Hospitalizations from the Delta variant of COVID-19 are growing as experts predict the “continued evolution and spread” of the virus. Many hospitals are once again having to postpone elective procedures and set up tents or additional facilities to deal with the surge. The situation has become dire in many areas of the country. While the push for vaccines continues, it is impossible to know when this surge will end or if another is around the corner.
The bottom line is that health systems, especially large academic health systems with multiple facilities and affiliations, will need help from their revenue cycle vendors in digging out and getting past the biggest financial crisis our nation’s hospitals have ever seen. With the right vendors, health systems may be able to improve their revenue streams beyond pre-pandemic levels. But doing so requires that the organization’s vendors perform at optimal levels with a positive return on investment. The Ohio State University Wexner Medical Center (OSUWMC) has done just that.
The OSUWMC used multiple revenue cycle outsourcers for account collections and bolt-on technologies. They needed a way to ensure they were receiving a full return on their vendor partnership investments. To do this, they knew they needed to perform a comprehensive review of existing partnerships to gain insight into opportunities for improvement. But the health system did not have the internal resources to conduct such a vast review. OSUWMC chose to partner with Healthfuse to help identify and achieve P&L improvements with its outsourcers.
With Healthfuse, The Ohio State University Wexner Medical Center was able to immediately increase collections.
To date, Healthfuse has delivered:
- $747K in cost savings and collections improvements
- $191K in invoice recoveries
- $556K in contract savings
“We saw collections increase by $100,00 in just one month with Healthfuse,” says Meghan Jordan, director of revenue cycle management for the hospital. “In addition to that immediate bottom-line impact, the vendor management program they designed is self-reliant and requires minimal hands-on involvement on our part.” Meghan Jordan, Department of Revenue Cycle, OSUWMC
The bottom line
There’s never been a time when health systems needed their revenue cycle vendors more than they do right now. It’s a financial imperative for achieving complete financial recovery from the pandemic. For large health systems with complex operations, such as academic health systems with multiple alliances and large service areas, the best place to begin is by ensuring your vendors are working as hard for your success as you are. Healthfuse can help. We have vast insight into more than 3,000 vendors and hospitals, giving us the expertise needed to analyze vendor performance, ensure optimal contract terms, accelerate cost savings, and improve self-pay collections.