This year, innovation, improving revenue cycle, and patient experience were prevalent themes at the Becker’s Hospital Review 4th Annual Health IT + Revenue Cycle Conference. The event, sponsored by CommerceHealthcare®, provided an opportunity for healthcare IT and finance leaders to network and discuss the trends and challenges in the industry. Several Commerce representatives took part in panel discussions.
In the session “Innovation and an Improved Revenue Cycle”, a panel discussed ways to use innovation to improve the revenue cycle. Amy Rinard, Vice President of Specialty Healthcare at CommerceHealthcare®, served on the panel and emphasized, “When evaluating revenue cycle, know that growth strategy and patient engagement are critical pieces of assessing priorities.” With mandatory shifts changing how hospitals and health systems manage payment models and reimbursement, and during a period when patients are under increasing financial responsibility, healthcare providers are challenged to find solutions that improve cash-flow and create a consumer-focused and friendly experience for patients.
Jeff Rosenfield, Manager of Strategic Innovation and Project Management at Tahoe Forest Hospital District, suggested healthcare leaders start by analyzing operations and opportunities for improvement. "Identify the business need and ensure it aligns with your enterprise strategy before you identify a potential solution,” he shared.
Many hospitals and health systems are innovating in the area of patient payments. Amy explained that today’s healthcare patients have numerous options for when, where and how to pay medical bills. These innovations include providing patient portals and mobile apps, as well as multiple payment options and consolidated billing. By innovating and offering new ways for patients to pay, healthcare systems can in turn improve their revenue cycle.
There were plenty more insights shared in the session. For more from the panel discussion, check out the article in Becker’s Hospital Review summarizing the session. Learn more about revenue cycle innovation at CommerceHealthcare®, or contact us.