Medical financial management is a crucial aspect of the healthcare industry. As medical costs continue to rise, it is becoming increasingly important for both healthcare providers and patients to manage their finances effectively. But why is financial management important for patients and providers?
Financial well-being can play a crucial role in addiction recovery. Managing one's finances is an integral part of the recovery process, as it provides a sense of stability and security that helps to prevent relapse. Money problems can arise during active addiction and can continue to be difficult for people in recovery. Not having enough money or not knowing how to manage it can make it harder to stay healthy and away from addiction. Many treatment providers have begun to recognize the importance of improving the financial experience for addiction patients.
As a healthcare provider, improving the patient financial experience can help you retain current patients and bring in new business from qualified referrals. When your patients make quality connections with their providers and understand what they're paying for, they become more invested in their healthcare. While your practice is unique, there are some common ways providers can improve the patient financial experience.
FinPay is a digital payment platform designed to assist healthcare providers with their medical billing and payment processes. It simplifies the entire process, from creating invoices to receiving payments. The benefits of FinPay for providers can improve the patient experience, streamline efficiency, and increase revenue.
Since December of 2019, when the Chinese government reported the first cases of a novel coronavirus in the Hubei Province of China, COVID-19 has escalated into a global pandemic. While most people who contract this virus do not experience severe symptoms, and more than half of the infected population has already recovered, the virus still represents a serious public health concern. Moreover, as the world determines how best to prevent, contain, and manage the pandemic, there are separate political and socioeconomic consequences that must be considered.
Given our active interest in the intersections of health and socioeconomics, we’d like to examine the financial impact of the coronavirus on patients in the United States. We’ll walk through the latest updates, including those from President Trump’s March 12th address to the nation, and discuss the hurdles that US citizens may encounter as they work to prevent, test for, and treat COVID-19.
Ultimately, we argue that this unfortunate pandemic illuminates the importance of transparent pre-care patient engagement. When patients are aware of their treatment options they can avoid surprise medical billing for lifesaving care.
Every healthcare executive is familiar with the term revenue cycle management (RCM), but surprisingly few know what patient financial management (PFM) is. That is truly unfortunate because patient financial management is a system of revenue planning grounded in transparency and preparation that has been proven to convert nearly all unrecoverable patient financial responsibility. PFM companies like FinPay have demonstrated time and time again that their innovative pre-care patient engagement strategies work.
It is a tragedy when an important healthcare facility serving a needy community has to shut its doors and place the lives of those it serves at risk. Unfortunately, continuing financial losses are forcing the closure of Hahnemann University Hospital, one of the nation’s most historic medical facilities. Hahnemann Hospital, which primarily serves some of the poorest residents of Philadelphia, might have avoided this unhappy outcome if it had implemented a patient financial management program that optimized pre-care patient intervention to strengthen revenue.