For much of the past year, health care providers have struggled to adapt to an age of consumerism, which has turned patients into payers and led to rising bad debt.
To solve these collection problems, health care systems need to rethink their approach to revenue cycle management. Traditional RCM fails patients by not providing the sufficient information about what they’ll be paying and why. This confusion often leads to missed or avoided payments and bad debt.
Looking forward, efficient RCM will have to focus on reengineering its communication with patients for a better understanding of these payments. This means working with a patient throughout the full revenue lifecycle and providing thorough explanations for costs in advance.
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