Medical Lockbox Innovations in Revenue Cycle Management Drive Profitability for Healthcare Providers
Imagine an industry where:
- You are paid nothing for 17 to 25 percent of your work
- Your customers receive certain services without paying for them
- Federal and state governments dictate your prices
- Insurance companies delay payments intentionally
- Customers commonly hold payment for months at their discretion
Healthcare providers (HCP) don’t have to imagine this; it is the world in which they live. For them a focus on full payment recovery has never been more important as the industry reimbursement climate continues to grow less favorable. Since 2000, hospitals of all types have provided more than $326 billion in uncompensated care to their patients2, driving operating profit margins under 3% per Thomson Reuters. For these reasons, collecting everydollar of revenue is vital. Revenue Cycle Management (RCM) is a proven method to drive efficiency improvements and help providers maximize reimbursements and collections.
Financial institutions have a role to play in adding value to their healthcare clients by offering advanced cash management services via technology innovations that integrate with their medical lockbox offerings. These RCM-oriented solutions drive operational efficiencies and improve collection for the HCP while strengthening the relationship between the financial institution and the HCP.
This paper will explore the current state of RCM automation, the opportunities and benefits of RCM innovations and the expanded role of the medical lockbox.
Please register below to download the complete white paper: Medical Lockbox Innovations in Revenue Cycle Management Drive Profitability for Healthcare Providers.
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