As healthcare finance leaders converge in Orlando next week for the annual Healthcare Financial Management Association (HFMA) Annual Conference, this recent HealthLeaders article highlights how to find the hidden dollars in your hospital (without reducing labor).
The article reminds how healthcare leaders must be proactive and clever in healthcare processes to eliminate waste, by fixing processes that contribute to inefficiencies in their organizations while simultaneously gaining money for the health systems. By reviewing and changing clinical and financial strategies, the author advocates that healthcare executives can effectively recoup lost business.
It is believed that healthcare leaders should look for opportunities that incorporate a full organizational effort to root out wasteful processes. While it is contended that there is an instinctual reaction to reduce labor costs to do more with less, because of labor's significant expense (50% of total operating costs, according to a 2017 Deloitte survey), leaders should think beyond internal labor costs. It is encouraged that leaders must be proactive and clever about eliminating waste in healthcare processes. The article stresses how the focus should be how to fix the processes contributing to inefficiencies in their respective systems while simultaneously gaining money. This is as true in the revenue cycle management process as any other.
Aviacode delivers cost-effective medical coding solutions that include coding denial management to lower first-pass denials, as well as coding reviews to ensure claims are getting coded correctly to earn the revenue deserved. We look forward to meeting with the healthcare finance leaders at next week's HFMA Annual Conference. Stop by our booth #269 so we can learn about some of your coding challenges and provide you with a solution that is specific to you and your needs.