Converting Patient Billing Issues into Positive Relationship Opportunities Not a Top Priority for Hospital CFOs
Lima, OH — Faced with a growing number of underinsured patients with escalating past due balances, many CFOs are continuing to deploy collection practices that may put patient relationships with their hospitals at risk, according to a new study of community hospital CFOs in Indiana, Michigan and Ohio.
The study, commissioned by Lima, Ohio-based KeyBridge Medical Revenue Care, found that 74 percent of the CFOs surveyed say patient satisfaction with the hospital regarding billing and collections is important, yet most do not use it as a metric in their collections practices.
"Hospitals make significant investments each year to promote and protect their brands,” said Scott Koenig, KeyBridge chief executive officer. “The study suggests that while CFOs recognize the importance of the patient’s brand experience, they may put their investment at risk with partners who aren't qualified to represent the hospital's brand to its patients.”
"There's no need to risk goodwill during any patient billing or collection process. To the contrary, there’s a great deal of evidence that proves these 'moment of truth' interactions can actually help enhance patient loyalty and even advocacy," said Koenig.
The study also found that hospitals are facing an unprecedented array of financial challenges, driven by a combination of declining reimbursements, escalating costs, declining patient volumes and increasing regulatory compliance requirements.
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