Hospitals and physician practices need practical, in-depth, operational guidance to proactively prepare for increasing consumerism. Whether or not consumer-driven health plans are in your community, patients are experiencing higher deductibles and greater financial responsibilities. Participants in the latest Patient Friendly Billing® project have been thinking, talking, brain-storming, debating, and problem-solving about practical strategies to achieve a consumer-oriented revenue cycle.
The most important revenue cycle objectives in an era of consumerism are pricing transparency, agreement with patients on payment expectations and payment terms, simplified charge and payment structures, easy patient access and scheduling, and appropriate staff with the requisite training and tools. The project has studied success approaches used by providers to achieve these objectives, while also improving financial and operational results.