The impact of COVID-19 on payer mix, revenue cycle IT budgets, EHRs, consumer experience, and price transparency for the next 12 months
A Guidehouse Center for Health Insights analysis of an executive survey conducted by Healthcare Financial Management Association (HFMA) took an in-depth look at hospital and health system leader strategies over the next 12 months. The survey included 151 provider chief financial officers, and financial and revenue cycle executives.
Significant shifts in payer mix to consumer self-pay and Medicaid, away from commercial
Strategic investments in revenue cycle IT coupled with a remote workforce
Healthcare leaders need to closely evaluate their payer mix and develop winning consumer experience strategies to overcome a slow recovery in patient volumes and an uptick in self-pay and Medicaid enrollees.
As the revenue cycle workforce goes remote and budgets tighten, health system leaders are making strategic investments in vendor partnerships and outsourced services.
Digital technologies are a necessity but must be methodically selected to ensure they are unlocking long-term performance improvement opportunities.