By Donna Showers, Solutions Sales Executive, Intalere
The current COVID-19 pandemic is impacting healthcare provider organizations in many ways. One that will resonate currently and after the medical emergency has passed is in the area of cash flow. There is a growing concern in the industry about increased Accounts Receivable (AR) due to administrative staffing shortages and changes in work environment such as working remotely. This affects not only healthcare facility revenue cycle management office staff, but payers as well, which may further slow processing, appeals, etc.
Compounding this, there will surely be a reduction of new revenues as a result of delays in surgical procedures, reduction in elective surgery and other services, all while new expenses mount due to dramatic increases of patient volumes related to serving the COVID-19 patient population.
These factors will create the need for additional cash. Collections from old AR can help bridge the next 60-120 days or until service utilization returns to normal volumes and your staff is back working in their usual environment. What can organizations do to mitigate these concerns and keep their cash flow and margins secure?
Although unique and unprecedented, this situation illustrates the importance of working with a dedicated partner to secure your financial management processes. A partner that is experienced, nimble, able to work remotely with complete capability and fully operational during the pandemic.
What are some things to look for in assessing partnerships?
- A secure remote workflow that can easily integrate into your current systems.
- Experience, expertise and scalability to quickly onboard new clients and begin working claims.
- Proven revenue cycle consultants who specialize in improving productivity and quality, development and enhancement of process and workflow to maximize cash, and identification and resolution of root cause issues that cause slow payments and denials.
- The ability to execute a program to review your cash goals and define shortfalls throughout the year to define your target amount.
Ultimately, an engaged, experienced partner is a contingency solution which partially removes the burden of revenue cycle management on your team while freeing up your revenue cycle management resources to focus on collecting higher dollar claims. This will be especially important as the pandemic subsides and operations return to normal, but the financial ramifications continue to impact your bottom line.
We can help. Our REVolution Cash Acceleration Solution, powered by HealthRecon Connect – is a global full-service revenue cycle management company, with a staff working remotely of 435 experts. We also have Revenue Cycle Consultants who specialize in improving productivity and quality, development and enhancement of process and workflow to maximize cash, and identification and resolution of root cause issues that cause slow payments, and denials. We are offering Intalere members a rate of 13.3% to collect all accounts greater than 90 days. Contact us today to learn more.