Over the past 10 years, patients have seen a steady rise in their out-of-pocket healthcare expenses. Not shockingly, a key contributor to this increase is the popularity of high-deductible health plans, toward which employers are gravitating in order to control their organizations’ costs.
A recent Kaiser Family Foundation/HRET survey of Employer-Sponsored Health Benefits reports the average out-of-pocket expense for a patient has risen a staggering 130% since 2008. This financial responsibility has fallen to patients—many of whom have mortgages, auto loans, utility bills, student loans and more— and providers are finding themselves at the bottom of the priority list when it comes to settling accounts.
Futhermore, this year’s HIMSS study, “Health Systems’ Revenue Cycle Management and Challenges,” shows more than 1 out of every 4 providers surveyed find performance tracking to be the toughest data to collect. This study and Kaiser’s underscore why productivity enhancements have become truly top-of-mind for healthcare’s financial leaders.
Providers find themselves in a predicament:
- Unexpected expenses, like emergency room bills have become impossible for many to pay
- Revenue shortfalls are on the horizon, especially as Medicaid funding/eligibility tighten
- New accounting standards in bad debt reporting from the IRS challenges 501(c)(3) statuses
Better productivity is the solution. And HFMA’s Annual Conference is where the most important conversations to find it will happen this year.
If you’re headed to the Conference in Vegas next week, it’s important for you to find the technology that will chart a navigable, efficient course for your organization’s revenue cycle process.
How do you find the best and quickest path to revenue cycle efficiency? Connect with us at HFMA, and let’s talk about your options. Our Artiva HCx software, for example, aggregates disparate data relevant to your business office, and displays only the accounts that need to be worked with exception-based processing to optimize your account reps’ productivity. . It’s like a GPS for their day, mapping out a more productive path for communicating with patients and payers.
As you route your own travels through HFMA this year, make sure to drop a pin on the Ontario Systems booth. We have a large presence at this year’s event, with several of our business and product leaders available on-site to answer any questions you may have. Connect with us to learn more about the productivity advantages our solutions provide for your representatives. And while you’re at it, take a minute to drop a chip in our GPS Your Day game for a chance to win a prize that’ll help you get just a bit more done than you did yesterday.
See you in Vegas!
Disclaimer: Ontario Systems is a technology company and provides this blog article solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Ontario Systems’ advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Ontario Systems’ efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.
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