Healthcare systems can achieve long-term financial health by leveraging tools and strategies such as AI-driven propensity-to-pay tools, cost-per-case enhancements, data analytics for cash flow improvement, and activity-based costing for affordable care provision.
FREMONT, CA: As health systems continue to experience the ever-changing challenge to boost care while simultaneously reducing cost, specific tools and strategies prove important in maintaining long-term financial health. There are many ways to achieve financial transformations.
Utilising Artificial Intelligence for Resolving Uncompensated Care
By accumulating unpaid balances from patients for healthcare services provided, health systems have the potential to reduce one of their most significant expenses. Propensity-to-pay tools aid companies concentrate on unpaid accounts by utilising artificial intelligence (AI) to employ internal and external financial and socioeconomic data and recognise the probability that patients in the population will pay their balances.
By leveraging propensity-to-pay insights, financial departments in healthcare can prioritise patients with a greater likelihood of making payments, enabling them to allocate resources more effectively. The departments can also connect patients who cannot pay with government assistance or charity care. In doing so, the patients and the healthcare systems can benefit. It helps patients in avoiding bad debts, and the healthcare organisation receives compensation for their services.
Achieving Significant Cost Savings Through Cost-Per-Case Enhancements
As healthcare systems are pressured to reduce expenses, they are considering cost-per-case enhancement projects. These strategies are capable of producing quick wins for improvement teams who are seeking to gain momentum and buy-in. All efficient cost-reduction strategies begin with clinical improvements.
