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Achieving Financial Health: Answers to Practice Leaders’ Common RCM Questions

medicalhomeBack when most people read the daily news on pulped wood rather than on a glass screen, advice columnists such as the real life sisters behind Dear Abby and Ann Landers were at the height of popularity. Even people who didn’t want to admit they enjoyed the sisters’ advice would position the Sports or Metro page strategically over their columns so they could read without embarrassment. How could one person’s advice appeal to a kindergarten teacher, a college student and a construction worker? The answer lies in universal appeal: nearly everyone has suffered a broken heart, dealt with a troublesome co-worker or fretted over a life-changing decision.

Similarly, healthcare organizations vary dramatically in size, specialty, geography and patient demographics – yet they all experience certain universal revenue cycle challenges. The Navicure team has compiled our clients’ frequently asked questions, and in a series of upcoming posts, we’ll share our perspective on how to achieve financial health during this challenging era.

With healthcare consumerism and patient financial responsibility on the rise, many practice leaders are concerned about price transparency; preparing their practices to become more retail-like will be a core challenge for most.

Price transparency will continue to grow in importance as patients become even more involved and cost-conscious about their healthcare. One of the best ways provider organizations can prepare is by automating the care estimation process. That way, when patients are standing in your office (or on the phone) asking about the cost of care, your team can give them an answer, quickly and easily. Your team’s ability to give patients a care estimate on the spot will help instill confidence in patients and keep your practice competitive in this new environment.

Please stay tuned for more financial health questions on key topics such as analytics and patient collections!