What can leading retailers teach the healthcare industry about patient payment?
Ten years ago, the answer to that question would have likely been “very little”. Up until recently, healthcare revenue cycle operations have been primarily optimized to secure payments from payers – with most providers collecting less than 10% from direct patient sources.
But that’s changing quickly. Thanks to higher deductibles and the growing popularity of consumer directed health plans, patients are becoming a much more active participant in the financial side of care. Today, it’s not uncommon for over a third of revenue to come from direct patient payment sources. And over the last year alone, total accounts receivable from insured self-pay patients increased by 13%.Read More