This is a critical year for healthcare providers and their revenue cycle health. Though hospital margins are on the rebound, staffing shortages and rising labor costs persist, while claim denials continue to increase at a double-digit pace. Escalating healthcare costs are fueling a need to improve the patient experience in order to drive collections.
Do you feel like your healthcare enterprise is playing a board game and rolling the dice when it comes to managing claim denials? You are not alone. The follow-up process has certainly changed and become a huge burden for providers.
2023 was an important transitional year for healthcare. The COVID-19 federal health emergency has ended, and along with it, government programs such as the Coronavirus Aid, Relief and Economic Security (CARES) Act, that helped mitigate the economic burden on hospitals and providers.
Meduit’s Net Promoter® Score (NPS) for 2023 is in, and we are proud to report Meduit has achieved a rating of 62. To compare, other companies received these scores:
At Meduit, we are seeing a gradual but encouraging financial recovery for our hospital, health system and physician group partners. However, staffing shortfalls and rising claim denials continue to hamper smooth operations.
While most healthcare providers are seeing stabilizing finances, staffing shortfalls and concerns over long-term financial health still exist. Many hospital leaders are looking to outsourcing and found money solutions in order to maximize financial recovery. That is why we have just launched Episode 3 of our award-winning podcast series – Strategies for Identifying and Retrieving Missed Revenue.
Meduit’s PFX Tracker Pilot Program with Banner Empowers Patients and Providers
Charlotte, NC – With the ever-growing premium placed on the patient financial experience in healthcare, Meduit, the leading healthcare revenue cycle solutions company, and Banner Health announced the results of a year-long PFX Tracker pilot initiative designed to significantly improve the patient billing experience by avoiding surprise billing issues. The PFX Tracker is the first patient billing experience technology of its kind to be utilized by a U.S. hospital.
Healthcare providers nationwide are still grappling with the impact of COVID-19 on staffing shortages and thin financial margins. That is why we have just launched Episode 2 of our award-winning podcast series – Solutions for Staffing Shortages that Accelerate the Revenue Cycle.
Employees across our company participated in Meduit’s Mighty Give-Back campaign for 2023, collecting 7 tons of food and other items to be donated to charitable organizations. This achievement represents more than 150% of our overall company goal.
Healthcare costs are expected to rise a whopping 7% next year, according to a new report by PricewaterhouseCoopers (PwC), which also reports that hospitals and physician groups are turning to contract renegotiations with health insurance companies to close the gap.