The emergence of value-based reimbursement payment models, industry mandates and other market forces are creating unprecedented complexity and placing severe pressure on revenue cycle management operations in today’s health care organizations. A study published in the Journal of Health Affairs, which analyzed federal data for approximately 3,000 healthcare organizations, found that 55 percent lost money on each patient served.
In most industries such abysmal results drive companies out of business, and health care has certainly not been immune. From 2010 to mid-2016, the industry has seen more than 70 rural hospitals shutter their doors and more are at risk of closure, especially in states that have not expanded Medicaid coverage. When the health care infrastructure is unhealthy communities also suffer.
Time for a transformation
For health care organizations struggling to balance their books, the old way of managing the revenue cycle is clearly no longer acceptable. Operating in silos and applying disparate point solutions only exacerbates the problem and delivers marginal results.
At nThrive, we believe it is time for a transformation in the business of health care, which requires reimagining the revenue cycle as a holistic entity and reengineering it to work as an integrated system. We call this Patient-to-Payment, with the process beginning at access, encompassing the entire patient journey and concluding when an organization has been fairly paid for their services.
Choose a strategic partner
While many organizations are configuring multiple vendors in an attempt to create an integrated, fully functioning revenue cycle, we believe the better approach is a strategic partnership that brings all of the processes and components together in an efficient and effective way. This requires deep knowledge and understanding of the entire revenue cycle, from financial and clinical to operations, tailoring integrated solutions to address specific needs. Our experts analyze issues from all angles, implementing improvements across the enterprise through consulting, best practices, education and technology, or full-business outsourcing.
Are you ready for a transformation? Explore our solutions and call us today to learn how we can help you and your patients thrive in today’s changing health care environment.