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Healthcare Finance Trends Report for 2024

We're pleased to extend an invitation to all WHA members for a first look at the Healthcare Finance Trends Report for 2024 — Progress, but Major Challenges Ahead from CommerceHealthcare®. This comprehensive report explores key areas, identifying ten pivotal themes shaping healthcare financing:

• Integration, Cybersecurity, Artificial Intelligence Headline 2024 Technology Investment.

• Difficult Financial Pressures/Conditions Frame 2024 Actions.

• Workforce Shortages Maintain Hold on Leadership Attention.

• Growth Strategies an Imperative for Near-Term Financial Health and Long-Term Success.

• Taking Patient Financial Experience to the Next Level.

• Persistent Affordability Issues Fueling Patient Financing Expansion.

• Significant Momentum Behind Automation and Outsourcing for Finance/RCM Productivity.

• Multiple Avenues for Expanded Use of Digital Payments in Healthcare.

• The Need to Adapt to Fast-Changing Competitive Landscape.

• Collaboration and Trust Increasingly Central to Strategic Success.

Insights and Highlights:

Highlighted below are some of the key insights drawn from the findings:

• 26% of patients feel their payment experience has worsened over past year. 44% of surveyed leaders cite insufficient automation capabilities as their prime barrier to investing in improved patient financial experience.

   

• Healthcare affordability is a persistent issue. In a Harris poll, 26% of Americans said healthcare costs strain their finances and 23% stated insurance fails to cover their care. Patient out-of-pocket spend is poised to grow 10% annually through 2028.

   

• Three prime motivators are guiding the 2024 Finance/RCM automation drive: demand for a “hard ROI” for any significant investment, technology risk reduction with a bias toward proven solutions, and desire to gain significant enhancements to analytics through better data from automation.

   

• Various digital payments modes are seeing strong uptake by consumers and businesses and deserve to be on the radar of healthcare leadership. Discussion and forecasts are offered on several types, including real-time payments, ePayables/Virtual Cards, and mobile payments.

To read the full Healthcare Finance Trends Report for 2024, click below and stay informed about industry trends that will shape the healthcare finance landscape in 2024 and beyond.

CommerceHealthcare® solutions are provided by Commerce Bank.

We need your feedback!

The Wichita Healthcare Academy Partners are planning for a Summit in Fall 2024 and we are looking to you for insight! Click the link below to share what are the 2-3 things that keep you up at night as you run your practice.

Join us at the Top Golf Social at the KS MGMA Conference on April 18th!

Wichita Healthcare Academy Partners