Whether the revenue is due from payers or patients, the end result is the same. Delays, denials and delinquent accounts are all hitting the provider’s bottom line – hard.
Wind River Healthcare just released our latest publication:
I highly recommend downloading and reading the book. It’s a quick read and provides details on applying a modern approach to solving an age-old revenue collection problem.
Quasi-Spoiler Alert: The book talks about how to effectively prepare for the collection process (not collection agency but rather collecting revenue due in a timely manner). This includes leveraging your historic data and predictive analytics – but in a different way than what you’re used to. The old way uses static algorithms. But as the book points out, static approaches won’t work in dynamic situations.
I keep reading about hospitals that can’t make payroll and more and more providers that are forced to sue their patients for payment. The revenue problem isn’t getting better, it’s getting worse. This puts all kinds of financial strain on the organization, which has ripple effects on the ability to invest in more modern healthcare equipment, staffing, and facility upgrades. Tyler Kattre touched on the subject in a post earlier this month on healthcare CFOs who want to cut costs.
Hospitals have to take action now or risk finding themselves in similar situations.
I’m reminded of a lyric from one of my favorite songs by The Eagles:
So often times it happens that we live our lives in chains
And we never even know we have the key
You have the key – it’s found in the data that sits in your systems today.
Drop me an email if you have questions on how to use your data. Or, if you’d like to read A Healthcare Provider’s GPS to Revenue but prefer not to do so on a computer screen (like me), I’m happy to send you a printed book in the mail.