Revenue Cycle BIG3: Dealing With Lost Revenue & Helping Patients
‘According to a report issued February 25 by the American Hospital Association (AHA), American hospitals and health care systems will lose between $53 and $122 billion in revenue in 2021, mainly due to Covid-19 and reduced patient volumes. In 2020, hospitals lost an estimated $323 billion in revenue.’
Even with financial stimulus support from the CARES act, it will be difficult to recoup the losses of limited or no patient volume.
Big takeaways here from a Waystar survey of 1,000 consumers about their medical bills. 56% of the people surveyed received a surprise bill, of which 51% said they could not pay.
Many of were confused about whether they or the insurance would pay. This confusion was tracked to a hole in provider communication. Finally, 38% responded that if a payment plan option was available, they would have no issue paying their bill on time.
‘According to a report issued February 25 by the American Hospital Association (AHA), American hospitals and health care systems will lose between $53 and $122 billion in revenue in 2021, mainly due to Covid-19 and reduced patient volumes. In 2020, hospitals lost an estimated $323 billion in revenue.’
Even with financial stimulus support from the CARES act, it will be difficult to recoup the losses of limited or no patient volume.
Interested in improving your facility's cashflow and patient experience?
By delivering easy and affordable patient financing, HELP fills a financial void for both patients and providers. Our provider partners benefit from up-front funding, increased cash flow, decreased payment plan administration, and an overall increase in self-pay revenue. HELP patients benefit from affordable monthly payment options and one, simple statement that can be managed online in the MyHELP portal 24/7.
HELP Financial has funded over $1.5 Billion to its provider partners, over 1 Million guarantors, and 4.5 Million patient accounts at facilities from rural to urban, small to large, stand-alone to system. Celebrating our 30th Year Anniversary, we are the longest-standing provider of patient financing in the country. For more information, email Xander Younce.
