Hospital revenues are poised to decline in 2021, thanks not only to the pandemic but also a decrease in visits, the rise in telehealth services, and the increase in labor and equipment costs. Another major culprit in lagging revenues is the shift to patient self-pay – it accounted for 5% of provider revenue in 2020 and will make up 35% in 2021.
But patients of all ages are eager to pay online, and 95% of patients who are happy with the billing process are more likely to pay their balance owed. You can address the revenue gap by improving communications with patients and making it easier for them to pay. When you adopt a more efficient system for tackling these issues, you can protect your revenue and give patients a better experience. In our newest playbook, learn about:
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