What You Should Know:
– Salucro Healthcare Solutions, a leading healthcare payment technology company, has released its inaugural Healthcare Provider Fintech Insights Report.
– The insights report sheds light on the priorities and challenges faced by revenue cycle and finance professionals in the healthcare industry, offering valuable insights into where they are investing in 2024 and beyond.
A Pressing Concern: Patient Collections
The report paints a clear picture of the current landscape. The biggest concern for revenue cycle leaders, according to 48% of respondents, is timely patient collections. This issue trumps other challenges like denial management (36%) and hiring/staff training (32%). This highlights the importance of streamlining the patient payment process and ensuring efficient collection of outstanding balances.
Investing in Technology for Improvement
Recognizing the need for solutions, 49% of healthcare professionals surveyed are planning to invest in new revenue cycle technology within the next year and a half. This indicates a growing awareness of the potential benefits of advanced technology in addressing revenue cycle challenges.
Integration: Key to Seamless Workflows
When it comes to choosing new technology, integration reigns supreme. A whopping 96% of respondents emphasize the importance of seamless integration with existing revenue cycle applications and workflows. This signifies a desire for solutions that don’t disrupt existing processes but rather enhance them.
The Future of Revenue Cycle: Digital-First Solutions
The report further emphasizes the crucial role of patient payment and billing platforms in driving revenue cycle improvements and reducing collection costs. Platforms that expedite and increase payment collections are seen as essential components of a healthy revenue cycle, paving the way for a digital-first future in healthcare finance.
Rebecca Grossman, Senior Vice President of Strategy and Business Development at Salucro, highlights the disconnect between leadership and frontline revenue cycle teams. “It’s surprising that timely collections remain a top concern,” she says, “especially when compared to other challenges.” Grossman emphasizes that investing in patient payment and billing platforms that offer seamless integration can bridge this gap by improving efficiency and empowering teams to achieve key metrics.