Session Title: The Impact of Standardizing Best Practices in Patient Financial Communications
Presenters: Patti Consolver, FHAM, CHAM; Yvonne Chase, MBA, CHAM, FHAM, MCA/MCF; Michelle Fox, DBA, MHA, CHAM
Learning Lab: Series 5
Date/Time: May 4, 5:00 p.m.
About the Learning Lab
New research from Future Market Insights predicts an annual compound growth rate of 6.9 percent for the global healthcare revenue-cycle management software market over the next five years. A recent survey by Navigant and HFMA revealed similar findings, with nearly three-quarters of CFOs and revenue cycle executives planning to spend more on revenue cycle technology in 2018.
So what are executives looking for in this investment?
The answer, according to these sources, is to become interconnected. Particularly, to align revenue cycle efforts toward the dual aim of improving financial standing and increasing patient engagement in the changing reimbursement environment. With a continuing increase in consumer responsibility, providers need new ways to holistically educate patients about financial responsibility and prepare their organizations to support the effort.
Disparate revenue cycle systems, if not integrated, prevent hospitals from forming a complete and searchable view of information surrounding the patient. The resulting gaps compromise care quality and efficiency and put hospital outcomes and performance at risk. Technology and patient engagement intersect when disparate data can be shared so that all providers have access to the same information regarding the patient — clinical, financial and everything in between.
Consolidating revenue cycle data into a unified, connected platform promotes operational efficiency, financial integrity and the patient experience. By capturing and integrating patient financial data from disparate sources, leaders can reduce unnecessary duplication and ensure the accuracy and consistency of information provided at each touch point. This helps form a comprehensive view of patient information exchanged across departments and entities, standardizing best practices and improving system outcomes.
The organizations represented on this panel have implemented strategies to standardize processes among their respective health systems. These include centralizing system-wide Patient Access functions, consolidating patient financial information into a single platform and ensuring that each entity addresses patients in the same way.
Best practices for communication are emphasized in employee job descriptions, education and performance evaluation. At each facility, patient-staff interactions are recorded for quality assurance, training and reproduction of best practices. The end goal is to create a consistent and predictable standard for patient financial communication across the enterprise.
An enterprise approach to technology with links across departments and entities helps providers optimize workflow and reporting to create a consistent experience across the system. Join this panel of Patient Access experts to learn about the impact of standardizing best practices in patient financial communications and how this approach can work for your organization.