5 healthcare finance trends to know for 2023

healthcare finance trends

The way medical providers and clinics manage healthcare finances has changed a lot lately! It seems like just yesterday, insurance would cover almost everything. Now though, there are so many new things to think about. Deductibles are way higher than before. Networks are smaller too, so not all doctors are in-network now. And forget about out-of-pocket costs – they’re through the roof!

New payment models are popping up. Tele-health is another big change. Now video calls with providers are also an option from home. The only problem is that those aren’t treated the same as in-person visits by insurance yet. Hopefully, that changes someday.

With so many fast changes in healthcare finance, it really is crucial to do some research each year.

Top Trends In Healthcare Finances

Here are the top 5 healthcare finance trends to know for 2023:

Financial Stressors Dictating Choices

The healthcare industry, traditionally tough against economic problems, is now in a tight spot. Higher acuity levels in patients mean the complexity and cost of care are going up. Meanwhile, the gap between the cost of providing care and the reimbursement from insurance is widening.

Also, there’s less money coming in from investments. This financial squeeze is forcing hospitals and clinics to make hard choices about where to spend their money. They have to balance high-quality care with staying afloat financially.

Boom in Remote and Outpatient Care

A major shift is happening in how we receive healthcare. There’s growing interest in outpatient care, where patients get treatment without staying overnight in a hospital. Tele-health or virtual visits are also on the rise.

With technology improving, many doctors now see remote consultations as a big part of our future healthcare. This trend isn’t just convenient; it could also help manage costs better as it usually costs less to treat patients outside traditional hospital settings.

Also Read: Can You Get a Startup Business Loan With No Money?

Evolving Patient Financial Experience

How patients handle their healthcare payments is changing. They want simple, clear ways to pay their medical bills, much like they do in other parts of their life. Recognizing this, healthcare providers are updating their payment systems.

We’re talking about more than just online billing. Think digital platforms for viewing and paying bills, understanding insurance coverage, and even negotiating payment plans. This digital shift is set to ramp up by 2023. It’s about making the financial side of healthcare as pain-free as possible.

Escalating Demand for Patient Financing

​Here’s the reality: Paying for healthcare is getting tougher for many people. Wallets are feeling a pinch, and medical bills don’t make it any easier. That’s where patient financing steps in, becoming a crucial part of our healthcare journey.

It’s no longer just a nice-to-have; it’s essential. Whether it’s a plan to pay off surgery cost in installments or getting help for those emergency room charges, these options are all about making healthcare expenses manageable.

Digital Transformation in Financial Operations

Digital transformation is revolutionizing how healthcare handles its finances. A big chunk of Chief Financial Officers (CFOs) and top bosses in healthcare see going digital as key. Why? Because it makes things smoother, quicker, and more reliable. They’re big on using something called “API-first” for hooking up different systems. Think of APIs like translators helping computers talk to each other efficiently.

This approach means healthcare financial systems can share info easily and work together better. Imagine billing, patient records, and insurance claims all seamlessly connected.


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