Providers are likely to rely on payments from health plans for some time into the future. However, patient payments are becoming an increasingly important source of revenue, calling for new strategies from healthcare financial managers, according to a new study by patient collections application vendor Connance. The study, which surveyed 173 senior level finance and operations decision makers within healthcare organizations, found that 43 percent felt that patient revenue growth will increase too quickly for them to respond effectively. The execs also said that they're concerned about the growing cost of patient collections. To address these concerns, 47 percent of respondents are planning to install new technology, while 32 percent will address the patient collections issue by restructuring or consolidating their collections operations. Thirty percent said that they are looking into modeling tools developed for self-pay collections, and 24 percent plan to hire more staff.
To learn more about the study:
- read this Healthcare Finance News article
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