Are you getting the most out of your HIS investment? Most we talk to aren’t, specifically when it comes to patient payments.
It’s understandable, really. HIS systems were designed originally to marry the clinical and business data of hospitals, not necessarily to increase patient engagement or help get more payments in the door. With the HITECH act in 2010 and ICD-10 documentation in effect, documenting and creating charges is mostly straightforward. The nuances of collecting the revenue on those charges is what keeps CFOs up at night, the source of which is rapidly shifting from the payer to the patient.
According to this analysis, the average provider’s patient accounts receivable for insured patients is increasing while collections remain flat. Patient A/R has increased consistently since insured patients began switching to high deductible health plans (HDHPs) in the mid-2000s. Now, providers are facing incoming policy changes that could cost up to $1.7 trillion dollars in uncompensated care costs over the next decade. (more…)