Industry Trends for 2016: Consumer-Driven Healthcare
2016 promises a radical shift in the healthcare market, as the Affordable Care Act and innovations in technology continue to challenge previously known paradigms. More than ever before, patients are in control of their medical choices and it is incumbent upon the industry to ensure that this new system works successfully. As we referenced in a previous blog, Karen Mihalik, executive director of revenue cycle management at the Cleveland Clinic, said: "Patients and their engagement are absolutely key. Our world is really focused on first and foremost patients and being able to provide them timely and integrated information."
Given these facts, we can expect consumer-driven healthcare to dramatically affect the revenue cycle. During the 2016 Health Predictions Webinar, hosts Welltok CEO Jeff Margolis and Tom Main, founder of the Oliver Wyman Health Innovation Center, discussed the birth of a new marketplace. The hosts agreed that, “companies must be willing to provide better value, error-free healthcare, consumer rewards and a better patient experience.”
So how does this affect revenue cycle management? The hosts present the case that a better patient experience, meaning the experience they have in paying their bill, results in a happy, well-informed patient who is more apt to pay their bills on time, thus positively affecting the provider’s revenue cycle.
To be competitive in this market, the hosts agreed companies must be willing to provide better value, error-free healthcare, consumer rewards and a better patient experience. This will likely be achieved through technology, and ultimately transparency, as consumers continue to play a greatly expanded role in the emerging healthcare scene that is seeing a trend toward a more personalized marketplace.
Look for more information about trends for 2016 in upcoming blogs. And take a minute now to check out our white paper, A Winning Self Pay Strategy: How Technology Can Improve Patient Satisfaction, Your Revenue Cycle and Your Financial Results, for a boost to your self pay collection efforts.