C3 CFO Summit Unites Hospital Leaders to Discuss Changes, Challenges and Questions Surrounding Patient Financial Responsibility

ORLANDO, Fla., Jan. 29, 2015 /PRNewswire/ -- The C3 CFO Summit "Courageous CFO Conversations" was held at the Waldorf Astoria, Orlando, Fla. on Friday, January 16 with hospital CFOs from across the nation in attendance. Nixon Peabody, PatientMatters and PNC Bank hosted the event. Attendees were invited to discuss the hospital patient's financial experience today and in the future. Hospital leaders from Ga., Fla., Mont., N.C., N.Y., Ohio and Pa. shared ideas, networked and put forth solutions to today's most perplexing problems regarding patient finance. The conference was recorded by a graphic reporter as attendees worked to attain consensus on a multitude of questions posed to them.

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"The resounding theme highlighted the opportunity to educate patients on their financial responsibility for their healthcare costs," said Ralph Swanson, Senior Vice President PNC Bank Healthcare Division. "The conference fostered very productive solutions to educating clients and the greater role hospitals can have in delivering that message."

There have been many changes in healthcare finance brought about by the Affordable Care Act, the growth of high deductible health plans and the ever increasing cost of healthcare. As patients become increasingly responsible for more of the cost, hospitals are having trouble communicating with the patient about why and how much they really owe. Attendees worked in small and large groups to answer questions about increasing patient financial responsibility, ACO environments, the Affordable Care Act impacts, difficulties with the patient financial responsibility, patient loyalty and retention, patient payment challenges, staff/patient education and patient satisfaction.

"I think the interesting thing is that everyone in the room, whether they were from a large facility or a small community hospital, their problems were all the same," said Shelia Schweitzer, CEO of PatientMatters. "Patients don't understand their insurance coverage and even more importantly, they have no idea how much they need to pay the hospital. The insurance companies are doing a poor job of educating the patient about deductibles, co-pays and co-insurance so the hospitals feel that it is ultimately their responsibility. It is an uncomfortable conversation for the hospital."

In addition to the CFO participants attendees included a handful of respected industry leaders including Bob Broadway, Chief Strategy Officer for Bethesda Health; Fred Brown, Past Chairman of the American Hospital Association; Dr. Charles D. Kennedy, Chief Population Health Officer for Aetna; and Lyman Sornberger, Strategic Advisor for PatientMatters.

"This conference presented attendees with an unstructured, spirited discussion about the big financial issues facing hospitals today," said Fred Brown, Chairman of Fred L. Brown & Associates. "These sponsors invested the time and money to sit down and ask the tough questions. The attending hospital CFOs responded with enthusiasm. It was a risk that most companies would be unwilling to take. It was dynamic."

Anyone interested in more information about attending next year's event should contact Betsy Herp, Director of Marketing, PatientMatters ([email protected]).

Contact: Betsy Herp (Email) cell: 407-408-7370

SOURCE C3 CFO Summit