Approximately 86 percent of hospital and health system executives said bad debt accounts for more than 2 percent of their total cost of services, and point-of-service collections are becoming a larger part of hospital payment procedures, according to a TransUnion Healthcare survey.
TransUnion and Oxford Economics surveyed 101 hospital and health system leaders. Other findings from the survey include:
• An estimated 93 percent of respondents said their organization is either using or plans to invest in point-of-service technology to help with upfront collections.
• Thirty-one percent of executives indicated their institution uses predictive analytics to manage their revenue cycle. Another 58 percent said they are in the process of using predictive analytics or are considering those solutions for their revenue cycle management.
• The biggest challenges to implementing data collection at the point of service were the cost of systems and increased staff workload.