Self-Pay Collections

In the healthcare space, rising out-of-pocket costs are shifting payment responsibility from traditional payers to patients. While this transition is not surprising given the increased enrollment in high-deductible health plans, it has become a large cost burden on health systems and a bigger challenge than expected.

In 2017, patients saw their average out-of-pocket costs increase 11 percent to an average of $1,813, according to a TransUnion Healthcare analysis. This trend has shown no signs of slowing, meaning without proper self-pay strategies, providers will continue to leave a lot of revenue on the table and inflate their uncompensated care costs. In fact, nationwide uncompensated care costs for hospitals increased from $35.7 billion in 2015 to $38.3 billion in 2016, according to the American Hospital Association.

Prudence RCM, a healthcare technology company focused on revenue cycle management solutions, are aligning its various RCM assets to solve the challenge of self-pay. Its solution facilitates patient entry into the health system, captures information to optimize patient interactions, educates the patient on payment liability and tailors payment options to each patient’s unique financial situation.