Techniques for Guiding Providers & Hospitals Through the “Perfect Storm”
Now is the time for US hospitals and medical billing services providers to consider how to become profitable. They are experiencing some of the worst margins since the pandemic began, according to a Kaufman Hall report. A perfect storm has formed as a result of the rising cost of caregiving, economic unpredictability, the effects of the great resignation, the ensuing labor shortages, and the multi-year delay in investing in technology and processes to re-engineer the financial process. The situation is made worse by the gradual shift in patient preference for ambulatory care settings over hospitals for medical treatment.
Hospital CFOs and operational managers have had to review their revenue cycle procedures as a result of the current difficulties. There is not much room for investments in technology-enabled transformation because healthcare has historically lagged behind other industries in digital transformation investments.
The Process of Navigating the Perfect Storm
Most hospitals use manual revenue cycle systems and processes that need a large number of skilled workers to operate. But the revenue cycle involves more than just the need for technological investments. The revenue cycle of today is much more intricate. By fostering positive patient experiences, it responds to the rise in consumerism, supports new reimbursement models like value-based care, and establishes the hospital’s overall brand.
With the adoption of new tactics, CFOs and COOs of healthcare systems and hospitals are now concentrating on the operational and financial transformation of the revenue cycle. These initiatives can determine the very survival of the hospitals in addition to being essential to achieving short-term margin gains.
Partnerships in the Revenue Cycle: The Secret to Success
Our clients have been able to navigate the difficult COVID-19 period and reinvest in operational transformation thanks to the Optimedservices partnership.
The end-to-end contingency-based partnership that our clients have chosen allows them to concentrate on providing care while receiving the operational and financial results they require to handle the various challenges they face.
Save Money by Forgoing Workflow and Robotic Process Automation Investments.
To establish effective workflows that encourage productivity, we have developed wrap-around systems that integrate with physician practice management software, revenue cycle systems, and EHR applications. We can develop a standardized, best-practice approach using these workflows, which improves our capacity to scale. In addition to these platforms, we add robotic process automation and AI to further lower the costs of collection. Because of this credentialing service, our clients will spend less on technology and have access to the best-practice procedures that Optimedservices owns and provides.
We can quickly hire new employees through our human resource management services and expand our revenue cycle operations thanks to our reputation as a top employer. This means that our clients won’t have to struggle to find skilled workers and will have access to a labor pool that is available on demand for a small fraction of the price.
An experienced revenue cycle partner assumes full responsibility for your revenue cycle and contributes process knowledge, strong workflow frameworks, process automation tools, and—most importantly—great people. The partner brings the expertise and experience needed to manage your revenue cycle properly. To assist providers and hospitals in achieving transformational results, Optimedservices brings in the people, the infrastructure, the processes, and the technical capabilities.