With 65% of patient financial liabilities never collected bad debt is a massive problem for all health systems and providers.
As high deductible plans rise in prevalence, higher out-of-pocket expenses will continue to drive the growth of patient debt. Additionally, patients have begun to evaluate health care services as they do simple consumer transactions—shopping for the lowest prices and scrutinizing online reviews—adding greater complications to revenue growth.
Now and going forward, health systems will have to compete for customers who may not even pay their bills without customer relationship management. While these patient-centric issues will continue to challenge the industry, they can become competitive advantages for your organization.