A panel of four revenue cycle leaders spoke during the most recent webinar in HealthLeaders' The Winning Edge series about the ways they are rethinking patient payments.
Patients have more financial responsibility over their healthcare costs than they have in recent memory, which means collecting patient payments is becoming more critical to healthy revenue cycle operations.
Ryan Klein, senior director of patient access and financial experience at UW Health; Mike Lorenz, director of revenue cycle at INTEGRIS Health; Andy Talford, senior director of patient financial services at Moffitt Cancer Center; and Eric Sulivant, solution strategist at Waystar recently discussed industry trends affecting patient payments and their strategies to optimize collections.
See the infographic below for an overview of the conversation, or read more here.
Luke Gale is the revenue cycle editor for HealthLeaders.
KEY TAKEAWAYS
As patient responsibility for their medical bills continues to grow, educating them on their financial responsibilities is essential for a healthy revenue cycle.
Technology has enabled health systems to streamline patient payments and automate many components of billing, which has boosted collections.
Discussions about patients' out-of-pocket costs should occur before services are rendered.