It’s time to transform the healthcare economy

Over the past 24 months, already-thin hospital margins were further exacerbated by COVID-19. Hospitals are seeing $5 – $50 million in revenue leakage per facility per year from underpayments from payers, poor claims management, denials, under and uninsured – all leading to uncompensated care, and ultimately bad debt. Since 2016, health systems have faced a 23 percent uptick in claim denials rates, 34 percent YoY decrease in operating margins and a 60 percent increase in prior authorization use.

Technology seems like the obvious answer to this dilemma, but traditional approaches didn’t work. Revenue Cycle Management technology rapidly attempted to stop the leaks, saturating the space with 1000s of bolt-on solutions, but it only exacerbated the problem. Sixty-nine percent of hospitals are using multiple vendors to manage their revenue cycle, but many have seen new problems emerge as these providers dedicate precious time and dollars on vendor coordination and alignment rather than patient care. Some of the key drivers of waste include:

  • Invoice costs
  • Data silos/inoperability
  • No alignment to larger process
  • Multiple files/returns/portals
  • More denials
  • Leaked revenue
  • Higher cost of ownership

Patient expectations

As the digital transformation in healthcare continues to grow, patients now expect a modern financial experience: 79 percent want upfront estimates of healthcare costs and 56 percent desire digital payment options. Price transparency requirements and modern consumer expectations put added pressure on physicians and health systems to deliver a better patient experience alongside a higher quality of care.

These unsustainable financial and patient pressures demand a shift from the current paradigm.

Revenue management reimagined

To truly empower healthcare and help it realize its potential, we must rethink revenue management and break the cycle of inefficiency.

And we must consider a new way forward: A single-vendor solution that enables hospitals to modernize the patient financial experience and accelerate and stabilize their financial recovery.

At nThrive, we are delivering the industry’s most comprehensive End-to-End Revenue Management Platform, designed by revenue professionals for revenue professionals. It brings a deeply integrated and complete set of market-leading revenue management solutions to RCM staff and a 360-degree view of financial performance across all stages to the C-Suite. Together, these solutions improve clean claim rates, increase net operating margins, reduce A/R days and help healthcare systems stay ahead of regulatory mandates.

To mark the transformation we’re leading in revenue management, nThrive itself will also be transforming – formally rebranding to FinThrive this summer. The name signals our intention to break the cycle of inefficiency associated with traditional RCM technology; designing a new approach to revenue management and empowering stakeholders across healthcare’s financial ecosystem.

Learn more about how nThrive’s End-to-End Revenue Management Platform is providing a connected and holistic approach to revenue management.

Learn more about the future of FinThrive here.

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