Written by Andrew Neal on Feb 6, 2024
Improving Patient Collections Through Streamlined Revenue Cycle Workflows
Healthcare professionals are continually facing revenue cycle challenges that demand attention and innovation, as highlighted in our recently released Healthcare Provider Fintech Insights Report examining the most pressing issues among revenue cycle teams.
The Growing Concern of Timely Patient Collections
The report shows that 48% of healthcare finance professionals identified timely patient collections as the most significant issue they face, surpassing even longstanding concerns like denial management and staff training.
Timely patient collections are an ongoing concern because of the direct impact on cash flow and revenue, increasing regulatory and compliance pressure, and the impact that the patient collection process can have on the overall patient experience. That’s why standout solutions put the patient financial experience at the center of all revenue cycle strategies.
Investments Trending Towards Integrated Workflow Technology
Nearly half of all healthcare professionals surveyed are looking towards integrated workflow technology to address some of these challenges. With 49% planning to invest in new revenue cycle technology in the next 12-18 months, there’s a clear recognition of the role advanced technology can play in addressing revenue cycle roadblocks.
Healthcare leaders are prioritizing platforms that streamline the billing process while also empowering patients with easily accessible tools like payment plans and self-service portals.
The Increasing Importance of Seamless Workflow Integration
Nearly all healthcare professionals recognize the need for solutions that integrate seamlessly with their existing systems, with 96% of respondents underscoring this point.
This preference speaks volumes about the desire for solutions that complement and enhance current workflows rather than disrupt them. Seamless integration is key to ensuring that new technologies augment the efficiency of revenue cycle operations without adding more complexity.
Addressing Systemic Challenges in Patient Collections with a Digital-First Revenue Cycle
Salucro’s Healthcare Provider Fintech Insights Report highlights the growing significance of patient payment and billing platforms in shaping the future of healthcare finance. These digital-first solutions help to expedite collections and improve the entire patient financial experience by reducing collection costs and streamlining payment processes.
Healthcare professionals understand that efficient payment platforms are necessary for driving improvements across the revenue cycle.
Addressing systemic issues like pricing transparency and complex billing processes requires enhanced patient education and communication, as well as adopting innovative solutions to streamline backend processes. These solutions simplify the payment process, making it more accessible for patients and less daunting for revenue cycle staff.
The Healthcare Provider Fintech Insights Report shows healthcare professionals how to navigate and reevaluate their approach to patient collections. Leveraging technology, like patient payment solutions offered by Salucro, helps to make a significant difference in addressing these emerging challenges.
Download the report and explore the shifting priorities in the healthcare industry, from the perspective of healthcare professionals, that underscores the need for patient-centric solutions in enhancing revenue cycle efficiency.