Increasing hospital revenue and patient satisfaction are not mutually exclusive

By nThrive | Posted: 08/03/2017

Wondering how to increase revenue in your hospital and simultaneously delight patients? Look no further than your organization’s Patient Access function, where the care journey begins. At this initial encounter, patients are looking for answers to make an informed decision on their care. You’ll win trust by being an advocate while providing an accurate accounting of their financial obligation upfront.

Creating a positive, win-win scenario from the onset has been proven to alleviate patient stress while also resulting in higher upfront payments of co-pays and out-of-pocket expenses. Transparency from the onset also significantly augments collections.

With rising insurance deductibles putting more hospital revenue at stake, the need to recoup a higher percentage of patient revenue is becoming a matter of survival, especially in rural areas where 41 percent of hospitals are reported to be operating with negative margins.1 Many of these facilities are at risk of closing their doors due in large part to escalating bad debt. Fewer hospitals seriously threaten access to care, especially in critical situations such as cardiac and stroke, where reaching a hospital within an hour of onset can mean the difference between life and death.

What steps are necessary to revitalize your Patient Access operation?

  1. Have a clear understanding of the market drivers that are causing a fundamental shift in how your organization gets paid
  2. Screen patients upfront to establish credit worthiness and predict those who are at risk for non-payment
  3. Streamline staff workflow with automated tracking, prioritization and assignment of all financial clearance activities

Ultimately, streamlining internal processes is a big part of the answer, along with implementing technologies to increase efficiencies and provide accurate estimating capabilities. Big improvements happen when people, process and technology are all addressed at the point of service. Register today for our latest nThrive white paper, “How Patient Access can Improve Satisfaction and Financial Health,” and learn how organization’s just like yours are reducing bad debt while better serving patients and communities at large.

You may also be interested in reading our latest nThrive case studies featuring Oklahoma State University Medical Center and Kettering Health Network to learn more about how nThrive can help revitalize your patient access function.

1 Based on a 2016 study by Chartis Group and iVantage Health Analytics.