The manual processing of invoices is slow and manually-tasking: from the moment they arrive they need to be processed, coded and submitted for approval before being manually entered into the system-of-record or ERP system. Data entry errors are common and invoices easily misplaced or overlooked. It’s no surprise that invoice processing remains a manual process … Read more
Revenue cycle management (RCM) refers to an institution’s financial management process that helps track, identify, collect, and manage incoming payments. This helps businesses foster financial transparency within the company and charge patients the correct amount for the services and healthcare they receive. In healthcare, the definition of revenue cycle management remains the same. It is … Read more
Don’t forget to download the free guides, checklists, and assessments created as part of our government payment experience series: As we wrap our series on adding ease, convenience, and speed to government payments, creating a future-ready and customer-first payment experience, it’s clear that payment trends and constituent expectations are going digital, getting broader, and focused … Read more
Download our free constituent experience questionnaire > In today’s world, local governments are busy. They’re managing updates from the state, new constituent expectations, and likely wearing more than one hat with multiple job responsibilities falling on the same team. Finance teams within each local government are often processing payments for taxes, corrections, and the DMV. … Read more
The importance of patient financial responsibility in healthcare—and its significance to hospital revenue models—is unlikely to decrease, and may become even greater. Read more about the true cost of patient payment collections. It’s vital for healthcare facilities to implement more successful methods of collecting on patient self-pay accounts. Consider these four best practices for improving … Read more
The Federal Reserve, responsible for monitoring the health of the U.S. economy, publishes a series of studies every three years to discover trends in noncash payments across the country. These payments include credit cards, prepaid and non-prepaid debit cards, ACH and checks. According to their most recent findings published in 2020, the Federal Reserve has … Read more
Due to the increase of patient financial responsibility, hospitals and health systems often experience difficulty collecting on those patient-pay accounts. In fact, most patient accounts are never paid in full. Research shows that 68 percent of patient bills under $500 are never paid, along with 86 percent of those between $500 and $1,000 and 99 … Read more
Do you know your patients’ financial status as well as the physician knows their health status? If you can’t answer “yes” to that question, you may be leaving too many receivables uncollected. Gone are the days when providers billed everything to third-party payers. Patients’ financial obligations for their healthcare have increased substantially in recent years. … Read more
