The importance of patient financial responsibility in healthcare—and its significance to hospital revenue models—is unlikely to decrease, and may become even greater. Read more about the true cost of patient payment collections. It’s vital for healthcare facilities to implement more successful methods of collecting on patient self-pay accounts. Consider these four best practices for improving patient collections.

The Federal Reserve, responsible for monitoring the health of the U.S. economy, publishes a series of studies every three years to discover trends in noncash payments across the country. These payments include credit cards, prepaid and non-prepaid debit cards, ACH and checks.

Many municipal and state governments are challenged to meet the fast-paced advancement of technology demanded and driven by their citizens. While many citizens are accustomed to shopping online, or filing federal tax returns, booking medical appointments, and paying bills, they often must still access local government services either in person or by phone.

Due to the increase of patient financial responsibility, hospitals and health systems often experience difficulty collecting on those patient-pay accounts. In fact, most patient accounts are never paid in full. Research shows that 68 percent of patient bills under $500 are never paid, along with 86 percent of those between $500 and $1,000 and 99 percent of patient bills over $3,000.

Do you know your patients’ financial status as well as the physician knows their health status?

As local and state governments turn to innovation to deliver more value through diverse collaboration, one emerging metric driving forward-thinking solutions is resiliency, or the ability to react and respond to unpredictable events. From global circumstances, natural disasters, or other economic and resource taxing events, take a look how communities and leaders are embracing technological advances and a collaborative vision for the future

Today’s enterprise landscape is fundamentally changing at an accelerated pace, with far-reaching implications beyond a single organization, industry, or customer base. Although the concept of digital transformation is relatively new and gaining traction in recent years, disruptive technologies is more than a passing movement. Read more about digital transformation here and why it’s important.

Welcome to the new Age of Experience, where the interactions that a customer has with an enterprise is an extension of their brand and services. In recent years, enterprises have been under growing pressure to transform operations and invest in innovative technologies and processes to account for this digital shift.