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Transformation toward value-based healthcare is reshaping the delivery of care, patient expectations, and payment structures.
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In this Business Profile, Robert Reid, CEO, of Intacct discusses healthcare providers' urgent need to manage growth, and how the right cloud financial management application can make all the difference for their financial leaders.
Intacct is the fastest growing provider of mid-market cloud financial management applications. Our entire company is focused on two things: helping finance departments become more efficient at managing day-to-day financial processes and giving them the insights they need to drive and manage growth and performance.
The biggest challenge has to be managing growth that is taking place against the backdrop of exceptional technological and regulatory change. Our healthcare customers are growing both organically and through acquisition. As they expand to multiple locations and try to achieve scale in such a dynamic environment, they need to not only make their financial operations more efficient but also quickly generate insights into financial and operational performance that will allow them to anticipate additional ways they can continue to optimize their operations.
Growth has put many finance departments on their heels. Although manual, spreadsheet-based financial reporting might have been tolerable for finance teams on a small scale when payment was largely driven by volume, it can be overwhelming as organizations today move into more sophisticated business arrangements and develop more complex ownership structures. Today information needs to be distributed to all the appropriate users in the organization, and viewed in real time, so they can make the decisions on how to take advantage of opportunities and minimize risks.
Intacct's cloud financial management solution helps healthcare organizations get ahead of the growth curve—not just catching up to growth, but recognizing opportunities to benefit from it. The technology does this in several ways: helping finance teams become much more efficient at managing core accounting processes, making it possible for organizations to capitalize on the cost savings opportunities that come from scale, and delivering real-time granular visibility into supply costs and labor costs. Users can align healthcare and financial management systems by creating and reporting on an unlimited number of key performance metrics, such as revenue by bed or by patient, by staff member, by payer, or any other key information you use to manage your organization.
In addition, healthcare providers working with Intacct can compare financial performance and operational ratios across locations quickly. Customized, role-based dashboards provide performance visibility by location or location groups, by doctor, by owner, or any other metrics. Easy identification of high performers coupled with access to rich reporting and analytics helps leaders quickly identify and share best practices, providing a solid foundation for performance improvement across the organization. What’s more, cloud-based management affords the ability to include additional entities seamlessly as the organization adds facilities, locations, or business units.
Healthcare leaders should pay particular attention to how well different solutions support the needs of multi-location providers, such as the rapid creation of consolidated financial statements—performance snapshots—not just at month's-end, but anytime. With an instant rollup view, providers can be more agile in adjusting strategies and operations in response to any downward trends in financial performance.
They should also look for financial management applications that can deliver the richest reporting capabilities without having to rely on external reporting tools or spreadsheets. For example, having an integrated view of financial metrics, operational metrics (e.g., available capacity), and key ratios (e.g, revenue per treatment, profitability per treatment) can make managing performance much more effective. And reports should be easy to understand at the field, operations, and joint venture levels.
The technology environment in health care is undergoing rapid change, increasing the importance of solutions that can integrate well with each other. Intacct was designed to be a best-in-class financial management application—financial management is all we do. For that reason, we made rich integration capabilities a top priority, so customers know our systems will play well with other systems they use to run their business, such as billing and payroll. Unlike financial management applications built during the on-premises era, Intacct was built so healthcare providers can capitalize on our capabilities regardless of their applications and technology portfolio.
Healthcare finance leaders have a tremendous opportunity to influence and drive the overall success of their organizations. To do this effectively, they need to collaborate with other organizational leaders to identify the most critical measures of success, which are likely to be both financial and operational.
Once they’ve done that, finance leaders should make sure their financial management application provides not only real-time visibility into these metrics, but the ability to drill further into the numbers to identify the root causes of change in the performance of individuals, regions, or entities. Armed with this kind of information, they can help steer the conversations around strategic growth issues.
Healthcare organizations have used Intacct to drive improvements in the speed and efficiency of day-to-day financial processes, and to generate insights that have helped drive longer-term growth. You can read about these success stories in the following case studies:
Consulting RadiologistsCirrus HealthRenal Ventures Management
Publication Date: Sunday, June 01, 2014
TriMedx helps health systems control costs and uncover savings opportunities by optimizing the clinical engineering function.
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow.
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
Emad Rizk, MD, president and CEO of Accretive Health, discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management.
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
Jim Bohnsack, vice president, solution & corporate development for Conifer Health Solutions, explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements.
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
Steve Scibetta, senior director of channel sales for Ontario Systems' healthcare product line, shares insights into effectively managing receivables.
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
Elena White, vice president of risk, quality, and network solutions for Optum, discusses how healthcare providers can leverage data and technology as they enable risk in their organization.
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
Somnia President and CEO Marc Koch, MD, MBA, explains how hospitals can drive transformative change in the perioperative experience for outstanding clinical and financial outcomes.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
PMMC President Roger L. Shaul discusses the effects of healthcare reform on revenue cycle management and how PMMC's products help clients adapt to a changing financial environment.
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Greg Burgess, Founder and Chief Product Officer at Burgess Group shares insights and opportunities for payment integrity in the rapidly changing healthcare IT landscape.
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
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