Strategies to help Hospitals navigate through the “Perfect Storm”
For US hospitals and healthcare systems, this is the time to reflect on ways to achieve profitability. Per a Kaufman Hall report, they are experiencing some of the worst margins since the start of the pandemic. The rising costs of caring, economic uncertainty, the impact of the great resignation, the consequent labor shortages, and the multi-year delay in investing in technology and processes to re-engineer the financial process have created a perfect storm. Worsening the condition is the demand for medical care slowly shifting from hospitals to ambulatory care settings.
The current challenges have forced hospital CFOs and operations leaders to reevaluate their revenue cycle processes. As investments in digital transformation in healthcare have traditionally lagged behind other industries, there is not much wriggle room for investments in technology-enabled transformation.
Navigating through the perfect storm
For most hospitals, revenue cycle systems and processes are manual and require many qualified employees to run. But there’s more to the revenue cycle than just the need for investments in technology. Today’s revenue cycle is far more complex. It supports new reimbursement models such as value-based care, addresses the rising consumerism by creating positive patient experiences, and defines the overall brand of the hospital.
CFOs and COOs of healthcare systems and hospitals are now focusing on the operational and financial transformation of the revenue cycle by adopting new strategies. These initiatives are not just critical to the achievement of short-term margin gains but can also define the very survival of the hospitals.
Revenue Cycle Partnerships – The key to success
The MBW partnership has enabled our clients to navigate a challenging COVID-19 period and reinvest in operational transformation. Please read some of our success stories here.
End-to-end Outsourcing. Our clients have adopted an end-to-end contingency-based partnership to focus on delivering care while we provide the operational and financial outcomes they need to combat the multiple headwinds.
Save Money- Avoid investing in workflow and robotic process automation. We have built wrap-around systems that work with EHR applications, revenue cycle systems, and physician practice management software to create efficient workflows that drive focus on productivity. These workflows enable us to create a standardized, best-practice approach which enhances our ability to scale. On top of these platforms, we leverage AI and robotic process automation to further reduce the costs to collect. For our clients, this means reduced Capex on technology and access to best-practice processes owned and delivered by MBW.
Global delivery. Our brand as an employer of choice enables us to hire and scale revenue cycle operations rapidly. This means that our clients need not struggle to find qualified labor and have access to an on-demand labor pool at a fraction of the costs.
Conclusion
A mature revenue cycle partner takes full accountability for your revenue cycle, bringing in process expertise, robust workflow systems, process automation capabilities, and, most importantly, great people. The partner brings the experience and knowledge to run your revenue cycle as it should be. MBW brings in the people, the infrastructure, the processes, and the technical capabilities to help hospitals achieve transformational outcomes. Some of the metrics we deliver are:
Best-in-class cost structures through global delivery with as much as 40-50% reduction in cost to collect
Service level guarantees for each modular process within the front, mid-cycle and back-end revenue cycle
Industry-leading accuracy
Adherence to best-in-class process benchmarks from MGMA and HFMA
We anticipate the workforce shortage and cost pressures to prevail for the next few years, and for hospital and healthcare systems, the time is now to see opportunities amidst the challenges they face. Trust us to put your hospital or physician practice on the path to profitability and continuous innovation.
For a no-obligation discussion on how we can help you transform your revenue cycle, please fill out the form below, and we will get in touch.
