How Health Systems Can Reduce Bad Debt and Improve the Patient Experience With a Reimagined Approach to Financial Assistance
Now more than ever, patients are feeling the pain of financial distress. As unemployment rates increase and millions of Americans lose access to employer-sponsored health insurance, patients will be facing medical bills that they are unable to pay. For hospitals and health systems, these bills will inevitably translate to bad debt at a time when they can least afford it.
Implementing a centralized financial assistance capability can provide a much-needed boost to health systems’ finances while reducing the burden on patients. However, many systems have struggled to successfully do so given gaps in technology and necessary skill sets. In this white paper, we explore practical tips on financial assistance from leaders in the space like Moffitt Cancer Center and Advocate Aurora Health — as well as the impressive results that these organizations have been able to achieve.
Health systems that centralize and digitize their financial navigation programs will see the most success in broadening access to resources and improving financial outcomes.
You recognize the need for centralizing navigation at your health system. Now what? How do you build your case to senior leadership so that you get the budget and resources to transform your program?
Financial toxicity is an ongoing problem that has created disparities and barriers to care. Centralized programs paired with enterprise technology can narrow gaps so that patients get every dollar they deserve.
