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.