HIT Consultant September 20, 2024
A recent survey of community hospitals found nearly 70% rate their financial health as “average” or poor.” In this environment, community hospitals must take a fresh look at their approach to patient financial engagement to protect their ability to provide needed care.
Hospital out-of-pocket collections declined sharply this year, down to nearly 48%, a Kodiak Solutions analysis shows. Moreover, more than half of write-offs — 53% — last year involved patients with some form of insurance, including commercial insurance.
Meanwhile, one out of five revenue cycle leaders say they aren’t confident in their hospital’s denials management strategy, a Knowtion Health analysis found. Three out of four healthcare CFOs and revenue cycle leaders believe hitting cash and cash flow targets...
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