Finastra, Epic River Combine Lending Network, Compliance Technology For Patient Medical Debt Relief

The healthcare debate rolls on with hot rhetoric off the charts this political season. Despite calls for repealing the ACA or expanding Medicare for all, the already-broken system is not likely to be torn asunder anytime soon. Though frustration remains high, some of healthcare’s most pressing financial problems can be solved right now, within our communities and without government intervention.

From the emergency room to the accounting department, healthcare professionals want to support their organizations’ mission to deliver care, to do no harm, and to be part of a team that builds goodwill in their communities. But with today’s high-deductible insurance plans, patients pay more out of their own pockets, healthcare providers deplete more resources on collections, and billing managers find themselves in a regrettable new role: creditor. This wasn’t the professional path they chose, nor is it a path toward a positive patient experience.

According to the National Health Expenditure Data, patients in the US spend more than $365 billion annually on health care self-pay. Meanwhile, studies show that Americans consider their medical bills a low priority.

Your practice may offer the best services and the best patient experience around, but you could still be losing money. Why? Because you’ve yet to master the 7 steps of revenue cycle management (RCM).