The healthcare industry has been completely transforming over the last several years and is seemingly not done yet. Arguably one of the most critical roles for ensuring the healthcare provider adjusts appropriately to the changes in patient responsibility is the Revenue Cycle Director. The people in this position have been burdened with adapting their internal policies, procedures, and programs to stabilize their company financially in order to guarantee they can still provide care to their patients. Not only are they forced to adapt to changes that have happened and changes that are predicted, but the timelines are very narrow and the consequences of failing to adjust can be severe.
An article by Revenue Cycle Insights highlighted the challenges that Revenue Cycle Directors faced if they weren’t proactive in preparing for the ICD-10 rollout. Even for those that were proactive, it was still recommended to have a backup plan in case cash flow was disrupted by the claims and payment delays. Longer term recommendations included accelerating cash flow and attempting to liquidate current receivables. This can be quite the feat given that self pay is now the second largest payer behind the federal government and a national average of 55% of patient responsibility is never collected. This is the scenario that Revenue Cycle Directors can utilize patient account financing options such as MyLoans to liquidate their receivables and receive payment in full, upfront. Cash flow is critical to the financial stability of the company and enables the company to more easily adjust to any other industry changes coming their way.
By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit www.myloans.co.
About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.