As the healthcare landscape continues to shift, one thing remains constant: the need for streamlined, efficient revenue cycle management (RCM). RCM isn’t just about billing – it can impact financial health, operational efficiency, and patient satisfaction.
When RCM processes break down, ripple effects can be felt, such as delayed payments, overburdened staff, and strained resources. These challenges don’t just stay behind the scenes – they can directly impact the quality of care patients receive.
In this blog post, we’ll explore how incorporating third-party payment solutions can help simplify and strengthen your RCM strategy – potentially boosting practice performance and creating a smoother, more positive experience for your patients. Let’s dive in.
Exploring the External Challenges
Two of the major challenges that revenue cycle managers face today are rising healthcare costs and staffing shortages.
Healthcare costs are always changing, and if patients struggle to understand and plan for their finances, unpredictable costs can mean their ability to pay for their care can be impacted. According to the Synchrony 2023 Dental Lifetime of Care study, due to growing healthcare costs, 83% of people surveyed would consider delaying unanticipated dental care. The ability for patients to access and pay for the care they want is important – and it’s also a key piece of ensuring that oral surgery practices can continue to function smoothly.
Another external challenge that can significantly impact a practice’s revenue cycle is appropriate and adequate staffing. According to the PatientPay 2022 study from CWH Advisors and CareCredit, 63% of healthcare leaders indicated that they are experiencing staffing shortages at their organization, specifically in RCM roles.
Now that we’ve set the stage, let’s explore how leaders can mitigate these challenges.
Leveraging Third-Party Solutions to Support Payment Processes
Resources that can help streamline administrative workflow, educate patients on financing options, and leverage digital resources can help streamline RCM for your practice. Connecting with the right partner can help minimize administrative billing burden and decrease self-pay receivables.
Working with a third-party financing partner to offer an additional payment solution, such as Synchrony’s CareCredit credit card, can help facilitate revenue cycle processes and reduce the burden on staff in a few different ways.
- Tools to Guide Financial Conversations: Synchrony offers providers the support they need to champion conversations surrounding payment options with their patients through resources like on-site support, training, and educational tools. These resources can help dental providers facilitate successful conversations with their patients that can help ease cost concerns.
- Time to Payment: When a patient doesn’t have insurance, or insurance can’t cover costs associated with a procedure, CareCredit helps close the gap between what insurance covers and the costs that patients are ultimately billed. With advanced underwriting processes, patients can apply for the CareCredit credit card and receive an immediate decision. When patients use the card to pay for their services, providers receive payment within two business days – while patients are able to pay over time.
By accepting CareCredit, dental providers can offer a financing solution that helps patients pay for the care they want and helps practices streamline revenue cycle management. As revenue cycle managers know all too well, smooth financial processes are an essential piece of a oral surgery practice’s overall success. To learn more, visit www.carecredit.com.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally enabled product suites. Our experience, expertise, and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet, and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.
Disclaimer
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.