The Affordability Gap: Boosting Liquidity
As our country works to battle major health threats, healthcare providers continue to put themselves on the front lines for the sake of patients. COVID-19 has and continues to place great demand on an overburdened healthcare system resulting in shortages of staff, space, and supplies. Hospitals and health systems across the country face severe financial challenges as elective procedures are put on hold. But patients are under health and financial stress as well, with millions experiencing lost jobs and financial insecurity in the past weeks. And the current outbreak has further exposed the ongoing issues surrounding patient financial responsibility.
In the era of high-deductible health plans, healthcare providers are struggling to develop collection strategies. And various reports have surfaced of patients being left with thousands of dollars in medical bills after seeking care for potential coronavirus symptoms. Payers are recognizing the difficulties arising from patient financial responsibilities and many are trying to make it easier for patients to seek care and for providers to streamline the financial encounter. But for providers, putting new strategies in use to boost revenue and help patients amid a pandemic can be nearly impossible.
As providers and patients navigate these uncertain times, the ability to provide flexible and clear payment options based on patients’ ability to pay is once again coming to the forefront of the conversation. In the current disarray of patient intake, providers may not be able to fully communicate about prices and billing that show an understanding of each patient’s unique circumstance. But there are other ways to show patient empathy through affordable and convenient payment options.
Moving forward, the harsh reality is that many healthcare organizations will face long-term financial devastation. But there are steps in place to combat this and it starts with patient payment options. Patient financial responsibility is a vital part of revenue cycle management and a key liquidity booster for hospitals. But when patients are not able to take financial responsibility, hospitals and health systems take a hard hit. There will come a time when the delayed elective and non-essential services are operational and patients can receive the care they deserve. But if hospitals across the U.S. are looking for a large revenue boost, they will have to meet the demands and needs of patients and provide affordable care.
More patients today are paying higher out-of-pocket costs for medical care expenses than ever before, mainly due to a rise in high-deductible health plans, and revenue cycle management operations must adapt. Willingness and ability to pay are patient issues. However, patient confusion and payment concerns are most likely the medical organization’s problem. As a health provider, it is your job to satisfy patients and make the payment system convenient and easy to manage. Providing flexible payment options well before accounts reach collection, will improve cash flow and reduce bad debt.
Patient empathy is crucial at this time, but so is your organization’s financial health. So how can you ensure a patient-centric financial solution while simultaneously reducing accounts receivable and bad debt? …with a true non-recourse patient financing solution from Curae.
The truth is that the majority of patients want to pay their bills. But many times a patient simply can’t afford to pay an entire medical bill at the time of service. This holds especially true given the current climate with unexpected expenses costing up to thousands of dollars. Curae gives patients the ability to help themselves and meet their financial needs while giving your health system the ability to seamlessly integrate a consumer-driven and patient-friendly experience. Boost your health systems liquidity and get back to becoming financially healthy with happy patients. To learn more about Curae or find out if Curae is right for your organization, please visit www.curae.com