Shrinking reimbursement rates and increasing costs keep hospital and health system CFOs and revenue cycle leaders constantly seeking strategies to improve the financial health of their organizations. Boosting revenue cycle performance is a key imperative for hospital leaders, and they’re implementing new technology and partnering with vendors to navigate the ever-changing reimbursement landscape.
Below is an overview of key points that emerged from recent surveys and studies that provide insight on the revenue cycle trends hospitals and health systems can plan for in 2019 and beyond.
A push for price transparency
1. With the rise of high-deductible health plans, patients are now responsible for a significant portion of healthcare revenue. In response, hospitals and health systems are taking a more consumer-centric approach to revenue cycle management.
2. Under a final CMS rule that kicked in Jan. 1, hospitals are now required to publish a list of their standard charges online. However, hospital executives and consumer advocates say chargemaster data is of limited use to people with insurance coverage because their actual costs vary based on their insurance plan and individual circumstance.