Health and safety concerns surrounding the COVID-19 pandemic caused an unprecedented shutdown of services at hospitals and health systems across the country, and the financial fallout has been devastating.
As the virus begins to recede in many areas and hospitals look to reopen their nonessential operations, they know it’s not a simple matter of flipping the lights back on and returning to business as usual. Recovering maximum revenue while keeping patients and employees safe requires a new approach.
Healthcare finance leaders now need a game plan to help their organizations address patient engagement concerns, the recent drop in both inpatient and outpatient volume, and capital spending demands to prepare for a possible second surge. In this first report of a three-part series, finance leaders from Southwest General Health Center, Catholic Medical Center, and Mount Sinai South Nassau weigh in on how to rebuild, beginning with ramping up elective volume.
Cost-Effective Low Balance A/R Recovery: The Right Solution at The Right Time – Cash Recovery on Neglected Claims Boosts Revenue
GeBBS Healthcare Solutions
May 12, 2020
Recently, there has been an increased need for hospitals and health systems to re-evaluate and repurpose their staffing. This is due to the near impossibility to assign all A/R to recovery specialists for timely and complete liquidation and resolution and due to the constant neglect of viable A/R and segments of inventory. Aged A/R and low balances fall to the wayside creating a plethora of cash and accounting issues including but not limited to unpaid/underpaid claims, lack of secondary billing, missing/inaccurate adjustments, and timely and appropriate self-pay balance transfers.
This whitepaper showcases how low balance A/R was effectively and efficiently recovered through a real-life case study analysis on a large national health system.
Learn how GeBBS’ proprietary iAR™ technology can streamline workflows, reduce redundancies, and expedite cash flow.
Understand the impact that unworked low balances can have on volumes, aging, AR-days, bad debt, and revenue.
Implement cost containment initiatives by redirecting high-cost staff to high-dollar inventory and allowing a vendor partner to focus specifically on low balance account resolution and recovery.
Several clients have contacted us regarding the cost of labor increase rate they should currently be using to update their salary ranges. This is often followed by inquiries on how other employers are paying their employees amid the COVID-19 situation.
Following is a series of questions our clients have recently asked, various ways organizations are approaching these questions, and key considerations as you develop a strategy to address your unique business needs.
What best fits your needs and circumstances may or may not “fit” with what others are doing or are not doing. In all cases, communications to employees about the actions you are taking or are not taking and why are critical to maintain and build employee trust during this difficult time. Communication with staff may be more important than any compensation action.
As the impact of COVID-19 expands, organizations struggle with business continuity and human resource challenges. To assist you during this difficult time, we at Gallagher’s HR and Compensation Consulting practice are sharing COVID-19 related compensation questions and our responses.
Use us as your sounding board to evaluate any executive compensation changes you are considering. We can help to support your overall organizational wellbeing so your business can face the future with confidence.
Designing For Success: Anticipating the Need for Agility and Adaptability in Times of Ambiguity
May 5, 2020
Leadership has become difficult in healthcare’s turbulent landscape of service delivery to improve population health and health care delivery. Especially during crises, the healthcare landscape presents unusual complexity and uncertainty, representing long-term capacity implications and affecting a health system’s, hospital’s or medical group’s ability to accomplish its mission and strategic plans.
Using a scenario exercise framework, this whitepaper guides leadership teams in exploring practical initiatives to embrace the “Three As:” ambiguity, agility, and adaptability. Pandemic response and recovery represent exactly the sort of scenario teams would examine using this model.
Demographically diverse teams work to build future scenarios to shape and implement their strategic plans and investments. The scenario becomes the platform upon which leaders forge culture among multigenerational health workers, leaders, and board members to help their organizations maximize wellbeing and face the future with confidence.
Best Practices for COVID-19 Patient Communications
April 14, 2020
The spread of COVID-19 is unprecedented in modern times. As a healthcare organization, you have a responsibility to keep patients up-to-date on ways to protect their health. You can do that with effective communication sent through the methods they prefer.
Download this guide for a detailed overview of ways you can use technology to connect with patients during COVID-19.