As healthcare organizations face increasingly complex reimbursement in the move from fee-for-service to value-based reimbursement, maintaining financial viability really is job one. The refrain in our industry is all-too-common: “No margins, no mission.” In other words, if you can’t make your numbers, you can’t keep your doors open.
Shifting to value-based reimbursement (VBR) is a challenging journey, and trying to proactively manage risk at the same time only makes things more complicated. However, there are simple ways a provider organization can more proactively position their organization for a shift to VBR.
Although the recent election is now in our rearview mirror, the stunning end to a bruising campaign is still causing a stir. Here are six key observations to keep in mind as the new federal and state governments take shape.
18 healthcare and financial experts around the nation to weighed in on where they see the greatest opportunity for margin improvement. We’ve compiled their insights into a helpful e-book, as well as a easy-to-share infographic.
We recently asked 18 healthcare and financial experts to weigh in on this question, providing us with incredible insights and actionable tips that were compiled into our Conquering Margin Improvement in a Changing Environment e-book. In fact, their insights were so good that we simply couldn’t fit them all in.
As a financial executive for a hospital or health system or their employed practice, you know medical billing denials as constant headaches that negatively affect your organization’s revenue, cash flow and operational efficiency.
Numbers tell the story. The industry benchmark for medical billing denials is 2% for hospitals.
In today’s changing healthcare environment, having the right health IT systems and tools at your disposal is not only key to ensuring quality and improving outcomes, but also operational efficiency and effective business management.
Surviving and thriving in today’s evolving healthcare world means focusing on improving quality, access and outcomes — and doing so in a way that bolsters your organization’s bottom line and grows margins.
This week celebrates National Health Information Technology (HIT) Week, and it’s prompted me to take stock of how far our industry has come. Just two years ago, industry experts were unclear how quickly and extensively providers and health plans were adopting value-based approaches. A 2014 national study on value-based reimbursement conducted by ORC International and commissioned by McKesson first revealed that 90% of payers and 81% of providers already had some value-based contracts in place.
“No margin, no mission.” It’s long been the rallying cry of healthcare leaders who understand that they cannot serve the needs of their communities and patients without at the same time ensuring that their organizations are financially sound. However, a recent study published in Health Affairs found that 55% of for-profit and not-for-profit acute-care hospitals were not profitable.