Insights

The higher the level of engagement, the more willing your employees are to deliver an outstanding experience to your patients. Engaged employees who are happy and interested in their roles will be much more invested in exceeding expectations of their leaders and your patients, friendlier when dealing with patients face-to-face or over the phone and more productive in their day-to-day responsibilities.

Even the singular step of creating and effectively overseeing an EAG is likely to have a significantly positive impact on employee engagement, morale and overall company culture. 

Historically, market share has dictated authority during contract negotiations between payors and providers, often giving payors the upper hand. So how can providers of any size level the playing field? They must know what provisions to include in their contracts, leverage comparative data to change payor behavior and use price transparency rules to their advantage.

As hospitals continue to face unprecedented levels of financial pressure, leaving money on the table isn’t an option. Yet too many hospitals continue to lose anywhere from 1% to 10% of net revenue on underpaid claims each year – money they are contractually owed.

Insurance companies are increasingly denying payment of medical claims received from healthcare providers. A recent report found that 11% of claims were denied in 2022, which equates to 110,000 denials for the average-size health system. The rate of prior-authorization denials doubled in the past year alone and request-for-information denials, which essentially serve as pre-pay audits for payors, are increasing rapidly.

Healthcare organizations share a common mission: improve patient outcomes and support community wellness. But without strong revenue cycle performance, that mission becomes impossible. And with thousands of payor updates per year, the process for getting paid is becoming more complex and labor intensive. The result? Hospitals suffer losses while payor profits soar. Something is broken. The solution? Outsourcing your revenue cycle function.

Epic’s self-pay credits redistribution and automatic self-pay refund requests features could save valuable staff time and enhance patient satisfaction.

The first quarter of 2022 was the worst financial quarter in history for hospitals. Now they’re collapsing under their own weight while payors are raking in profit.

We anticipate seeing a record number of hospital closures in the next six months with financial turmoil continuing for the next two years at least. CEOs across the board are assessing business lines and making difficult decisions to exit services as margin pressures continue to increase.

This year’s World Mental Health Day was on October 10th, 2022, with a theme of “making mental health and wellbeing for all a global priority.” If mental health is to become a movement, it needs leaders driving it forward, and who better to lead that charge than Patient Access?