Provider Insight on RCM Outsourcing
Recently in an article published in RevCycle Intelligence, and based on a 2022 PatientPay study, there were some key findings that I thought were worth sharing. This post will highlight some of what the study revealed and should prove insightful for anyone with an RCM project on their radar, as well as those thinking of simple steps that can be taken to further optimize their RCM efforts in both qualitative and quantitative ways.
The 2022 study was conducted in November and December 2022 and reflects responses from 38 executives at health systems, hospitals, and large single and multi-specialty medical groups. The study was done in order "to get providers’ point of view on their patient payment needs, to better understand how technology supports payments processes, and to learn more about how the procurement of those services occurs”.
Providers plan to outsource revenue cycle management processes in the future. Over 6 in 10 providers said they expect to increase their use of third-party patient financing over the next 24 months, with 31 percent of executives looking for additional financing options. Additionally, respondents said they plan to focus on check-in and payment capabilities, known as the “digital front end”.
Nearly 70 percent of providers cited excellent customer service as one of their top three priorities for outsourcing patient payment solutions, an important consideration to keep at the forefront of the decision-making process as to who you would partner with.
The study also found that 59 percent of providers assessed patient financial literacy as poor, despite investments in educational collateral and additional front-line financial counselors. This is another example of how the right technology and know-how can greatly assist in achieving a positive patient engagement.
It’s also worth noting that having disparate systems that are not acting in synchronicity with each other is less than ideal. For example, outsourcing patient payments, billing, collections, and other key functions to different vendors could yield a cobbled-together solution that leaves neither an ideal synergy nor the ability to fully remove manual human functions that would likely remain, since these systems rarely function cohesively together or properly communicate with each other.
Modern RCM solutions need consumer-friendly and customer service first approach, while being agile and flexible enough to fill in the glaring gaps that exist in most organizations today. Viewing the ideal solution with these guideposts in mind should greatly enhance the success of your outsourced RCM initiatives.
I will point out a few of the findings from the study worth highlighting. The first one that jumped out at me was this: “Providers are interested in improving the patient experience, as only 42 percent felt satisfied with their current patient payment solutions.” This mirrors what we see here at CBOSS as well, as healthcare organizations seek to provide improved overall patient payment experiences to increase patient satisfaction and increase their bottom line.
To that end, “Respondents said they plan to focus on check-in and payment capabilities, known as the digital front end, meaning patients can expect a more retail-like payment experience when interacting with providers, according to CWH Advisors.”
How might they do this? Here are a few easy examples that make a huge impact when properly embraced:
- Things like payment plans, financing (traditional as well as modern models continue to emerge), wallet integration (save my card), etc.
- Multiple payment options (i.e. Text-to-pay, IVR automated phone, email, patient portals, etc.)
- Adopting a “text first” approach regarding patient communications
- Provide modern tools that allow your staff to efficiently discuss Billing / balance / pre-auth / payment options so there are no surprises post-visit
CBOSS has solutions with these important features for healthcare organizations to use directly and partnerships with third-party billing companies. No matter what you decide to do for your organization, CBOSS can provide your patients with the features they are asking for. Fill out the form below to learn more and also receive a free white paper on how to receive timely payments from your patients.
* Source: https://revcycleintelligence.com/news/61-of-providers-plan-to-outsource-revenue-cycle-management-tasks