When it comes to net revenue, life is hard for most hospital CFOs. And 2019 doesn’t look to be much easier. While in some cases revenues may have gone up, the revenue mix is causing havoc. What used to be Medicare, Medicaid and commercial insurance paying the bills has moved to higher patient self-pay in the mix, resulting in more bad debt.
Moody’s and Fitch both predict dour outlooks for hospitals in the coming year:
Moody’s Investors Service has “issued a negative outlook on the nonprofit healthcare and hospital sector for 2019,” according to an article in Becker’s Hospital Review. Citing things like flat or declining cash flow and expenses outplacing revenues, Moody’s also sees “Hospital bad debt growing to 8 to 9 percent next year as health plans place greater financial burden on patients. An aging population will increase hospital reliance on Medicare, which will also constrain revenue growth.”
“Fitch Ratings expects healthcare pricing and profit margins to be under pressure next year, according to the rating agency’s 2019 Outlook Report.
“’Most disruptive threats to healthcare business models boil down to an attack on pricing power, including outside industry competitive upstarts, government price setting and consumer and employer efforts to force lower pricing,’ said Megan Neuburger, managing director at Fitch.”
When volumes are going up, but profitable business is going down, and you’re not collecting from the consumer, and Moody’s and Fitch predict further instability in 2019, it’s time to take action for your own hospital and change your own fortunes.
It’s time to embrace consumerism because it’s truly here and only going to grow in healthcare. And maybe it’s time to enhance your efforts with a solution that you can implement today, that will fully integrate with your revenue cycle management software and your EHR. It’s called HealthQRS.
HealthQRS’ solution allows you to provide consumers with what they want: An Amazon-like experience in healthcare. HealthQRS has developed the only complete e-commerce platform for healthcare on the market. We give consumers a site that allows them to use their smartphone, tablets or computers to shop, schedule and pay for services and medications and see actual pricing and options based on their health plans and networks. Our solution is simple to use.
As a first step in moving toward consumerism, you can offer your consumer/patients more of a retail experience in price transparency with our extremely economical price transparency tool. We invite you to watch a 2-minute video of the HealthQRS price transparency tool to see how simple this is to implement. Click on this link, then you’ll be instructed to download and watch: https://s3.amazonaws.com/hqrs.media/_misc/Screen+Recording+2018-11-29+at+17.30.45.mov
Our solution will help you comply with CMS’ Jan. 1 price transparency rule, yet we are much more than a price transparency tool. Our platform has over 30 modules that work independently or all together depending upon your needs to provide a holistic, seamless, total experience for the consumer from start to finish. We combine navigation, the capability to make an appointment, referral management (if needed), payment management and so much more than we can list here.
HealthQRS’ price transparency tool allows you to publish price as well a downloadable readable file that shows realistic pricing, not the charge master. In addition, we can provide out-of-pocket pricing. Our solution can also capture the user’s information, such as name, email address and phone number.
We enable telehealth connectivity as well. Our technology enables people to connect to more cost-effective, consumer-oriented healthcare options and we keep them in-network. HealthQRS integrates fully to your EHR and can also enhance your existing portals and other patient engagement solutions and improve your meaningful use numbers and increase meaningful use funds. Consumers can access your retail site and shop, schedule and pay for your services via an easy-to-use app on their smartphones or tablets.
We are a software-as-a-service (SaaS), so you have no capital investment, just a low monthly fee. HealthQRS can provide this to you for as low as $500 per month and we can have you compliant by January 1, and not only that, your facilities will be much more attractive to consumers than your competition who is publishing charge master prices.
Developing a solution of this magnitude didn’t happen overnight. We started with the consumer experience in mind and spent years drawing on the knowledge of best-of-breed experts to perfect, fine tune and put together this complicated, yet complete solution for medical e-commerce.
In fact, HealthQRS has over 15 years of experience developing healthcare retail experiences for people and our founders have over 50 combined years of e-commerce experience. We also invite you to watch our user-friendly app video that you can use to win consumers as well as our point-of-service solution video that may interest you. You can also check out our E-Commerce Medical Marketplace Flyer for more information.
 Ayla Ellison, “Outlook is negative for nonprofit hospital sector, Moody’s says,” Becker’s Hospital Review, Dec. 5, 2018, https://www.beckershospitalreview.com/finance/outlook-is-negative-for-nonprofit-hospital-sector-moody-s-says.html
 Ellison, “Outlook is negative,” Becker’s Hospital Review, Dec. 5, 2018, https://www.beckershospitalreview.com/finance/outlook-is-negative-for-nonprofit-hospital-sector-moody-s-says.html
 Ayla Ellison, “Fitch: Healthcare profit margins will face pressure in 2019,” Becker’s Hospital Review, Dec. 3, 2018, https://www.beckershospitalreview.com/finance/fitch-healthcare-profit-margins-will-face-pressure-in-2019.html
 Ellison, “Fitch,” Becker’s Hospital Review, Dec. 3, 2018, https://www.beckershospitalreview.com/finance/fitch-healthcare-profit-margins-will-face-pressure-in-2019.html