Several weeks after my father died from prostate cancer, I was sitting at my dining room table facing stacks of his medical bills and insurance documents. Even after 20+ years of specializing in healthcare revenue cycle as a management consultant and as a senior executive in revenue cycle outsourcing companies, I found the morass of paperwork daunting.
In a career spanning more than 20 years as a CFO, I’ve implemented plenty of new technologies to improve financial operations, compliance, reporting and risk management. It is critical that today’s CFOs think beyond these functional responsibilities to deliver strategic value to the entire enterprise and across the customer journey.
With that mandate, new revenue cycle technologies must be targeted to both enhance the customer experience and improve operational effectiveness. Electronic bill presentment and payments solutions deliver that dual objective in a powerful way.
We are back from the HFMA’s bustling annual conference in Las Vegas. We are happy to report that many of the busiest organizations at the conference were RCM companies, including some of our partners, CarePayment, Convergent, HBCS and Sutherland Healthcare.
We’ve all been a patient at some point in our lives, and illness aside, the experience is rarely pleasant. Many shortcomings exist in the myriad revenue cycle operations before, during and after treatment. Remember scrambling to find a local doctor who accepted your health insurance, was accepting new patients, was highly rated by his or her patients, and could see you quickly? Recall the stress of needing treatment but not knowing what your out-of-pocket costs would be? Or imagine the strain of trying to figure out how to pay an unexpected medical bill.