As margins tighten and patient collections can make payment tricky for healthcare providers, at least one expert wonders if it's time to change. Luckily, economics may offer a clear plan.
Douglas Hough, associate scientist at the Department of Health Policy and Management at Johns Hopkins University, on Monday drew links between what he said are standard policy levers in behavioral economics and strategic points to fine tune the revenue cycle.
Hough delivered the keynote address at the Revenue Cycle Solutions Summit in Atlanta on Monday, an event run by Healthcare Finance.
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"Revenue cycle is about getting people to change how they do things, when they don't want to change how they do things," he said.
Hough suggested aligning with behavioral economics in the following ways:
Education/Persuasion: At this point, the onus is on the provider to educate the patient on the financial side of their care. That can include clear, up-front financial conversations, access to patient estimators and price transparency portals for starters.
Guideline/Checkpoints: Again, this can be related to clear communications with the patient, with engagement on the financial side occurring at multiple points in the process. It can also apply to straightforward billing that clearly delineates costs.
Penalties/Rewards: Establishing organization incentives is just one way.
Commitment Devices: For healthcare, this can include savings programs that help consumers meet their bills, like health savings accounts, for example.
Twitter: @HenryPowderly