As of October 1, the first health insurance exchange enrollments will commence and that should mean less uninsured. A good thing, right? Well, be prepared for the burden it will place upon your Revenue Cycle team.
Since 1986, Mercer (global leader of HR and related financial advice) has been formally surveying employers of all sizes regarding employee benefits. The latest survey results should have healthcare providers shaking in their boots.
Over many years of health care consulting and hands-on experience with many hospitals and clinics, I believe I can make a pretty accurate observation: “Many do not “C”ommunicate their financial policies very well to patients.” While this may not seem like a big issue, it can actually have a tremendous impact on our your bottom line. Bad or no “C”ommunication leaves patients confused, frustrated and un-educated about their responsibilities. This may be one of many reasons for your growing A/R. The good news is that can also be one of the easier things to remedy to help curb your growing A/R and patient payment issues.