The economic fallout related to COVID-19 has been devastating. Collectively, the nation’s hospitals are poised to lose more than $323 billion in 2020, according to projections from the American Hospital Association.
This figure represents potential catastrophe for healthcare organizations already on the brink of fiscal insolvency. But, there is no shortage of tough-minded, forward-looking leaders in healthcare who have met this crisis head on, shifting operational models, expanding telehealth offerings and eliminating fiscal waste.
This report shares the insights of some of those leaders and keys to a more resilient revenue cycle.
Here are just a few insights in the whitepaper:
- Create a revenue integrity team: The COVID-19 crisis pushed many healthcare revenue cycle teams to re-examine their accounts receivable to identify money already owed to their organizations.
- Support price transparency: Price transparency has been on the radar of healthcare financial leaders for years. Achieving price transparency will make the healthcare financial experience less confusing for patients. Removing this layer of confusion will help improve patient payment collections.
- Engage patients and improve front-end revenue cycle operations: A proactive, resilient revenue cycle is efficient on the front end. Technology that can automate portions of the patient registration process and identify insurance coverage for patients can bolster an organization’s bottom line without overburdening revenue cycle staff.
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