An enormous financial crisis is affecting rural hospitals all around the country. They are all having difficulty maintaining their profits and offering services in their localities. Despite the difficulties presented by their rural locations, they are crucial to those areas’ rural economies. Thousands of individuals are left without access to nearby immediate healthcare when these clinics are forced to close.
Currently, the closure of more than 600 known rural hospitals is a possibility. In an effort to save expenses and keep their doors open, companies are being compelled to halt services or restrict the services they may provide.
What steps may be taken to increase the sustainability and financial stability of rural hospitals? Even modest adjustments can have a big impact, but for most rural hospitals to survive, there needs to be a shift from the top.
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Changes to Medicare and Medicaid
Starting of January 1, 2023, rural hospitals will be eligible to receive Medicare and Medicaid coverage, which will result in a small increase in payment for contracted services. According to the decision, Medicare and Medicaid will pay Rural Emergency Hospitals 5% more than they would otherwise for the same services.
The facility must be classified as a “rural emergency hospital” in order to be eligible. Any outpatient services given at the facility are covered. The guideline encourages these clinics to concentrate mostly on outpatient care, transferring patients who require inpatient care to other facilities.
These facilities will undoubtedly receive more money as a result of this verdict, but more will be required to keep them operating.
Self-Pay Collection Adjustments
The majority of rural hospitals currently rely on outpatient care and therapy to keep their doors open. Collecting money from those who self-pay or have unpaid out-of-pocket expenses after insurance and contracts pay is the actual challenge.
The major area for improvement in order to maintain these institutions is collecting from self-pay balances. Effective and timely self-pay collection is essential to the revenue cycle.
Instead of overworking staff that is unable to efficiently recover unpaid invoices, employing technology to help source the job will result in the greatest change to your revenue cycle. To get things done, combine technology with the right staffing.
Have a peek at these technologically-based alternatives that include customers in supplying payment options.
Financial accountability Self-Service
Even if patients at a rural hospital are aware that they require urgent care, they are rarely aware of their up-front financial obligations.
It is much simpler to have those financial conversations with patients right immediately when a hospital makes an investment in software and self-service tools that can help accommodate this information. Setting clients’ expectations for outpatient treatments realistically can greatly aided by RPA, or robotic process automation. hospitals
When it comes to the immediate cost of treatment, creating payment plans, or accepting responsibility for making sure payments are made on time and aware of their financial responsibilities, clients have access to financial information at their fingertips.
Services that are Omnichannel and Contactless
These days, technology is accessible to everyone. Patients are much more likely to pay when they receive digital reminders and options. According to a poll, 48% of healthcare consumers prefer contactless payments. hospitals
Profit from offering clients with the option to pay invoices and balances online. No client wants to waste valuable time on hold while waiting to make a payment or leaving a message that might never returned.
Use omnichannel technology to put billing and payment at their digital fingertips. By making sure customers receive the bill and have access to pay it whenever they want, it makes their lives and yours easier.
Conduct your homework to find the optimal time to send these texts and reminders so you paid when they delivered.
Automatic Account Resolutions
Not every patient will be able to pay their entire bill at once. Options must be provided to clients. When those options are obvious and simple to access, people are more likely to pay. Likewise, they don’t want to waste time on hold pleading for more options, but they do want to pay the bill as efficiently as possible. hospitals
Customers should informed about potential payment plans, their available financial options, and whether they would eligible for any type of aid. The greatest strategy to obtain pai is to have automated choices for all of their payment solutions. Use automation and technology to make payment resolution quick and easy for your clients. It’s the ideal strategy for achieving victory for both parties.
Demonstrate Your Customers That You Care
Rural hospitals can benefit much from technology in terms of sustainability and financial stability, but you also need personnel that care about their patients and are willing to go above and beyond to create accommodations for them. Spend money on technology that makes invoicing and payment easier, but also put in the effort to learn about customer service and meet your clients’ needs.
With prices rising and the effects of inflation, it’s a difficult time. Show your patients that you care, but also provide them privacy, convenience, and choices. Rural hospitals can better collect self-pay this way and remain open for longer.