The #1 Most Concerning Issue for Hospital CEOs
Becker’s Hospital Review, a top publication addressing hospital business and health system executives, published an article earlier this week outlining “The 10 most concerning issues for hospital CEOS in 2018.” Becker’s surveyed 355 community hospital executives and asked them to rank 11 common issues based on how crucial they are to their own hospital’s success. The overwhelming, number one answer? It’s not too surprising. Today, our StrongBox eSolutions medical financing team in Boca Raton, FL, is taking a closer look at the problems hospitals around the country are facing, and what solutions can start drastically improving hospital management in 2019 and beyond.
Topping the list as the number one challenge for healthcare executives? “Financial challenges.” CEOs pointed to everything from increasing costs for staff and supplies, to Medicaid reimbursement and increasing operating costs as primary reasons why financial challenges are their top concern. Further down the list, patient satisfaction, access to care, and technology are mentioned, at numbers six, seven, and nine, respectively.
It’s not hard to realize why hospital CEOs are growing more and more concerned about the financial challenges of their hospitals. With a steady increase over the years of patient co-payments, higher deductible health plans and growing healthcare expenses, more and more financial responsibility is being transferred to consumers who are often unprepared to cover the costs. In addition, constantly fluctuating government regulations mean insurance billing and Medicare or Medicaid practices are rapidly changing, leaving little room for hospitals to develop long-lasting solutions.
How can hospitals address these trends, while still maintaining patient satisfaction and improving access to care for their communities? The first solution may be to look at the hospital’s approach to consumer interaction. Many hospitals have yet to develop consumer-centric business models. By improving their patients’ “consumer” experience when it comes to medical patient financing and billing, hospitals can dramatically improve patient satisfaction and improve access to care by expanding a patient’s options when it comes to receiving and paying for care.
Revenue Cycle Management for a Consumer-Centric Solution
One important step towards a consumer-centric business model is revenue cycle management through a platform that improves transparency and ease of payment for patients. The medical billing process is often confusing for patients, and time-consuming for hospital administration. Medical financing options are typically disconnected to providers and it can be difficult for some patients to qualify.
By offering patients an easier way to obtain medical patient financing, and a simple platform on which they can manage their payments, hospitals can provide a more positive consumer experience that patients have come to expect with most services in today’s economy.
With StrongBox eSolutions, hospitals can take steps in the right direction of managing revenue cycles, receiving payment for services rendered, and creating more transparent, convenient patient interactions. Not only will revenue improve, but operating costs can decrease due to less administrative work required to follow up on unpaid bills, collection notices, and more.
Contact StrongBox for Solutions-Focused Results
As the overwhelming top concern for hospitals across the country, financial challenges require solutions now. For over 10 years, StrongBox has offered proven solutions through our fully-integrated, consumer-centric revenue cycle management platform.
If you have questions about StrongBox’s medical patient financing and payment portal, contact our team online or call our Boca Raton, FL office at (855)-468-7876 to request a personalized demo.