Addressing Revenue Challenges Using Data: Success Stories
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Healthcare systems routinely confront significant revenue challenges. These financial obstacles include margin compression, increasing costs, the threat of increased debt service, fragmented business models, and the associated loss of revenue. As a result, many organizations face declining cash flow, limiting their ability to fund capital initiatives and other strategic investments.
Focusing on improving billing and collection processes can accelerate cash flow and significantly increase the availability of cash funds while also improving patients’ financial experience. Healthcare systems can achieve meaningful financial improvement in two impactful ways:
- Managing the revenue cycle to reduce bad debt and denials.
- Improving clinical documentation to capture unbilled receivables and late or missing charges.
Here is how the most successful organizations are tackling these revenue-related problems.
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