Key Turnaround Services Components
To identify what is ailing a hospital and recommend suitable solutions to address the problems, we will need to conduct an operational assessment. This involves examining and reviewing the strategy, staffing, operations, revenue cycle, provision chain, medical staff issues, and facility leadership. Operational assessments make it possible for us to understand how the hospital is currently running; and ways it could be improved.
Coding Audits and Chargemaster Compliance
Turnaround services also includes identifying opportunities toward keeping the chargemaster code compliant and competitively priced. Medical records coding as well as the charge description master (CDM), or chargemaster, codes should be reviewed regularly to identify and correct any potential issues and ensure codes are current and being utilized appropriately. Our experts know the revenue cycle is a complex function and search for all points that may be broken.
Health Plan Contract Evaluation
With the continual fiscal pressures from governmental reimbursement programs, the need to have positive relationships with commercial health plans is oftentimes essential to providing a positive margin from operations. We look at and review health plan contracts to ensure that the plan contracts are functioning as intended. By comparing each contract to the chargemaster, we can determine whether the hospital is collecting an appropriate amount from each payer. Depending on the situation, some of these contracts may need to be renegotiated or chargemaster updated to protect the interests of the hospital.
Historically, community hospitals are hit the hardest by provision costs because many don?t wield the purchasing power of larger facilities and systems, but with the support and guidance of CHC Supply Trust, community hospitals can achieve the same preferred pricing typically reserved for their larger counterparts.
The management of labor in the hospital environment is a process that truly requires day-to-day oversight by the hospital leadership team. Salary, wages and benefits are the most significant operating expenses for a hospital trying to improve financial performance. CHC Consulting’s approach for productivity, customized for rural and community hospitals, brings just what?s needed to make staffing effective for quality care delivery.
When it comes to receiving payment for services rendered, hospitals face declining reimbursement rates, which mean hospitals collect only a fraction of what is due. Second, higher health insurance deductibles shift payment responsibility to consumers who may not be able to pay, which in turn forces hospitals to write off more unpaid bills. These ongoing challenges make it critically important for hospitals to identify, monitor and collect each and every dollar they are due. The good news: optimizing revenue cycle processes end-to-end can deliver bottom-line results.
By updating and enhancing the use of technology in various processes, hospitals can improve patient safety, optimize staff productivity, reduce medical errors, improve the quality of health care delivery, and enjoy better interaction with patients. Our approach also keeps the cost of advanced technology as low as possible.