In these tough economic times, it’s more important than ever for hospital administrators to ensure that their revenues are where they need to be. With so much on the line, you can’t afford to let your revenue recovery efforts fall by the wayside. But how can you be sure that your hospital has what it takes to weather the current storm and provide quality patient care? First, we’ll look at the state of the hospital industry, and then we’ll look at a tool hospitals need to identify and recover missed revenue and reduce audit risk.
The current state of the hospital industry
Hospital executives are sounding the alarm – staffing shortages and burgeoning costs are wreaking havoc on an already fragile healthcare system. The industry is facing a perfect storm, with an aging workforce, fewer 24/7 facilities, and increasingly unaffordable supplies. Despite these challenges, hospital executives remain committed to providing top-quality patient care – an admirable effort by the industry’s dedicated professionals. But the pressure continues to build, and fundamental change is needed if hospitals are going to make it through this turbulent period in their history.
In 2022, many healthcare CEOs were let go because they failed to turn around dwindling revenue streams and provide quality patient care. Healthcare organizations now realize the importance of identifying and recovering missed revenues to remain competitive and profitable while still providing top-notch care. To avoid a similar fate, many hospitals have implemented strategies such as revenue cycle management solutions that help reduce audit risk, increase transparency, and maximize collections.
How to identify and recover missed revenue and reduce audit risk
With the economic challenges facing hospitals today, one of the significant issues is ensuring they have the revenues they need to stay afloat. So, in addition to revenue cycle management strategies, Fi-Med is blazing the trail with new technology.
In conjunction with hospitals, Fi-Med developed its proprietary revealMD technology that helps hospitals identify and recover missed revenue to remain financially secure and continue delivering quality care. The groundbreaking system allows them to capture lost Fee for Service revenue and potential revenue from Gaps in Care in Value-Based Care programs. Thus, significantly reducing audit and compliance risks.
Thanks to this all-in-one solution, hospitals no longer need to stress about missing out on vital financial resources.
Case study: a new revenue recovery partnership
The Montana Hospital Association (MHA) recently endorsed Fi-Med as the preferred choice to address Montana hospitals’ revenue and risk needs. In addition, MHA lists Fi-Med as their only preferred revenue and risk provider. This unsurpassed endorsement underscores Fi-Med as an innovative leader in healthcare solutions and revenue recovery. (Read the full AP News press release.)
“When it comes to assisting our hospitals in capturing all the reimbursement that they are entitled and avoiding a potentially costly audit, Fi-Med has a proven record of delivering an innovative and effective solution,” said Sean Becker, VP of Shared Services for the Montana Hospital Association. “Fi-Med has over a decade of hospital experience and to date has identified over $1B in revenue and audit risk for hospitals. Through this partnership we can address one of the major challenges for Montana hospitals and to ensure they have the revenues to deliver quality care to patients.”
Tips for other hospitals looking to improve their revenues
Hospitals seeking to maximize their revenues can benefit from enlisting the help of Fi-Med and their cutting-edge revealMD solution. The technology uses artificial intelligence to streamline coding, reduce denials, enhance compliance, improve patient experience, and honestly assess risk. Utilizing this service will lead to increased financial health for hospitals while continuing to provide the highest quality medical care.
The hospital industry is facing unprecedented challenges, but there are a few steps that hospital leaders can take to help ensure success. By implementing procedures that identify and recover missed revenue, assessing audit risk to preempt costly fines, and partnering with experts who have specialized in this field, these hospitals are establishing the practices they need not just to survive but also to thrive.
It’s an exciting time for Fi-Med as our innovative revenue recovery tool is poised to help transform the healthcare industry. With more and more hospitals realizing revenue losses, it is incumbent upon them to actively seek strategies to remedy such missteps. With our intelligent technology revealMD and MHA as a point of reference, we hope other health systems will be able to move forward and capitalize on new opportunities for improving their financials.