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Finding Balance: The Age of Consumerism

Finding Balance: The Age of Consumerism

The importance of having a patient-centric revenue cycle is again dominating the healthcare conversation. In 2020 and beyond, patients are in control of their own fate and have become accustomed to the tools and conveniences within the maturing healthcare landscape. Today, the rising cost of healthcare is the largest barrier to a patient’s access to quality care, with patient out-of-pocket spending growth set to accelerate to an average annual rate increase of five percent. One major challenge, however, is, when patients receive care, but default on traditional payments and or “payment plans”, healthcare organizations lose the key component to financial stability, REVENUE. To combat the inevitable rise in consumerism and enhance revenue cycle processes, health systems must look to find balance and offer patient payment options that align with both the needs of the patients and the organization without adding additional downstream default risk.

While large healthcare organizations likely have RCM technology for the identification of patients who may qualify for financial assistance or other adjustments, most still lack a patient payment method to improve cash flow and reduce accounts receivable without adding default risk. As healthcare costs surge and competition increases, providers find themselves in a difficult situation. Consumerism is driving the need for integrated payment options for patients, but how do health systems ensure stronger revenue cycle performance with positive patient response and minimizing default risk?

The answer is Curae™. Believing the revenue cycle model in healthcare is fundamentally broken, Curae™ exists to empower providers to serve more patients through a suite of flexible, non-recourse-based financing options that fund the provider up-front. This allows providers to recognize revenue, reduce AR and reduce the number of accounts transferred to Bad-Debt. Curae™ recognizes the challenges happening within the spectrum of the healthcare revenue cycle, including the larger burden now placed on the provider to collect ever-increasing self-pay responsibility.  This, in turn, is creating a necessary blueprint for health systems to become more market-facing and consumer-oriented, while maximizing reimbursement and improving payer yield. It is now possible to find a balance for your revenue cycle operations.

Address Patient Demand: Curae™ provides comprehensive financing options to patients, including those with less than optimal credit scores who may be the most vulnerable to higher out-of-pocket costs. It’s easy to apply and easy to use and does not impact the patient’s credit file to apply.

Increase Cash Flow: Leveraging the flexibility of Curae’s proprietary technology platform drives significant results by offering the optimal and most beneficial financing terms for your health system and your patients. Providers receive funding within 24-48 hours from the time of transaction with no further obligation if the account defaults.

Having carved a unique niche in the RCM space, assisting both patients and healthcare providers in streamlining payment operations, Curae™ uses modern technology to ease the burden and empower patients to receive the healthcare they deserve. While the cloud-based technology eliminates a need for integrations, Curae™ does offer a full suite of APIs, allowing providers the ability to easily integrate Curae™ into their existing system.

With this ability, Curae™ continues to help providers address the underlying topic of patient payment options. In an age of consumerism and with more responsibility falling on patients to fund their own care, health systems are subsidizing patient costs. Providers who address patient financial challenges and expectations with Curae™ will create a patient-centric financial experience.

To learn more about Curae™ or how Curae™ can benefit your health system, please visit curae.com.

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