Improvements in the service delivery of health providers that opt for value-based care instead of fee-for-service setups have made an impact on payment models. In particular, payment modes such as shared savings, bundled payments, and the like have increased in popularity, all to improve the quality of care. In fact, numerous healthcare providers nationwide have been funded by the government, through the Affordable Care Act, to improve upon the quality of care patients receive.
This trend affecting revenue cycle management has already been foreseen, and in fact has been the subject of a study co-authored by The Beryl Institute president Jason Wolf. Titled “The Revenue Cycle: An Essential Component In Improving Patient Experience”, the study explores the relationship between the patient and revenue cycle representatives and underscores the fact that a positive interaction between these two can lead to healthy reimbursement levels in value-based purchasing programs. Moreover, Wolf says that people are more willing to pay when revenue cycle representatives treat them with dignity.
Given that patients expect quality care from healthcare providers, now is the best time to look into how your hospital can improve upon your current revenue cycle management to meet their expectations and to ensure continuous loyalty. Doing so can have a positive effect on your relationship with your patients and give them more reason to recommend you to others.