HFMA Executive Survey: Self Pay and the Benefits of Prospective Patient Engagement
With the proliferation of high-deductible health plans (HDHPs), patients are having to pay a larger portion of their healthcare bills, sometimes surpassing amounts they can afford. To sustain revenue and limit the possibility of bad debt, hospitals and health systems must develop robust methods for communicating with patients about their financial responsibilities, as well as implement strategies for proactively collecting payment. Although most organizations have started efforts in this area, there is substantial room for improvement, and many hospital leaders are unsure about where to focus their resources to produce favorable results.
With this in mind, HFMA researchers—with sponsorship from Parallon―surveyed senior finance executives and revenue cycle leaders to learn about their organizations’ self-pay processes and patient financial engagement efforts. Survey findings paint a picture of the current state of patient collections and reveal key areas for improvement, including pre-service pricing, automation, and presumptive charity care.
To learn more, download the key findings from the survey.