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HIT CASH COLLECTION TARGETS

New Considerations to Hit Cash Collection Targets

Healthcare systems are increasingly being confronted with the need to implement next-generation revenue cycle management solutions in order to keep their organizations solvent, especially as a result of the Affordable Care Act and the rising out-of-pocket responsibilities of consumers.

As a result, pre-service estimates, financial counseling, payment plans and cash collection at point-of-service (POS) are becoming important improvement initiatives for many organizations. When these services are effectively integrated within the revenue cycle processes, reimbursement amounts can become increasingly predictable. This, in turn, enables realistic and accurate forecasting of cash targets.

67% of hospitals outsource early-out account resolution
84% of hospitals outsource bad debt collections

Improve cash collection targets by engaging a revenue cycle management outsource partner who can make an impact on either side of the patient’s clinical experience, pre-and-post service. Providing clear and consistent conversations about patient payment expectations, estimate transparency and providing financial assistance and counseling early in the patient engagement often means more cash collected. Learn how we can help, contact us.

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6 Ways to Improve Cash Targets

  • Expand patient engagement to include pre-service financial clearance
  • Strengthen pre-service eligibility and estimation processes
  • Engage pre-service financial counseling where appropriate
  • Add a financial assistance program
  • Create payment plans that allow monthly payments
  • Provide prompt-pay discounts for self-pay patients
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RE-IMAGINE PATIENT ACCESS TO ACCELERATE CASH NOW

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