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Flywire research: Under pressure to control costs and maximize revenue, healthcare CFOs prioritize patient payments
Data reveals that patient responsibility is a critical lever to improve financial health of hospitals 83% of CFOs and finance leaders surveyed said better
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[{"type":"text","content":"Data reveals that patient responsibility is a critical lever to improve financial health of hospitals 83% of CFOs and finance leaders surveyed said better technology would help them shorten the revenue cycle BOSTON, Nov. 28, 2023 (GLOBE NEWSWIRE) -- 85% of healthcare CFOs and senior financial leaders Flywire recently surveyed agree they need to do more to improve their collection/payment experience, and that they’re losing critical time and money because of it. These are a few of the findings from a new research report commissioned by Flywire (Nasdaq: FLYW), a global payments enablement and software company, which reveals that by improving the overall patient payment experience, hospitals and health systems can control costs and maximize revenue. For its latest healthcare report, “Why patient payments should be a top priority for hospital CFOs”, Flywire conducted an independent survey of more than 300 CFOs and senior financial leaders in hospitals and health systems in the U.S. to better understand their top priorities and biggest pressure points. The results detail the connection between patient payments and top-line growth, and highlight the opportunity that healthcare finance leaders have to streamline the patient financial experience, influence affordability and elevate patient satisfaction. “Our research shows us that healthcare CFOs are eager to do more to improve the collections experience at their hospitals and health systems, as they recognize how strong the link is between an improved payment experience and patient loyalty,” said John Talaga, EVP and GM of Healthcare. “This should be a strong call to action for healthcare finance leaders who are looking to control costs while maximizing revenue for their organizations.” With affordability a chief concern, leaders look to optimize revenue cycle offerings, including access to financing Nine in 10 of those surveyed said out-of-pocket costs have an impact on keeping healthcare affordable for patients, and 86% of those surveyed said it’s difficult to manage patient out-of-pocket costs, while balancing affordability concerns. And this has a major effect on collections, as 84% of those surveyed said their organization has lost money due to time spent dealing with accounts receivable (A/R). However, they believe if they had better technology, they could shorten revenue cycles ...