5 patient collection metrics that healthcare systems are moving with a revenue cycle revamp

In 2023, 12 hospitals in the U.S. filed for bankruptcy, an all-time high, and more than the previous three years combined. With stubbornly-high staffing and supply costs, 2024 is not expected to be much better. As a result, providers of all sizes are looking across the entire scope of their operations for new ways to cut costs without sacrificing the quality of patient care. They are also counting on patients to pay their bills in a timely fashion as those patients take on a larger share of their healthcare costs.

In this environment, one area ripe for improved efficiency at many providers are the patient collection processes in Revenue Cycle Management. Using digital billing, payment and engagement tools, providers can streamline the patient financial experience and gain substantial advantages by way of faster payment cycles, reduced staffing requirements, lower collection costs and higher patient satisfaction.

Below are examples of the type of cost reductions and operational efficiencies being gained by Flywire clients as a result of modernizing their Revenue Cycle Management processes. The stats provide a small glimpse of their stories.

1. Reduce bad debt

2. Reduce the cost to collect

3. Reduce staffing and operational costs

4. Drive faster, higher rate of patient collections

5. Increase in self-service payments

View all Flywire healthcare case studies.