SOUTH DESTIN, Fla., July 20, 2011 – Uncompensated healthcare now annually approaches $40 billion. Ninety-seven percent of hospitals are experiencing an increase in self-pay receivables, many of a staggering amount. Consumers are still facing severe economic challenges, including higher insurance deductibles and co-pays. Amidst what has become a “perfect storm” in terms of the economic issues facing healthcare providers and patients, there is a combination of winning strategies to improve both the revenue cycle and, importantly, patient satisfaction.
Entitled “Grabing the Reins of Your Self-Pay Population”, Doug Kennedy, Vice President-Regional Sales Manager of CSI Financial Services, today unveiled a multi-point program — during a keynote presentation at the 2011 Alabama HFMA National Institute – designed to lower the affect of self-pay receivables by encouraging healthcare providers to offer more options for patients unable to meet their out-of-pocket expenses.
“First and foremost, healthcare providers need to adopt clear, concise and compassionate communications with their patients,” Kennedy said, adding that “it’s critical for financial counselors to understand each patient’s ability to pay their self-pay balance and make it as easy as possible for them discharge their financial obligation.”
A healthcare finance expert with more than 30 years experience in revenue cycle operations, Kennedy said the healthcare industry has seen a tremendous increase in the accuracy of patient estimator tools, meaning that in many instances healthcare providers can give patients a clear and concise view of what their financial responsibility will be before their admitted.
He explained that it’s also essential for healthcare providers to educate each patient on what their responsibility will be, even for those patients with insurance, and to make certain that financial counselors are supportive in helping patients throughout their payment process.
“For those patients who can pay immediately, make sure to offer them a prompt pay discount that encourages payment-in-full and keeps the process user-friendly by way of kiosks, on-line or ACH payments,” Kennedy said, “For patients who are unable to pay-in-full, it’s important to offer additional repayment options – including a patient friendly loan program – to help patients meet their obligations and avoid being sent to collections.”
About CSI Financial Services
CSI Financial Services is the premier provider of patient loan programs. Since 1992, CSI has funded more than $600 million in patient loans enabling hundreds of thousands of patients to easily and affordably repay their healthcare obligations. CSI maintains its corporate office in San Diego, Calif., with regional sales offices throughout the United States.