topic: Revenue Cycle
According to a recent report, hospital operating margins were down 55.6% in 2020 compared with 2019, excluding federal CARES funding, and down 16.6% with CARES.
The hospital’s CFO and financial team should be regularly communicating with clinical leadership to detail the dynamics of the system’s finances and care and solicit one another’s support during Covid19.
PFC departments have the potential to create financial and clinical integration and be the center of the revenue cycle, helping manage and connect all of its aspects. A high-functioning PFC also likely means a happier and more productive workforce, as well as more satisfied patients.
Led and managed well, a patient access department can be a justifiable source of pride for any health care organization – and a distinct competitive differentiator.
A leading health care system sought to develop, in partnership with a national insurer, a new health plan marketed to fully insured individuals and self-insured employers. This joint venture would emphasize using data analytics and population health technology to identify at-risk patients sooner and provide them with earlier care access.
We show how it is possible to maximize and systematize your risk arrangement opportunities by pursuing a two-stage, value-based care initiative. The key is adopting a team-based approach toward governance, shared vision, accountability, flexibility and execution.
With a focused effort and the right resources, it is possible to create a modern, efficient and timely referral process that enhances office practices and increases patient satisfaction and referral compliance.
A hospital merger or acquisition can easily complicate credentialing and re-credentialing. Rather than potentially alienating your physicians and jeopardizing your revenue stream due to post-merger credentialing issues, consider instead these five steps for credentialing success.
Why do some external consulting relationships seem to thrive, while others become challenging? In this article, we explore how and why a major health care provider significantly benefited from an external consulting relationship, and how you can apply these lessons to your organization, no matter its type or size.
Failure to effectively manage the CDM leads to incorrect bills and missed reimbursement opportunities, as well as potential compliance and regulatory risks and lower patient satisfaction scores. All of these items can cost an organization millions or even tens of millions of dollars annually.
It is a challenging dichotomy. Just as demand for health services continues to rise, health care payers and providers face difficult decisions around potentially changing their organizational structures to meet the health care industry’s upheaval.