Healthcare financial managers will need to pursue new strategies for engaging with their customers as the healthcare marketplace increasingly operates like a retail consumer business. That means more price transparency, a greater focus on getting patients to pay their bills and stronger cost controls to operate on thinner margins.
At the Healthcare Financial Management Association's 2014 Annual National Institute in Las Vegas last week, the new era of consumerism was top of mind. The HFMA, which last year introduced guidelines for patient financial interactions at its annual meeting, opened the event by introducing the Healthcare Dollars & Sense initiative.
“Every year at ANI, we talk about being patient- or member-friendly,” HFMA President and CEO Joe Fifer said. “We hear it often but sometimes it's easy to lose sight of what it really means. We're breaking that down into pieces.”
The initiative focuses not only on financial communications, but also price transparency and medical account resolution.