Three Factors Impacting Health Organizations’ Bottom Lines in 2022

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For many of us, life feels almost normal again—finally! As we begin the second half of 2022, many of us are cautiously enjoying the long-awaited and welcome relief from pandemic-related restrictions, both at work and in our personal activities, and starting to travel, gather and celebrate again.

However, along with that “almost normal” relief come lingering effects from the pandemic that pose challenges for individuals and businesses. For health organizations specifically, three factors have the potential to impact their bottom line in 2022: revenue uncertainty, staffing challenges and evolving customer expectations.

Turning challenges into opportunities
From drone deliveries to working remotely, stories abound of entrepreneurs and organizations that took on pandemic-related challenges and made real, innovative changes.

What can health systems do differently now to help solve current challenges and create opportunities in 2022?

Managing uncertainty
At the start of this year, revenue-generating elective procedures may have been postponed during the Omicron surge. Now, ongoing concerns about future Coronavirus variants, plus economic uncertainty for both providers and patients, may make it difficult for health systems to predict healthcare demand and usage, and forecast revenue. Even before the pandemic started, according to InstaMed, 66% of providers surveyed said their primary revenue cycle concern is patient receivables.¹

• Possible Solution: Third-party patient financing can help relieve the pressures of uncertainty on health systems, employees and patients. A non-recourse financing option can shift the risk of billing and collections to a third party, helping improve financial outcomes.
  

Overcoming burnout
Although hospitals continue to report a drop in serious Coronavirus cases, staffing and organizational challenges spurred by the pandemic persist. These challenges may include burnout from providing pandemic-level care, staffing shortages leading to increased workloads and longer hours, mental health crises and strained facilities.

• Solution: Help streamline the payment collection process with an integrated payment solution, which can help reduce staff’s time and effort for billing and accounts receivables so they can focus more on care.
  

Offering a new level of convenience and flexibility
Over the past two years, we have seen a surge in telehealth adoption and other contactless options available in many different industries. Consumers have come to enjoy—and expect—unprecedented convenience and flexibility in how they access and pay for products and services, including their healthcare.

In fact, 83% of consumers say they prefer electronic payment methods to pay medical bills.¹ Additionally, 66% of consumers surveyed say they would consider switching providers for a better healthcare payments experience.¹

• Possible Solution: Help increase patient satisfaction and loyalty by offering flexible payment options and a simple, contactless financial experience.
  

Underscoring the importance of a positive financial experience, Consumers’ Healthcare Financial Experiences and Patient Loyalty study, conducted by PYMNTS.com, found that of those who said they were extremely satisfied with their current provider, trustworthiness was a key reason at 75.5%, along with the ability to pay quickly and easily with methods they prefer at 72%.²

The right third-party financing partner offering patients a flexible payment solution to manage the cost of care can help health systems improve their bottom line and help staff save time.

Learn more about the benefits of third-party patient financing with the CareCredit credit card at www.carecredit.com/chiefhealthcare.

1. InstaMed, Trends in Healthcare Payments Tenth Annual Report: 2019, published April 2020
2. PYMNTS.com, Consumers’ Healthcare Financial Experiences and Patient Loyalty, July 2021