Modernizing the financial experience is about more than payment: it requires a comprehensive approach that includes pre-registration activities and extending the streamlined digital experience into the point of care.
When designed effectively, digital payment and financial communications can have a substantial impact on a hospital or health system’s bottom line. But patients still commonly receive their bills by mail.
Healthcare’s digital front door pushed wide open during the pandemic, offering access with the touch of a smartphone or digital device. But some rooms inside a healthcare organization’s “digital home” are only partially accessible—and typically, payment is one of them.
Identifying the right payer before a healthcare service is provided and billing on time, reduces costs, prevents bad debt and maximizes reimbursements and revenue.
Recent data from the CMS indicates that Medicaid enrollment grew by nearly 10 million between February 2020 and January 2021. The jump was precipitated by a combination of factors, including the economic fallout of the pandemic and the Coronavirus Relief Act adopted by Congress that gives states extra federal money to keep people on Medicaid rolls until the end of the public health emergency.
