Performance Indicators (KPIs) used to measure the effectiveness of revenue cycle departments are the number of days the accounts are not paid, the net collection rate, and the cost to collect.
- Among the major features that are lacking in digital payment platforms are offering text-to-pay, patient engagement tools, and a variety of payment options.
- Sending paper statements is still the most common way for healthcare providers to communicate with patients about their financial obligations. Nearly 70% of providers opt for this method, while only 55% are using email, and 24% are communicating via text.
- Nearly half of the participants in the survey said they are somewhat or very likely to invest in new revenue cycle technology during the next 18 months.
Adopting a Digital Platform: There are a number of barriers that are preventing healthcare providers from adopting digital-first or digital-forward approaches to collections, according to the report. Interestingly enough, the biggest barrier is resistance from patients, according to 26% of the participants. That was followed by concerns about data security (21%), the cost (20%), and a lack of technical expertise (13%).
