4 Proven Strategies for Healthcare Revenue Recovery

Introduction

Health systems are facing significant challenges in the post-pandemic period, including workforce shortages, revenue shortfalls, and a transformation of care models. Staff shortages are expected to be an ongoing issue, with McKinsey and Company predicting a shortage of 200,000-400,000 nurses by 2025. It’s not only a shortage of RNs, but 85% of hospitals have too few allied health professionals, according to the AMN Healthcare Survey of Allied Healthcare Professional Hiring Trends. In addition, workers’ preferences have shifted, and they are assessing where, when, and how they work.

In 2022, 50% of hospitals had negative operating margins.

Revenue generation and preservation for hospitals and large medical practices are critical issues to solve, and a reactive approach is to cut spending. But creative margin improvement is driven by more than lowering costs. Business intelligence and data analytics can uncover opportunities to place highly skilled professionals and improve revenue capture and savings by providing multiple measurable benefits. This eBook explores four critical business strategies healthcare organizations should use to protect their profits and improve revenue recovery. Revenue cycle solutions, physician placement, managed services, and predictive staff scheduling are effective strategies to help health systems achieve their financial goals.

Revenue Cycle Solutions

Alignment of quality measures, data accuracy, and revenue integrity are crucial in any healthcare setting. However, many organizations struggle with where to start and implement change to meet these initiatives. Revenue Cycle Solutions simplifies processes, boosts efficiency, and enhances patient outcomes. Streamlining revenue cycle eliminates the likelihood of billing errors and allows providers to spend more time focusing on patient care. Optimal clinical care, data quality, and proper reimbursement are intrinsically linked to efficient documentation practices. Proven solutions are led by Clinical Documentation Integrity (CDI) RN professionals, CDI Health Information Management (HIM) professionals, and providers who focus on enhancing documentation practices.

Revenue cycle solutions support the bottom-line through:

Improvements to operating margins by aligning front-end physician practice management with back-end billing

Exceptional patient care

Identification of cost-savings opportunities

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