Changing Healthcare Business Models To Reflect Current Economic Times
The business of running a healthcare center or clinic is changing, and offering a valuable patient experience that is profitable for the facility is a top priority for many health care providers today. Patients may have always been the focus of clinical care, but the same is not always true of the providers.
Identifying Alternate Revenue Sources
Healthcare providers have relied heavily on insurers as their main revenue source, leaving the process patient billing little more than an afterthought. However, in this uncertain time for healthcare providers, given the change in how and when patients are seeking services, greater emphasis on patient payment collection and the financial experience as a whole, is becoming an important focus.
Insurance And Out Of Pocket Expenses
Insurance premiums have been on the rise for some time, leading patients to pay more out of pocket expenses in an attempt to offset the looming costs of their health insurance. For these patients, the financial experience of managing increased cost-sharing and high deductible plans is also shared with their providers.
Provider Business Models
Providers are finding themselves more and more emersed in managing the patients payment collections while at the same time dealing with the billing and payments of insurance companies. In order for these health care providers to thrive in this changing economy and health care landscape, providers must diverge from the traditional health care business model.
Whereas providers were versed in the traditional business model, they must turn toward a more inclusive patient-centered financial approach, where the patient is an integral part of the financial process. This means that the provider must deliver a valuable experience to the patient, which creates loyalty to their services and brand.
Bringing Patients Into The Financial Fold
Until now, providers have fallen short of creating a valuable experience for patients that incorporates the business side of the process. The key is to implement a variety of methods that engages the patient and allows them to become a financial partner, taking a more active role in their health care services.
Transparency Of Services
One key aspect of implementing this new health care business model is to provide transparency of services. Patients are ultimately consumers and are in that vein searching for the best deal and value for what they are seeking. Providers must demonstrate their value by producing clear pricing information up front, allowing patients who are paying more out of pocket expenses to make informed decisions regarding what they willing to pay for in terms of care. This enables the provider to engage with the patient on both a healthcare and business level.
Implementing Professional Revenue Cycle Management Services
Providing patients with value-based health services is key to the success of any healthcare provider in these changing economic times. Zenith Healthcare Solutions can assist providers in their revenue cycle management in order to produce the best outcomes for their health care business. Patient’s value of their care is imperative to the health care business’s bottom line, let Zenith Healthcare Solutions help your health care business thrive.
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