3 Ways to Adapt When it Costs More to Get Paid the Same
Annual operating expenses for the clinic are approximately $400,000, Baiocco reports. "I like to highlight the clinic because I think it is a specific example of us doing more to get paid the same. By avoiding a readmissions we are avoiding a penalty."
As reimbursements become further tied to outcomes, it will be even more important for provider organizations to focus on patient wellness in the future, Baiocco believes.
"We are dipping our toe in this arena because the future will be all about outcomes," he says. "It's a balancing act where we are not all the way in, but we are certainly preparing for a future where we need to balance the financial side with clinical outcomes."
3. Tightening Up the Revenue Cycle
As high-deductible health plans create new collection challenges for providers, EIRMC will have to focus more on collecting payments before services are rendered, Baiocco says.
"With the way insurance plans are migrating to high deductibles and high co-pays, it has had an impact on our revenue cycle. We've always been focused on upfront collections, but that is going to become very much a part of our everyday existence," he says. "We've really worked on our scripts and how we approach this to balance the dignity of the patient and respect for patient care with the business side of the equation."
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