Healthcare provider offices across the country are ill with a fast-spreading disease that specifically attacks their cash flow, margins, brand and overall vitality. This problem preys on revenue cycle management teams and is also affecting areas that impact brand and reputation in the market. If left untreated, there is risk these providers will no longer be able to provide the care they originally set out to deliver.
There isn’t just one item triggering the onset of this disease. Instead, it is exacerbated by a number of factors, including high-deductible health plans (HDHP), limited financial responsibility education and a lack of effective engagement models. In addition, customers are voicing dissatisfaction with providers’ billing practices on review forums and social media sites like Yelp.
This is a huge problem for the U.S. healthcare system, especially considering: