The uncertainties brought about by the COVID-19 pandemic underscored the critical importance of financial stability for healthcare organizations. In these challenging times following the end of the public health emergency, the burden of dwindling revenue and soaring expenses is a weight that many can relate to.
InstaMed recently shed light on three compelling facts that underscore the struggles faced by healthcare providers, each of which are within Practicefirst’s scope of services to help you earn more revenue and stabilize your cash flow.
1. External Funding: 41% of providers relied on external funding to remain open during the COVID-19 pandemic.
The pandemic upheaval left 41% of providers no choice but to rely on outside funding sources to keep their operations afloat. Many practices have never recovered, and truthfully, many did not have the right procedures in place to protect them against an economic downturn.
One way Practicefirst can help you secure the revenue you rightfully deserve is to perform a chart audit, identifying any coding and documentation issues that may be happening repeatedly, resulting in claims denials. Then, once process errors are identified, your team can be trained on improved procedures or Practicefirst can take over from an EMR algorithm.
Armed with unwavering diligence and seasoned expertise, we are committed to fighting on your behalf to secure the revenue you rightfully deserve through implementation of processes and procedures designed to capture all revenue due to your practice.
2. Surging Training and Hiring Costs: 31% of providers spent more than budgeted or typical on training and hiring new staff.
Employers in all industries are spending significantly more money on recruiting, hiring, and training staff, and healthcare providers are no exception. A notable 31% of healthcare providers exceeded their budget or typical expenditure.
It may seem counterintuitive to outsource these operational processes in a time of tight cash flow, but reducing your time spent on back-office administration is critically important for improving your revenue cycle.
By trusting Practicefirst with staff recruitment, retention, replacement, and workforce estimation, reducing management time related to staffing and receiving excellent reporting from our experts, you’ll see an optimal and timely cash flow.
We’ll work through inefficiencies in the revenue cycle from missed coding opportunities to resolving problems on the “front end” so you aren’t adding stress and wasting resources later on; it costs money to chase money. Let our experts break that cycle.
3. The Patient Balance Predicament: 74% of providers say it takes more than two statements to collect a patient balance in full.
A staggering 74% of healthcare providers concede that collecting full patient balances takes more than just two statements. This lingering challenge often exacerbates financial strain and creates a lot of stress for administrative staff.
Practicefirst’s solution focuses on helping you collect the bulk of the patient responsibility before the visit with clear fee schedules, comprehensive financial policies, and well-communicated expectations for patients with high-deductible plans. When patients are informed of their out-of-pocket cost before their visit, and the terms of payment are clear, you’re more likely to receive the funds from that patient’s responsibility.
We specialize in ushering in the era of improved patient collections with convenient payment methods, customizable notes from the provider, and dunning messages. Plus, our ongoing support helps practices adapt to changing financial landscapes including the unraveling of the COVID-19 public health emergency.
For the complete article on InstaMed detailing these insights and more, click here.
At Practicefirst, we stand as your strategic partner, navigating the intricate landscape of healthcare economics. With a steadfast commitment to enhancing revenue streams and mitigating unnecessary expenses, we are your beacon of financial resilience in a challenging industry.
