KANSAS CITY, Mo.– CommerceHealthcare® has released its fifth annual Healthcare Finance Trends for 2023 report. The report includes an in-depth analysis of research combined with practice experience and identifies consideration for the industry, given multiple intersecting challenges in the year ahead.
The report’s key insights range across regulatory, financial, technological and supply chain considerations and include:
- Multiple financial stress points will constrain options: Complex and multi-faceted financial issues including rising acuity levels, reimbursement gaps and investment declines are upending healthcare’s traditional status as a “recession-proof” industry.
- Growth strategies favor outpatient, virtual, acute home care: Leaders have been pivoting to outpatient and virtual care to diversify revenue streams, including telehealth and Hospital-at-Home (HaH).
- Strong drive to improve and personalize the Patient Financial Experience: Patients want a positive, personalized financial experience. Automating manual processes establishes a foundation. Patient financing with no- or low-interest credit lines and flexible terms can produce monthly payment schedules tailored to each patient’s needs. Refunds can be made through multiple payment modes to meet varying patient preferences.
- Evidence underscores growing demand for Patient Financing: Twenty-eight percent of Americans now describe themselves as less prepared than last year to pay for routine or unanticipated care, which means emphasizing patient financing as part of the overall experience is even more important.
- Building Trust becoming a critical success factor: Trust in healthcare took a hit from the COVID-19 experience yet, remains a paramount issue for patient retention. Patients expect to be able to trust healthcare providers to protect data, workflows and transactions.
- Cybersecurity in 2023: no rest for the weary: Cybersecurity is part of the trust calculus and has become an evergreen topic in healthcare. Compromised data and ransomware attacks are ongoing and leaders must continually refine their understanding in at least three areas: the overall security landscape, particular financial-related considerations, and contemporary security defenses.
- Digital transformation of Finance in focus: Digital transformation is fundamental to healthcare’s business and care delivery model changes. Getting to digital-first in finance and across the enterprise has several critical success factors. These include sustained commitment, a platform-centric mindset, and effective governance.
- Digital payments on the horizon for healthcare: A variety of emerging digital payment modes will further the transformation of finance. These payments are expected to grow almost 23% annually in healthcare. Notable technologies and payment rails to watch for expected crossover from consumer markets to healthcare include mobile, Real-time Payments, Buy Now, Pay Later and Earned Wage Access. Seeking the right use cases for these payment technologies offers many potential provider benefits.
“Healthcare organizations face a long list of intersecting challenges,” said Sue Martin, senior vice president of healthcare at Commerce Bank. “This is a pivotal time for healthcare finance leaders as they look to balance the demands and investments needed to achieve financial stability, accelerate payment automation, increase efficiencies, and boost financial help to patients. Our goal with the Healthcare Finance Trends Report is to support healthcare leaders with information and offer solutions for complicated financial needs.”
Read the full report here.
