Putting the patient at the center of care has long been an aspiration for health systems and hospitals. The pandemic has accelerated the demand for and acceptance of different care delivery models that meet patients where they are, often outside of the hospital.
In this latest roundtable report, HealthLeaders brought together executives from Spectrum Health West Michigan,...
The healthcare industry is barreling toward increased consumerism with its price transparency and surprise billing rules. But it’s not enough to simply comply with these rules. Instead, forward-thinking revenue cycles should seize the opportunity to fundamentally reimagine the way they engage with patients and to differentiate themselves from the competition.
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...