The world we live in today is driven by technology. The emergence of technology has brought new consumer expectations around price transparency, ease of use and the idea of choosing how they want to spend their money. These expectations have been integrated into all aspects for consumers including, healthcare. With this pressure for health systems to become technology savvy very quickly, some are questioning if it’s possible to meet the consumer’s expectations.
The reality is that the tech-enabled, highly-automated revenue cycle of the future is here now. Technology tools have made managing the entire revenue cycle more strategic and transparent which allows health systems to meet consumer’s expectations around hot topics such as price transparency, ease of booking appointments, ease of paying their portion of care with flexible options and the idea of choosing which doctor they want to see. Artificial intelligence and business intelligence have a transformative role in the revenue cycle and it is time for health systems to reevaluate their organization’s tech strategy.
“The revenue cycle of the future should be more transparent for consumers and providers alike. When a patient goes to an appointment, they should know how much insurance is covering and how much they will owe, and what payment options are available for them. When providers submit a claim, they should know what they’re getting paid for and why. Technology can deliver both of these, today.” Says Conifer’s Chief Information Officer, Scott Rowe.
In the following Q&A with Becker’s, Scott elaborates on what a technology-forward approach to the revenue cycle looks like and how it can positive impact health systems financials and patient satisfaction.