We’re told by HealthCare industry experts that their organizations struggle with inattention to the revenue cycle process, workflows and IT solutions. These challenges can cost hospitals and physician groups upwards of $10M annually.These same experts also tell us that:► Healthcare facilities in the United States stand to lose about $364 million annually in reimbursements. 3.8% of claims are denied on the first submission and 65% of denied claims are never reworked.► Each missed (no-show) appointment for a primary care physician equals roughly $150-$200 in lost revenue. For surgeons, this is closer to $500.► 69% of organizations that implemented a new revenue integrity department increased net collections and gross revenue capture.► 91% of healthcare practices are using cloud-based services, yet 47% are not confident in their ability to keep data secure due to manual workflow processes.There are three critical areas that we have found that significantly impact a healthcares organizational success:➊ Physician Growth/Practice Management - Implement a comprehensive practice management system for improved day-to-day operations, governance and profitability through assessments, recommendations and implementation assistance. Effective coordination of all tasks and processes help maintain compliance while allowing for faster reimbursement and a renewed focus on quality patient care.➋ Technology (IT/EMR) - Achieve the most value from your EMR investment with experienced IS consultants and tailored optimization services for revenue cycle and EMR application implementation and enhancement. Build the necessary and effective system workflows and processes to increase clinician and patient experiences.➌ Revenue Cycle - Optimize revenue cycle performance by assessing current workflows, identifying areas of opportunity and implementing solutions that not only improve collections but also address patient access and satisfaction with the billing process.✓ If you and your team need help with selecting, implementing or optimizing technologies for your organization or are in need of a solution for your talent gap, I invite you to join me in a conversation.Whether or not we decide to do business together, I am confident that our call will be full of insights and actionable steps that can help you make strategic decisions for your organization.410-415-1880 | scott@RoundTableHIT.com
Listed skills include Talent Acquisition, Recruiting, Healthcare, Leadership, and 37 others.
