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The average 350-bed hospital could boost revenue by $22 million each year by taking a more strategic approach to improving revenue cycle performance, according to a recent report from The Advisory Board.1
One key strategy alone could increase margins by up to 6.4 percent: improving the patient financial experience.
A proactive approach to strengthen patient financial communications is critical at a time when patients face increased responsibility for the cost of their care, particularly with the rise in high deductibles. Such communications build more enduring relationships with patients, improve collections and set the stage for a more positive patient experience.