According to an annual survey conducted by the American College of Healthcare Executives (ACHE), the top concern for hospital CEOs in 2014 was meeting their businesses’ financial challenges. This concern also topped the list in 2012 and 2013.
Medicaid and Medicare reimbursement, bad debt, decreasing inpatient volume, and competition from other providers as specific financial concerns facing their hospitals.
As millions of new people secure insurance on the new exchanges, many are opting for high deductible plans with lower upfront costs. These plans increase patient responsibly since patients are expected to pay more out of pocket expenses for healthcare services. This trend is leading to fewer hospital visits and more bad debt and charity care. Healthcare executives are now challenged to collect from thousands of patients as a primary source of revenues, rather than just dozens of insurance payers.
Apex aims to alleviate these concerns and ease the process of collections through new and creative patient engagement strategies.
To read the ACHE’s full survey results, click here. Below is a full list of the top ten issues confronting hospital executives in 2014, according to this survey, include:
- Financial concerns
- Healthcare reform implementation
- Government mandates
- Patient safety and quality
- Care for the uninsured/underinsured
- Patient satisfaction
- Physician-hospital relations
- Population health management
- Personnel shortages