Patient Obligation Revenue Cycle Enhancement
15 cents of every healthcare dollar is spent on revenue cycle management. Imagine what reducing that number by as little as 25% could do for your margins.
The economics of healthcare are nothing new. What is new is the rising pressure on margins, coupled with the ever-increasing portion of healthcare expenditures that fall under patient obligation. While deductibles and co-pays often facilitate favorable shifts in utilization patterns, they can also have unforeseen consequences. Increasing patient financial obligation can have injurious effects on a hospital’s balance sheet.
Confluence’s team of financial, operations and process redesign experts partner with our clients to understand how patient throughput models can be redesigned to support maximization of point-of-service collections without negatively impacting the patient experience.
Partnering with clients to achieve unparalleled outcomes is the foundation of our practice. As financial, operational and clinical experts, our approach recognizes the delicate balance between providing timely, high-quality healthcare while responding to the economic realities of today’s financial models. Through our approach to Patient Obligation Revenue Cycle Enhancement, our team of healthcare and financial experts focus on not only understanding current patient throughput and revenue cycle management models, but also how and where these models do, don’t and should intersect with one another. We seek to develop refined approaches to patient obligation revenue management that focus on achieving measurable outcomes in multiple areas:
Quantifying the Impact
Engaging patients at the point-of-service to discuss the financial implications of care delivery can be a delicate, yet important process. The potential impact to financial performance cannot be understated. At Confluence, our experts are skilled at evaluating your organization’s current approaches to patient obligation revenue cycle capture—quantifying the impact. Confluence’s team will model, by point-of-service, the potential financial impact of redefining approaches to revenue capture. We will overlay this opportunity against anticipated impacts on cost-of-collection and provide a prioritized approach of initiating targeted revenue cycle enhancement opportunities.
Using the Emergency Department (ED) as an example, even seemingly minor improvements in patient obligation can have profound financial impacts: