Improve Efficiency and Relieve Administrative Burdens
Hospitals and health systems are complex organizations and that can make patient payment reconciliation a challenge. Hospitals often rely on multiple systems for patient payments. Unfortunately, multiple systems can create clunky, manual processes that make it harder to view transaction details. Lack of visibility and insight into payment performance can impact your organization’s ability to collect valuable insights that can influence business decisions.
Improve Payment Reconciliation and Reporting
Large healthcare organizations often collect patient payments at multiple on-site locations and through many digital payment channels. Increasing patient payment responsibility and the demand for convenient payment options have led hospitals and health systems to open more payment channels as a way to collect payments faster and improve the patient experience. However, payment reconciliation is a challenge when payments come from many different sources. A more efficient reconciliation process can significantly benefit a hospital’s revenue cycle. For example, a unique Trace Number associated with every payment transaction makes it much easier for staff to reconcile payments.
Hospitals and health systems also need visibility into payment activity. Reporting and insights help organizations make crucial business decisions, such as how to adjust resources to improve performance. The right reporting practices can help healthcare organizations understand where payments are coming from and adjust efforts accordingly. For example, if a hospital recently launched a new online patient portal but reporting shows that few payments came through that channel last month, the hospital can think about ways to get more patients paying online.
Let’s clear out the complexities and forge a path toward better processes and effortless, valuable reporting.
View our webinar to explore ways to improve patient payment reconciliation and reporting at your organization.
- Discuss the reconciliation complexities inherent in large healthcare organizations
- Identify opportunities to streamline the reconciliation process
- Explore payment reports that can help drive better business decisions