Expect Healthcare Revenue Growth in 2016

Posted by Dawn Lunde on Tue, Jun 14, 2016 @ 08:47 AM

Increases in revenue require modern healthcare payment systems to ensure continued efficiency.
Increases in revenue require modern healthcare payment systems to ensure continued efficiency.

A strong majority of executives in the healthcare space expect to see revenue growth through the rest of 2016. According to a report assembled by CIT Group and Harris Poll, 71 percent of healthcare facilities and system leaders predict an increase in revenue through the 2016 financial year. The number of industry execs expecting to see significant revenue growth, defined as more than 5 percent growth in the report, is also high: 41 percent of top staff believe revenue will increase at or above that level.

With so many executives believing an increase in revenue will soon arrive, the present becomes an especially important time to review patient payments and the management of that information. Without an efficient and effective approach to capturing payments, the gains normally realized through an increase in revenue may be sacrificed because of higher costs associated with information management, employee duties and patient outreach.

"Using electronic payment systems functionally eliminates concerns about increased patient volume."

The Right Health Payment Systems Help Manage Increases in Revenue
Increases in the amount of patient interactions at your healthcare facility demand an advanced payment solution in order to be successful.  This increase can come from new patients and/or an increase in the number of visits from the existing patient base. For example, an increase task can be manually recording payment information, whether by hand or in spreadsheets maintained by employees.

As transactions grow, so do the associated information management responsibilities. The labor and materials cost associated with physically printing bills, placing them inside envelopes, addressing them and mailing them are a drain on healthcare providers as it is. Adding more labor onto the existing workload can lead to dissatisfied staff and unnecessary costs that mitigate the advantages of increased revenue. The same can be said for collections calls - the obligation becomes more burdensome as revenue grows and more bills are issued. The need to accommodate patients by offering the payment methods they're most likely to use, to avoid a failure to collect payment at the point of service, must also be considered.

Using electronic payment solutions functionally eliminates concerns about increased patient and transaction volume and revenue. With so much work - from the accurate, consistent and automatic recording of payments to the acceptance of card payments online through patient self-service portals - automated by the system, efficiency increases. Having the right payment system in place means healthcare providers get the most out of the forecasted industrywide revenue increase.

Tags: Health Care Marketplace

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  • "We have so much more information available to us with SBP than with our previous service. It's offering our patients more flexibility, and happier patients are much more pleasant for our Billing Office to deal with."

    - Kurt A.
    Revenue Cycle Manager
    National Imaging Center
  • "The staff at Secure Bill Pay have been an excellent revenue cycle partner in assisting us with setting up our processes, helping us review and analyze our results and identify opportunities at our various locations. They partner with us to identify new solutions and services as we have grown. The reliability for payment processing has been very good and our requests for Customer Support are handled very timely and thoroughly."
    - Kathleen J.
    Central Business Office Manager
    Multi-Hospital & Clinic Health System
  • "Our volume of patient credit/debit card payments increased by 44% in the first month of the service compared to that same month a year prior (with the same patient volume). We attribute that to now having online bill pay and better ability to collect at the POS for all of our locations [where we had not been before], even the outreach sites!"
    - Terry M.
    Practice Administrator
    Orthopedic Spine Surgery Group
  • “I’ve been shocked with the success of the online bill paying program... Patients come to us in acute health care situations. Bill paying is not their highest priority. We didn’t expect so many patients to use Secure Bill Pay so quickly, but the statistics speak for themselves.”
    - Beth M.
    VP Revenue Cycle
    Large University Health System
  • "Before Secure Bill Pay, online bill pay only accounted for one percent of our payments. After just six months of using Secure Bill Pay’s no-login solution, that number reached 10 percent."
    - Jen R.
    Finance Manager
    Large Ophthalmology Practice
  • “The nice part about Secure Bill Pay is the breadth of tools available to manage the entire patient pay process. But the best part is the outcomes we’ve seen, including year-over-year double-digit increases in patient pay revenue that are not wholly due to industry or volume changes.”

    "The integration with our PM/EMR software is simply icing on the cake."

    - Steve M.
    Director of Business Services
    Large Integrated Health System
  • "Senior Management is thrilled with the numbers coming through due to our implementation of Secure Bill Pay."
    - Kim W.
    Business Office Supervisor
    Inpatient & Outpatient Psychiatric Facility
  • "The system was received with open arms at each clinic. All had a few questions at first, but as you said, it was simple to get comfortable."
    - Sue C.
    Practice Manager
    Large Nephrology Practice
  • "Secure Bill Pay has streamlined our credit card process. It has been beneficial from a processing end to a storage and search of record end. Certainly saves us time!"
    - Jackie F.
    Business Office Manager
    Dematology Practice
  • "It is easy to talk about a product and service we are totally happy with!"
    - Cheryl M.
    Practice Manager
    Mid-size Ophthalmology Practice
  • "We're impressed. Thank you for not being afraid of any question we may ask and answering it in a straightforward manner. This gives us more confidence."
    - Grant E.
    Revenue Cycle Manager
    Large Dermatology Clinic
  • "Secure Bill Pay  is a much more efficient option for collecting patient payments... It is a forward thinking approach for healthcare revenue. Dynamics have switched where we all need to think and act like a business versus a service."

    - Julie H.
    Director of Business Services
    Large Physician Group

     

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