The Rising Tide in Self-Pay
While hospitals install electronic medical record systems to collect IT-related stimulus dollars, and figure out how to cope with new mandates under the Patient Protection and Affordable Care Act, something less splashy but just as significant is happening to the self-pay portion of their receivables: It's going up. Currently at a median of 20% according to a recent study from the Healthcare Financial Management Association (HFMA), it's only going to go higher over the next few years. Properly managing the accounts of patients who pay a significant percentage of their bill out of pocket will be a key strategy to achieve or maintain profitability in the tumultuous payment environment accompanying the rollout of federal reform laws.
Ontario Systems is a leader in managing receivables in healthcare and other industries. CEO Tony Reisz talks about why self-pay is going up, how hospitals can meet the challenge, and what they can learn from companies in other fields.
- 'Mega Boards' Could be Rural Healthcare Disruptor
- 1 in 5 Eligible Hospitals Penalized for HACs
- HL20: Rebecca Katz—Cooking Up Sustainable Nourishment
- Meaningful Use Payment Adjustments Begin
- HL20: Peter Semczuk, DDS, MPH—Taking on the Big Challenges
- PA hospital to pay $662,000 to settle Medicare fraud case
- Supreme Court to hear Obamacare subsidy challenge in March
- Dr. Oz gets fact-checked and the results aren't pretty
- How the high cost of medical care is affecting Americans
- HL20: Lee Aase—Who's Behind @MayoClinic