Even before a hospital shows signs of financial distress, the responsible action is to take a head-to-toe look at hospital operations to fully address financial and performance issues.
The Children's Institute of Pittsburgh announced Tuesday it is closing its 62-bed rehabilitation hospital in Pittsburgh's Squirrel Hill neighborhood.
At many smaller organizations, such as clinics and physician practices, the providers are also the coders.
The system implemented accounting reforms to avoid overestimating its revenue moving forward.
Top finance executive wants growth in complex-care cases, control of supplies and drug utilization, an ongoing shift to value-based care, and investment in technology to optimize revenue cycle.
Since starting cost estimations for a wide range of inpatient and outpatient services a decade ago, Oklahoma-based INTEGRIS Health has achieved a 22-fold increase in point-of-service collections.
Challenges at the Michigan-based health system include revenue cycle optimization after the installation of a new medical record system and finding ways to match cost increases with the rate of general inflation.
The nonprofit network reversed an upward trend in claims denials, with the month-to-month denial rate reduced to as little as 1%.
Indiana's largest health system has used a 13-fold increase in its financial-adviser staff to drive down the number of uninsured patients by helping them acquire health insurance.
Dignity Health's physician group cut patient increased cash collection and cut patient bills in accounts receivable.