Revenue Management
Hospitals continue to have great opportunities to improve their execution across the revenue cycle. With deep experience in the complexities of today's revenue cycle, H*Works staff help partner hospitals install best practices across the terrain–reducing accounts receivable days and bad debt, minimizing clinical and administrative denials, and improving collection rates.
Reducing the Bad Debt Burden
Objective: Maximizing (and accelerating) patient payments, thus reducing bad debt amid rising numbers of uninsured, higher copays and deductibles, and heightened scrutiny.
Target Problems
- Difficulty calculating the correct patient obligation, discount, and ability to pay
- Insufficient training and frontline accountability for patient payments
- Lack of strategy for preempting market backlash through effective public relations
- Ineffective point-of-service collections and follow-up
Average Partner Results
- 15% bad debt decrease
- 250% increase in point-of-service cash collections
- Enhanced frontline staff accountability
- Improved patient segmentation yielding increased agency collections
Grounded in Experience
"The team is one of the best I've ever seen. Their consensus-building skills, maturity, and knowledge are just great." - Director of Finance
Improving Revenue Cycle Management
Objective: Elevating revenue cycle performance by improving patient access, documentation, charge capture, billing, collections, and contract management.
Target Problems
- Registration process driving high accounts receivable days and bad debt
- Root causes for denial not tracked or addressed by the organization
- Documentation and charge capture problems driving down case mix and reducing revenue
- Managed care underpayments not caught by collections
Average Partner Results
- 13% reduction in A/R days
- 15% bad debt decrease
- 33% reduction in payer denials
- 250% increase in point-of-service cash collections