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CommerceHealthcare® Releases 2023 Healthcare Finance Trends Report
Report highlights multiple intersecting challenges and considerations for the healthcare sector KANSAS CITY, Mo.--(BUSINESS WIRE)-- CommerceHealthcare® has
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":"\nReport highlights multiple intersecting challenges and considerations for the healthcare sector\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerceHealthcare® has released its fifth annual Healthcare Finance Trends for 2023 report. The report includes an in-depth analysis of research combined with practice experience and identifies consideration for the industry, given multiple intersecting challenges in the year ahead.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230124005404/en/Sue Martin is senior vice president of healthcare for Commerce Bank. (Photo: Business Wire)\nThe report’s key insights range across regulatory, financial, technological and supply chain considerations and include:\n\n\nMultiple financial stress points will constrain options: Complex and multi-faceted financial issues including rising acuity levels, reimbursement gaps and investment declines are upending healthcare’s traditional status as a “recession-proof” industry.\n\n\nGrowth strategies favor outpatient, virtual, acute home care: Leaders have been pivoting to outpatient and virtual care to diversify revenue streams, including telehealth and Hospital-at-Home (HaH).\n\n\nStrong drive to improve and personalize the Patient Financial Experience: Patients want a positive, personalized financial experience. Automating manual processes establishes a foundation. Patient financing with no- or low-interest credit lines and flexible terms can produce monthly payment schedules tailored to each patient’s needs. Refunds can be made through multiple payment modes to meet varying patient preferences.\n\n\nEvidence underscores growing demand for Patient Financing: Twenty-eight percent of Americans now describe themselves as less prepared than last year to pay for routine or unanticipated care, which means emphasizing patient financing as part of the overall experience is even more important.\n\n\nBuilding Trust becoming a critical success factor: Trust in healthcare took a hit from the COVID-19 experience yet, remains a paramount issue for patient retention. Patients expect to be able to trust healthcare providers to protect data, workflows and transactions.\n\n\nCybersecurity in 2023: no rest for the weary: Cybersecurity is part of the trust calculus and has become an evergreen topic in healthcare. Com...