Improving the Efficiency of Healthcare RCM: A Key to Financial Health
In today’s challenging healthcare landscape, effective revenue cycle management (RCM) has become paramount for healthcare providers despite years of...
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A consumer-centric patient financial experience is critical. While other industries have mastered the art of customer engagement, hospitals and healthcare systems are largely behind in terms of meeting customers where they’re at. Per a NextGen survey, almost half—49%—of patients want the option to check in digitally before their appointment. But 83% of hospitals are still using front-desk encounters as their most common check-in method.
Because patients make up an increasingly larger share of overall revenue for health systems, it’s important that their preferences are catered to. The industry needs to fundamentally rethink the way it interacts and engages with its customers—who have grown accustomed to quick, on-demand service at their fingertips. When patients feel engaged, they’re more likely to pay.
Digital check-in innovation is key to patient engagement, and it helps jumpstart a frictionless patient financial experience. Here’s how.
Accelerated financial clearance. Denial rates are increasing—climbing more than 20% in the last five years. A digital check-in process allows patients to enter information electronically, early in the process, affording registrars more time to financially clear them. Patients can enter their demographic and insurance information at home, giving them more time to focus, rather than scrambling to fill out a form in an office before being seen. Getting accurate information from the patient before care is rendered helps accelerate financial clearance and decreases denials.
Digitizing your patient intake affords higher yield and more efficient staff—and it’s what your patients want. Create a more personalized financial experience that engages today’s healthcare consumer. Empower your teams to provide frictionless patient financial experiences to ensure your patients keep coming back.
Learn more about FinThrive’s “Best in KLAS” Patient Access solutions.
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