In an era when the patient is responsible for more of a hospital’s revenue, operating revenue cycle and patient experience in separate silos doesn’t make sense. In his latest installment for the American Journal of Managed Care, our CTO and Co-Founder Chris Seib offers readers his take as to why the patient experience needs to play a bigger role in a healthcare organization’s payment and billing process.
Read the full article, Patient Experience Needs to Play a Bigger Role in Your Payment and Billing Process, in American Journal of Managed Care. Below is an excerpt from the article.
For many healthcare organizations, revenue cycle and patient experience departments operate independently of one another. However, as patient payment responsibility continues to increase, revenue goals and patient experience goals intersect more frequently. Recent results from the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) show that patient satisfaction matters when it comes to your bottom line: hospitals with excellent HCAHPS patient ratings between 2008 and 2014 had a net margin of 4.7% compared to just 1.8% for hospitals with low ratings.