Overlooked Revenue: 3 Tried and True Recovery Strategies That Add Up
The pressure is on for healthcare systems to find and recover every single dollar owed– and get it done with fewer resources. Trying to function at peak financial and operational performance with a diminished workforce can be daunting. We’re sharing three strategies that have helped our customers improve cash flow and expand capacity.
1. Maximize COVID-19 reimbursement
Recent updates to COVID-19 reimbursement include CARES Act DRG Add-On Payment, New COVID Treatment Add-On Payments (NCTAP), and HRSA COVID-19 Claims Reimbursement Program. Maximizing these reimbursement opportunities could pay off in a very big way. It’s worth exploring every avenue or leveraging a partner to help you optimize these programs.
2. Secure your safety net
Now more than ever, healthcare organizations can’t afford to leave any revenue source unexplored or untapped. Stopping leakage, reducing denials, maximizing reimbursement, and speeding cash flow have taken on a new urgency. Safety net solutions need to cover all functions of the revenue cycle and have the ability to analyze and identify root causes and offer continuous process improvements.
3. Expand your workforce capacity
More and more healthcare systems are exploring automation to help solve their workforce capacity challenges. In fact, automation is the top technology priority for CFO’s and RCM directors in 2021-2022. Automation removes routine, repeatable, and labor-intensive tasks, giving staff more time for high-value work. However, automation’s benefits go well beyond labor savings to include improvements in consistency, quality, patient satisfaction, timeliness of service, and denials prevention, all of which significantly impact the revenue cycle.
Robust safety net solutions backed by strategic partnerships can help ensure your healthcare organization takes advantage of every revenue opportunity. Technology adoption, such as automation, artificial intelligence, and machine learning, can transform revenue cycle operations by expanding capacity and delivering rich analytics that lead to meaningful process improvements.
Contact our revenue cycle and automation experts to discuss your unique challenges and how Cloudmed can help you improve financial performance.
Learn more about successful revenue recovery strategies
Get up to speed on how to best accelerate cash flow in 2022, including recent case studies showing how one leading health system recovered over $8M in overlooked revenue plus expert advice on how to pick high-value automation opportunities. Check out HFMA’s Expanding Your Workforce Capacity and Safety Net Best Practices webinar.
