QHR Health: Pervasive Hospital Challenges Demand Focus on Revenue Cycle Management
BRENTWOOD, Tenn., June 1, 2022 /PRNewswire/ -- As the COVID-19 pandemic enters its third year, independent, community hospitals remain under extreme pressure. The Kaufman Hall March 2022 National Hospital Flash Report found, "2022 is off to a bad start for U.S. hospitals and health systems. Hospital operating margins remained in the red for a second consecutive month in February as healthcare providers continued to feel the repercussions of the Omicron surge." Hospitals also are confronting increasing expenses due to supply chain disruptions, workforce shortages and higher labor costs.
"Hospitals continue to be challenged by the COVID-19 pandemic, lower operating margins, labor shortages and surprise billing regulations," said Peter Miessner, Vice President, ResolutionRCM, a QHR Health subsidiary. "That's why they need to be laser-focused on efficient and effective revenue cycle management."
- Determine Your Cost to Collect (It May Be More Than You Think)
For many hospitals, the actual cost of collections is close to 12 percent of the revenue being collectedfar more than the elusive industry ideal of 4 percent.
- Accelerate Cash on Flat Revenue, Reducing Discharged Not Final Billed (DNFB)
To speed up reimbursement and improve cash flow without sacrificing coding accuracy, hospitals need to fix the front end of the revenue cycle.
- Get in Line with Reimbursement Changes
Changes to federal reimbursement regulations and surprise billing provisions can impact the finances of independent community hospitals.
To read the article, 5 Essential Revenue Cycle Management Insights for Independent Hospitals, click here.
ABOUT QHR HEALTH
At QHR Health, our focus is strengthening independent community healthcare. For more than 40 years, QHR Health has collaborated with independent hospitals and health systems to ensure that people in communities ranging from small towns to larger population centers, have local access to quality healthcare services. Through our portfolio of tech-enabled shared services, QHR Health helps independent hospitals outperform their peers in financial, operational and quality metrics through leverage and economies of scale. To learn how, visit QHR.com (https://qhr.com) or connect with us on LinkedIn and Twitter.
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SOURCE QHR Health