Many healthcare organizations have leveraged a robust Revenue Cycle Management (RCM) Software solution to streamline financial tasks and keep patients satisfied. Hackensack Meridian Health in New Jersey is using revenue cycle technology to improve patient collections and financial experience. The hospital does not want to use manual processes for its revenue cycle as it may decline efficiency and even lead to manual errors. RCM software can enhance performance levels and refine financial processes which are good for both the staff members and patients.
Technology in the revenue cycle is taking place slowly
Using technology to automate and enhance the revenue cycle is still a work in progress for many hospitals. A survey conducted by the Healthcare Financial Management Association (HFMA) revealed that about a third of hospitals and health systems do not use revenue cycle automation. Another survey reflected that 90% of providers still use paper for patient collections, leading to inefficient patient financial responsibility collection.
Negative patient experience with slow financial processes
Slow and complex financial processes can have a negative impact on patient experience even if they had a satisfying clinical encounter with their provider. Patient experience is very crucial in today’s world as it helps to retain them. A patient’s experience starts from the time they enter the hospital until they get their bill. If they receive a bill and don’t know why then this will dissatisfy them immediately.
Tapping Revenue Cycle technology solutions
Hackensack Meridian Health is using RCM solutions from Nordis Technologies to ensure a quality patient experience is offered through the financial billing and patient collections process. The main objective of the healthcare organization is to send patient-friendly statements that clarify the patient’s financial responsibility and also give patients recommendations as to how to pay. To simplify the patient payment process Meridian Health has collaborated with TD Bank to implement an online payment tool for its patients. The technology will allow patients to simply go online and pay their bills any time of the day. The cloud-based solution from Nordis Technologies and TD Bank has given the flexibility to respond to each patient’s preferences, which has increased patient satisfaction scores and financial engagement. Using healthcare technology solutions to streamline processes has helped staff members to focus on providing a better experience.
