Continued Battles Over Healthcare Pricing Transparency
Healthcare pricing transparency battles occurred across the country in 2019. Expect battles to continue into 2020.A Waystar survey released in August 2019 found that lack of price transparency was the biggest factor to a negative patient experience. Governments are pushing for increased healthcare transparency, and healthcare organizations are adapting.Last year, we saw healthcare organizations implement strategies to better t https://npfinancials.com.au/manage the patient financial journey. In 2020, we expect healthcare organizations to take the next step.Some organizations have published the chargemaster online, giving patients full transparency over how much services cost. However, because chargemaster prices are not necessarily the prices charged to the patient, these resources can be difficult for patients to interpret.In June 2019, the Trump administration signed an executive order mandating that health systems provide out of pocket cost estimations to patients upfront.Look for increased transparency and better patient access to prices as we move through 2020.
Higher Demand for Revenue Cycle Management RCM Outsourcing
Revenue cycle management outsourcing is becoming increasingly popular among healthcare organizations – and it’s been a trend for several years.The trend towards revenue cycle management outsourcing is expected to continue into 2020.Revenue cycle management companies advertise benefits like sharing the risk and reward, which creates a win-win solution for partner organizations. Healthcare organizations can create a sustainable, high-performing engine while still enjoying growing cash flow.As revenue cycle management outsourcing companies become more competitive, outsourcing is an increasingly attractive option for healthcare organizations.
More Cybersecurity Battles and Ransomware Attacks
Cybersecurity has been a priority for healthcare organizations for over a decade, and this trend is expected to continue into 2020.Cybersecurity attacks aren’t stopping anytime soon. Healthcare organizations need a coherent cybersecurity strategy to stay competitive.In April 2019, the United States government reported 44 healthcare data breaches, which was the highest number of healthcare breaches reported in a single month since the government started tracking healthcare breaches in 2010. The previous record was set in April 2018, when ther