How a Strong Back-End Approach Can Improve Financial Success for Specialty Groups
Some medical specialty groups are feeling the financial pinch. Inflation and increased labor costs drive up expenses and McKinsey projects that this trend will continue. To protect their bottom line, these groups must proactively approach patient financial engagement. One way to do this is to adopt a text-to-pay approach, allowing patients to pay their bills immediately after they are generated, rather than waiting for a paper statement to arrive, which leads to faster cash flow and improved financial health for the group. Another important step is educating staff about the move to digital offerings, ensuring patients have a positive experience when paying their bills. Finally, groups should offer self-service options for account management, giving patients the control they need to promptly manage their cost of care. By taking these steps, specialty groups can empower patients to manage their cost of care to meet their needs while protecting their organization’s bottom line. Financial success for specialty groups depends on a strong back-end approach (Brummond, 7/20/23)
