Patient Payments Blog

CFO's of hospitals of every size have to contend with the ever changing landscape of technology. Where the business of managing a successful, cutting-edge facility is concerned, being behind the times in data and record keeping can negatively impact the bottom line, often pushing facilities to the brink of insolvency.

It becomes a constant question and struggle - what programs and protocols need to be implemented? What is the ROI? How long will these processes be adequate before adapting even more new technology? 

The bottom line is that incorporating new programs to streamline patient information and payment processes will increase revenue. For struggling hospitals, there is no question that an investment in RCM technology is the key to patient payment solutions. 

In the past year, new regulations were introduced that work in favor of the patient when it comes to paying up on outstanding hospital bills. About 60% of the nation's hospitals were affected by the new rules introduced by the IRS that impose clearer guidelines around hospital billing and collections efforts for hospitals that want to maintain their tax-exempt status. 

Section 501(r) is a lesson not only for nonprofit hospitals, but for all hospital organizations that are making outrageous and aggressive collection actions. These tactics are not sustainable; and in order to create sustainable patient payments, a patient-friendly payment plan must be implemented.