The buzz at HFMA Annual 2023

Person in medical coat with piggy bank Image by Freepik

Back in Nashville, TN, this time with 100% more trips to the Grand Ole Opry with our healthcare RCM buddies at HFMA Annual!

In between all the whooping and line dancing, we got the chance to learn what's happening in the revenue cycle hive mind. The buzz:

  1. Workforce challenges
  2. Digital everything
  3. Getting creative with payments

If you missed it, or just want to relive the memories, here's what we overheard:

Workforce challenges

We went to a fantastic session with Mitchell Taylor of Methodist Health Systems, Pam Jordan of Parallon, and Kevin Holst of Finvi on using technology that improves operational performance.

Pam and Mitchell described being in constant recruiting mode - this has been echoed just about everywhere, and we talked to a lot of folks at HFMA about our generative AI solutions to decrease agent ramp time.

And with recruitment and retention continuing to be an issue, just about everyone we talked to was looking for ways to (a) manage payments and communication without agents and (b) get agents to be as productive and efficient as possible.

We were really excited to talk to folks about our AI-powered ProNotes and ProAssist tools to help with these issues.

The other big issue was keeping a remote team united and productive. Monthly company-wide Zoom calls, quarterly in-person meetings, and gamification had proven effective.

We loved the panel's attitude about trying new things. As Mitchell said, “There’s not a playbook on what products you need in order to make yourself successful in a remote environment."

Digital Everything

Related to the workforce issues above and the payments issues below, there were conversations about digital impact throughout the healthcare experience - not just financial portions.

We heard about digitizing the patient experience from scheduling and check-in through care and diagnoses, and then, of course, in payment and collections.

Lots of folks are looking for ways (see above) to digitize patient experiences to make them independent - payment portals, IVR, and AI.

People definitely want ROI before they make huge investments, which is understandable, and AI makes some folks nervous. We were happy to talk about both, because we love that healthcare RCM teams are even considering diving into the future to improve patient experience and payment rates.

Getting creative with payments

Deductibles are through the roof, which means getting creative with settlements. We heard about sliding scales for payments up to 50% off, because a more standard 15-20% deduction wasn't getting it done anymore.

And with margins continuing to get slimmer and slimmer, RCM companies are looking for ways to differentiate. If they can't compete on margins or payment rates, what other ideas can they offer?

We've found that when pitching to providers, our customers talk about how they can ensure 100% coverage of QA and compliance, deliver complete customized reporting, and improve patient experience by using real-time agent assistance and comprehensive automated notes. We love being part of winning deals for our customers.

We hope those of you who went got to enjoy some hot chicken and good music, and hope to see the rest of you next year!