Revamping the Financial Services Side of Health Care
Health care organizations continually look for new ways to deliver high quality and cost-efficient care to patients. In our quest to maximize value-based reimbursement, we tend to neglect the health care financial arena as a key area to realize savings and efficiencies. This is particularly true in rural and critical access hospitals where there is constant pressure to streamline and upgrade EHR systems, maintain staff who is knowledgeable of the numerous state and federal rules and regulations, and have real time data available to measure performance and results.
Managing the Hospital Revenue Cycle
Most rural hospitals and critical care access hospitals have limited resources to handle the core business of the hospital revenue cycle. They need to be open to looking outside of their organization to develop potential partnerships as a means to streamline costs and become more efficient. Rural hospitals in particular need to take a hard look at their internal capabilities, available resources in their market, and to perform due diligence comparing the inherent risk of new initiatives to the expected result.
The time is right for collaborative efforts and strategic partnerships to streamline the financial service side of health care. The question is more involved than simple cost versus return; it boils down to what the impact will be with regard to the overall vision for the hospital. If you have questions on how to best improve processes and streamline financials in your health care organization, contact the Anders Health Care Services Team.