Due To Federal Health-Care Reforms, Patients Ability To Pay Are Greatest Challenges To Hospitals
Flourishing numbers of patients that cannot pay their medical bills due to the economic plunge will be the greatest challenge to hospitals going forward, according to more than half (54%) of those answering a survey conducted this month by MedAssist.
The survey, which canvassed health-care executives attending HFMAs Annual National Institute in Seattle, Wash., June 14-17, showed that 1 in 3 respondents believe the next big challenge facing providers will be changes to the American health-care system as a result of President Obamas health-care reform.
Furthermore, 80% of those surveyed believe health-care providers will need more assistance managing their revenue cycles in the coming year. Closely reflecting this wide consensus, more than 80% of respondents chose outsourcing financial/revenue cycle services and implementing new IT programs " over cutting fixed cost " as the best strategies to reduce hospitals administrative costs. At the same time, three out of four (75%) executives responding to the survey believe customer-facing functions (e.g., patient access services, financial counseling) should continue to be handled by providers staff.
Its clear that health-care providers are facing a perfect storm that combines growing costs, declining revenues and industry reform, said Michael Shea, president of global health-care solutions and CEO of North America for MedAssist. Whats also clear is that providers will need to become more innovative than ever in finding ways to boost economic efficiencies without lowering standards of care.
The survey confirms our belief that certain functions are core competencies that belong in the domain of health-care centers, while other areas will continue to be addressed most effectively by experienced providers of financial and revenue cycle management services, said Brenda Snow, executive vice president, strategic planning and analysis at MedAssist. The question is how soon health-care providers can make this transition.
Asked which categories afford the greatest savings opportunities for hospitals, 29% of respondents pointed to improved technology (e.g., electronic health records, computerized physician order entry), while 26% mentioned preventative care and chronic disease management (e.g., asthma, diabetes). Survey participants also cited streamlining administrative costs and reimbursement contingent upon quality outcomes (both at 21%) as viable areas for cutting costs.
The survey, which canvassed health-care executives attending HFMAs Annual National Institute in Seattle, Wash., June 14-17, showed that 1 in 3 respondents believe the next big challenge facing providers will be changes to the American health-care system as a result of President Obamas health-care reform.
Furthermore, 80% of those surveyed believe health-care providers will need more assistance managing their revenue cycles in the coming year. Closely reflecting this wide consensus, more than 80% of respondents chose outsourcing financial/revenue cycle services and implementing new IT programs " over cutting fixed cost " as the best strategies to reduce hospitals administrative costs. At the same time, three out of four (75%) executives responding to the survey believe customer-facing functions (e.g., patient access services, financial counseling) should continue to be handled by providers staff.
Its clear that health-care providers are facing a perfect storm that combines growing costs, declining revenues and industry reform, said Michael Shea, president of global health-care solutions and CEO of North America for MedAssist. Whats also clear is that providers will need to become more innovative than ever in finding ways to boost economic efficiencies without lowering standards of care.
The survey confirms our belief that certain functions are core competencies that belong in the domain of health-care centers, while other areas will continue to be addressed most effectively by experienced providers of financial and revenue cycle management services, said Brenda Snow, executive vice president, strategic planning and analysis at MedAssist. The question is how soon health-care providers can make this transition.
Asked which categories afford the greatest savings opportunities for hospitals, 29% of respondents pointed to improved technology (e.g., electronic health records, computerized physician order entry), while 26% mentioned preventative care and chronic disease management (e.g., asthma, diabetes). Survey participants also cited streamlining administrative costs and reimbursement contingent upon quality outcomes (both at 21%) as viable areas for cutting costs.
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