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Epic River Blog

The latest news and industry trends

Patient Financing, AI, and More: Predictions in Revenue Cycle Management for 2019

Posted by Haley Clark | Apr 9, 2019 12:33:51 PM

On Thursday, Healthcare Finance presented Seth Cohen of OODA Health’s predictions for revenue cycle changes by the end of 2019.

For your hospital to successfully integrate these changes, you need to be in the know.

That’s why we’re walking you through everything you need to know about Cohen’s forecast. Stick around until the end for our prediction about the use of patient financing in healthcare.

Predictions for the Healthcare Revenue Cycle
Patient satisfaction is plummeting. Bad medical debts are rising. Hospital margins are dwindling.

It seems all news in healthcare is bad news these days. Yet these changes are projected to drive industry growth.

Artificial Intelligence
Cohen thinks AI will be particularly helpful for clinical documentation.

This will effectively reduce provider workload. It should also improve the quality and structure of patient data.

That way, healthcare providers are saving time but achieving more productive results.

Real-Time Payments
Delayed payments will soon be a thing of the past, says Cohen.

With more focus on transparent patient financial responsibilities, real-time payments will improve patient satisfaction and streamline the revenue cycle.

This not only benefits the patients and the provider but also the insurance company.

Telemedicine
The way Cohen sees it, telemedicine is a great way for hospitals to diversify services while saving money.

Remote care has been around for a while, but 2019 may see a streamlining of the process.

Telemedicine will become more convenient for patients. Meanwhile, physicians and specialists get a low-cost way to provide care.

Startups Scale Up
Since so many startups have emerged into the medical space lately, Cohen predicts new partnerships with healthcare plans as a way to scale up.

This is advantageous to providers in 2 ways:

  1. Startups offer new technologies and software to improve daily operations
  2. Startups that scale now make room for successful healthcare technology innovators in the future

With 85% of physicians giving digital health technologies a big thumbs up, this prediction seems promising.

Epic River’s Prediction: The Increasing Importance of Patient Financing
1 in 4 patients have a high deductible health plan and 47.7 billion people have trouble paying for care each year. That’s why we think patient financing is on the rise in 2019.

Medical loans don’t just help patients, though. Providers also benefit from fewer clerical duties and more time to put patients first. You also get paid upfront and in full for your hard work.

Epic River’s program is a great option for hospitals wanting to offer medical loans to patients. Learn about our patient financing program or contact us for more information.

https://www.epicriver.com/blog/medical-loan-financing/medical-loan-financing-for-high-patient-debt/

Topics: Patient Financing

Written by Haley Clark

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