Welcome to the new patient centric enterprise revenue cycle
New paradigms are emerging from the consolidations and mergers of healthcare organizations and entities as well as standalone facilities that are aligning with physicians, home health, hospice care, and other entities within a community. Advances in technology have created an opportunity to put the patients back in the center of healthcare finance, as well as opportunities to integrate multiple entities into one cost-effective and cost reducing revenue cycle operation. Some call it consumerism, patient centricity and various other names, at Jacobus Consulting, we call it keeping the patient at the center of everything we do and creating a Patient Centric Enterprise Revenue Cycle that transcends all entities and providers of care.
Staying focused on the patient amidst change
We are living in a new world where healthcare organizations within communities are no longer separate. From a clinical perspective, the patient is central across the continuum of care, however, consolidation efforts have left the patient out in the cold from a financial perspective. Now the patient has 2,3,4 and up to 12 different billings from all of their providers of care. They get multiple EOB’s from their insurance carriers (if they have coverage) and have to get multiple authorizations. They must give the same information repeatedly for the same episode(s) of care and have to call several different places to make appointments. Everything is connected, but for the patient, it couldn’t be further apart.
Organizations do not have a personal relationship with their patients financially. They are sent them from one provider to another to obtain information or assistance. Customer relationship technology is used to engage with patients for follow up and disease management, but that same technology is not utilized from a financial perspective.
“If we do not take care of our patients financially, we are not healing them entirely, we are causing more health issues”
Building the revenue cycle around the patient
Patients today expect higher levels of service, better access to care, flexible schedules, access to more personal health information, and an active role in the care they receive and where they receive it. Various payer organizations are also encouraging and incentivizing patients to participate, pay attention, ask questions, and obtain more information in an effort to reduce the cost of care. Emerging technologies, robust electronic health records, and patient portals are raising the bar for the patient experience clinically and financially. Patients want access to value-based care, convenience, and control over their information. This is exciting and challenging because it’s time to think of the patient at the middle of the revenue cycle and that brings many sacred issues and ways of doing business into the spotlight.
The Future of the Patient Experience
New tools and technologies provide the opportunity to create an enterprise revenue cycle. These new tools together with standardization and streamlined workflows can guide patients’ financial interactions as well as maximize productivity and efficiency, thus reducing overall costs.
The journey starts with the very first interaction, that first phone call that a patient is ill and needs service or is engaging with us for preventative care. If care delivery is connected, organizations can likewise connect the financial tasks and activities, building trust with their patients from this very first interaction; from scheduling appointments to managing an entire episode of care and the payment of that care. Organizations can focus on the path to the better outcomes and higher quality of care with engagement and support for them financially.
Reimagining the patient’s perspective
Jacobus Consulting has a vision for connected and collaborative patient care. Let’s say the patient needs care or needs a wellness visit. They call one phone number or visit one website and are immediately connected to one person who is there to guide them either on the phone or through technology. They can schedule with a primary care provider as a first stop, then call the same number or visit the same website to connect that visit to a laboratory for testing, a radiology department for images or x-rays, an outpatient surgery site or specialist. That same first entry point connects them for a medical device need or home health care. All of these entities are within your network of providers. They are able to give their demographic and insurance information only one time and it is shared across all entities. They obtain the costs to make choices and out of pocket expenses are presented as well. They need multiple authorizations based on their payer but in this one call those authorizations are identified and obtained.
Whether you are just beginning your journey toward a patient centric enterprise journey, or have completed several steps along the way, Jacobus Consulting will help your organization achieve your goals. With over 20 years of revenue cycle optimization experience, Jacobus Consulting has helped clients realize sustainable and superior results. See our client success stories, resources, and our KLAS® results for more information.
Blogs of interest:
- Sandra Jacobs on Enterprise Revenue Cycle Volume I: Signs, Signals, and Steps for Consolidating Acute, Outpatient, and Ambulatory Revenue Cycles to Create One Enterprise-Wide Revenue Cycle
- Sandra Jacobs on Enterprise Revenue Cycle Volume II: Two Key Strategies for Building Your Organization’s Enterprise Revenue Cycle
Contact us: firstname.lastname@example.org or 949.727.0720.