There’s no denying that reducing bad debt is at the top of revenue cycle leaders’ agendas. Patient liability has skyrocketed in recent years due to the rise in high-deductible health plans and erosion in coverage.
And many, if not most providers are being tripped up by these changes. The reason: Existing revenue cycle management practices are out of step with their patients’ new reality. They were never designed to accommodate sudden and dramatically higher patient liability.
The result is bad debt is rising, and the work required to collect it is damaging relationships with patients. But it doesn’t have to be this way. New thinking is emerging around contemporary patient liability management that pairs improvements to the patient experience with reducing denials and bad debt.
We invited two experts on the topic of advanced liability management to join us today on the Change Healthcare podcast: Raghu Bukkapatnam, Chief Strategist for Technology Enabled Services at Change Healthcare; and Bill Krause, VP of Digital Experience and Consumer Engagement at Change Healthcare. On today’s show, we cover:
- The consumerization of revenue cycle management (02:59)
- Providers struggling to meet consumer expectations, bad debt rising (6:44)
- The nexus of patient liability, consumer engagement, digital experiences, and collections (10:31)
- Gaps providers can close to reduce bad debt and improve patient relationships (17:29)
- Where the industry falls on the patient liability management continuum (24:55)
- Advice for providers facing resistance to change (28:37)
- Risk and ROI measurement for advanced patient liability management (36:16)
- Time to change: The patient liability management countdown (41:17)
- Examples of successful patient financial experience transformation (46:52)
- Bio: Raghu Bukkapatnam
- Bio: Bill Krause
- Infographic: How Patient Liability Management Helps Improve the Patient Financial Journey
- Improving the Patient Financial Experience and Maximizing Patient Collections
- Change Healthcare Introduces the First Patient Liability Solution to Help Improve the Entire Patient Journey
- Contact us
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