Even before COVID-19, 250-bed hospitals lost $4.7–$11 million a year from mid–revenue cycle leakage. Now, pandemic-fueled volume losses and razor-thin margins mean that hospitals can no longer afford to lose even a single dollar of earned revenue.
Educated guesses and imprecise, stopgap efforts aren’t enough. Revenue cycles need precise strategies to identify exactly where leakage occurs and implement solid processes to stop leakage before it starts.
The drive to transition from fee-for-service payment models to value-based payment models is moving ahead with steady progress. Federal officials remain committed to spurring the growth of value-based care across the country. In addition, the coronavirus pandemic has boosted interest in value-based payment models because service volumes plummeted in the early phase of the crisis, which was a setback for fee-for-service contracting.
In this HealthLeaders roundtable, executives from Yale-New Haven Health, ProMedica, AHN, IU Health, Dignity Health, and...
Among the continuing challenges that the COVID-19 pandemic has created for hospitals and health systems is transitioning new graduate nurses from school to practice. Because of strict safety measures and social distancing required by education and healthcare facilities, the passage from student to practice nurse in 2020 wasn’t anything like preceding classes. New nurses whose faces were enclosed by Personal Protection Equipment (PPE) fretted that they couldn’t smile or reassure their...
Looking back at the final quarter of 2020, hospitals and health systems were trying to finish off a historically difficult year on a strong note. Following the global spread of COVID-19, elective surgeries and procedures were canceled and provider organizations lost a major revenue generator.
So how can finance leaders find reliable and innovative ways to drive top-line growth and implement sustainable strategies for years to come?
In this HealthLeaders Roundtable, CFO’s, and finance leaders from RWJBarnabas Health, Landmark Health, McLaren Health...
