Healthcare Finance News July 6, 2023
Some futuristic day there will be no need for a back end to the revenue cycle, but until then, give patients a two-way conversation.
NASHVILLE – Transactional revenue cycle no longer works with patients, especially millennials, said finance experts speaking during the HFMA conference in Nashville.
It used to be, do the service and then bill, said Bob Stearns, director of patient accounting for Covenant Health.
Transactional was how it always was, Stearns said. Patients got billed and if they failed to pay, they were subject to repercussions.
“Today we’re having a relationship, having conversations about your ability to pay,” Stearns told the crowd during the session, “The ‘I’ in Win: Win the Game with your Revenue Cycle Strategy.”...
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