Alternative Payment Methods Gaining Traction
Healthcare leaders have been discussing alternative payment methods lately that may change the face of revenue cycle management, and at least one of those methods is starting to gain some traction. Bundled payments, in which healthcare providers are reimbursed on an estimate of expected costs instead of fee-for-service or capitation, has been tested by Southwest General Health Center in Ohio to some success.
They tested it specifically on congestive heart failure, and while they fell short of their $1 million goal, they still saw a check for $300,000 and are expecting higher gains in 2016.
If your hospital or clinic is planning to test alternative payment methods, it’s good to remember that collecting on self-pay amounts will be increasingly important while you close the gap in goals versus your actual amount collected. Contact HCM if you have questions about self-pay revenue cycle management.
You can read more about their experiences and thoughts behind the bundled payments in this article.