The Secret to Increasing the Sustainability and Financial Stability of Rural Hospitals | CNS – SouthlandMD

An enormous financial crisis is affecting rural hospitals across the country. Across the board, they are having difficulty maintaining their profit margins and offering services in their localities. Despite the difficulties presented by their rural settings, they are essential to those areas despite the difficulty in maintaining patient numbers. Thousands of people will lack access to nearby immediate healthcare if these clinics are forced to close.

More than 600 identified rural hospitals are currently under danger of closing. To save expenses and keep their doors open, more and more businesses are being compelled to halt services or restrict the services they may provide.

How can rural hospitals become more resilient and financially secure? Even modest adjustments can have a big impact, but most rural hospitals won’t survive without a systemic shift.

Modifications to Medicare & Medicaid

On January 1, 2023, rural hospitals will become eligible for Medicare and Medicaid coverage, entitling them to significantly higher payments for contracted medical services. The decision states that Medicare and Medicaid will pay Rural Emergency Hospitals 5% more than the sums they already pay for various services.

A “rural emergency hospital” designation is required for the facility to be eligible. Any outpatient services rendered at the facility are included in the coverage. The regulation encourages these hospitals to concentrate mostly on outpatient care, transferring patients who require inpatient care to other facilities.

These facilities will undoubtedly receive more money thanks to this verdict, but more will be required to keep them operating.

Self-Pay Collection Modifications

In order to stay financially afloat, the majority of rural hospitals already rely on outpatient care and treatment. The biggest difficulty is obtaining payment from people who choose to self-pay or who still owe money after contracts and insurance have paid their share.

Maybe the biggest area that needs improvement to support these institutions is the collection of self-pay balances. The timely and efficient collection of self-pay is essential to the revenue cycle.

Instead of overworking people who are unable to efficiently collect unpaid invoices, you may shift your revenue cycle for the better by leveraging technology to help source the work. To get things done, combine technology with the right personnel.

Have a look at these technologically assisted payment alternatives that involve the customers.

Fiscal accountability Self-Service

People seeking treatment at a rural hospital are aware that they require prompt attention, but they are rarely aware of the cost of the visit before they arrive.

It is much simpler to have those financial discussions with patients right away when a hospital makes an investment in software and self-service tools that can help accommodate this information. Setting reasonable expectations for customers receiving outpatient care can be greatly aided by RPA, or robotic process automation.

The clients have access to financial information, whether it is about the immediate cost of treatment, creating payment plans, or accepting responsibility for making sure payments are done on time and are aware of their financial obligations.

Services with Omnichannel Contactless

Nowadays, technology is accessible to everyone. Patients are significantly more likely to pay when they receive digital reminders and options. According to a poll that was conducted, 48% of healthcare consumers prefer contactless payments.

Use digital tools to inform your customers of invoices and balances and to provide them the option to pay electronically. No consumer wants to lose valuable time waiting on line for a payment or leaving a voicemail that might never be returned.

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Use omnichannel technology to make billing and payment accessible to customers online. That makes their life and yours easier by ensuring they receive the bill and have access to pay it whenever it’s convenient for them.

Conduct your homework to find the optimal time to send these texts and reminders to ensure that you are paid when they are delivered.

Resolution of Accounts Automatically

Not every patient will be able to afford to pay the entire sum at once. Customers must have choices open to them. If such options are made plain and simple to access, people are more likely to pay. Likewise, they don’t want to waste time pleading for more selections while waiting in line, but they do want to pay the bill as efficiently as possible.

Customers should be made aware of any potential payment arrangements, their available financial options, and any potential financial aid that they could be eligible for. The greatest strategy to get pai is to have automatic alternatives for every one of their payment solutions. Using technology and automation, make payment resolution quick and convenient for your patients. The ideal strategy for achieving victory for both parties is this one.

Be Kind to Your Customers

Rural hospitals can benefit much from technology to become more financially and sustainably secure, but you also need employees that are compassionate and willing to go above and beyond to serve your patients. Spend money on technology that makes the billing and payment process easier, but also make the time to receive customer service training and attend to your clients’ demands.

With cost increases and the aftereffects of inflation, the situation is difficult. Provide your patients privacy, convenience, and options while also demonstrating care for them. Rural hospitals can increase their ability to collect self-pay and prolong their operating hours in this way.