The future of revenue cycle management is bright to people wearing three different hats: those of the healthcare consumers, patients, and payers. According to David Josephs, Senior Vice President for Healthcare Solutions First Data Corporation, this increased focus will continue to dominate revenue cycle management and it will affect physicians’ offices, hospitals and providers.
Josephs recently had an interview with RevCycleIntelligence.com and gave a more thorough perspective on the future of revenue cycle management.
While speaking to RevCycleIntelligence.com Josephs maintained that as people were continuing to have more concerns about both the larger percentage and larger absolute value of their healthcare bills, payers will continue to try to help hospitals and doctors to deal with challenges related to increased patient responsibility.
The future of revenue cycle management also shows a shattering of the predictable archetype to reveal more inventive changes.
The development of high deductible health plans will lead to a more aggressive focus on consumer payment as new business models are emerging around providers, says Josephs.
“There is a possibility that increased patient responsibility and high deductibles may create opportunities for spot pricing in the provider market,” says Josephs. He further explained that it includes an attempt to increase volume during slack times for practices.
The future depicting a resourceful approach to the healthcare industry involves flexible spending accounts (FSAs), health savings accounts (HSAs) and insurers. In addition to linking FSAs or HSAs, insurers will strive to become more creative in the ways they can help providers.
Establishing a good relationship with patients that both support the prospects that a patient will have to pay and establishes processes that will make it effective is one of the challenges that are experienced by providers, says josephs.
As more and more tools develop within the market, such as those that are agnostic party driven, provider driven, health plan driven or third party driven, financial incentives will continue to concurrently evolve. The main aim of such incentives is to allow employers to encourage their employees to seek the most appropriate care in the most appropriate setting and help providers attract volume, says josephs.
Josephs further adds that the wellness incentive trend can considerably expand beyond compelling a wellness assessment and having labs drawn yearly into much more tactical, dynamic, episodic care-driven incentives from where it is at the present.
An acknowledgement, recognition and awareness of the trifold individual with three hats means an effective revenue cycle management and a good future for the healthcare industry at large.