How Addressing Uncompensated Care and Keeping Patients Happy Can Save Millions of Dollars
With the shift from quantity to quality, healthcare is undergoing a period of rapid change. High-deductible plans continue to rise and the American Medical Association reported that managing healthcare costs are becoming a challenge for patients. Not only are patients paying more, but they often don’t understand their financial obligation after receiving care which contributes to the bad debt hospitals acquire. In 2012 alone, U.S. hospitals provided $45.9 billion in uncompensated care and in 2014, almost six percent of all providers’ gross revenue was written off as bad debt. To address this rising challenge, healthcare organizations need to establish transparency between health systems and patients.
Last week we hosted a webinar to share how our client, McLeod Health, has addressed the challenges of uncompensated care through the use of data analytics. Kelvin Young, corporate director of patient registration at McLeod Health, and Cole Hooper, associate vice president of product management at MedeAnalytics, discussed McLeod’s journey to value through the use of our Patient Access solution which enabled McLeod to achieve the following:
- Increase POS collections and overall reimbursement
- Improve patient satisfaction through clearer collection practices
- Gain visibility into the complete account lifecycle
- Enhance efficiency in patient access and the business office