Using 5 facets of nonqualified incentive plans to attract, reward, and retain key talent
Privately held healthcare organizations need a creative, cash-based incentive program to stay competitive with their peers. Nonqualified deferred compensation (NQDC) plans provide a platform for organizations of all sizes to deliver these solutions. An NQDC plan is a flexible, tax-efficient program that provides an employer with a tool to attract, reward and retain key employees.…
Case Study: Dartmouth Health Achieves 101.6% of Cash Collection Goal Over 8-Year Partnership
Monthly reconciliation within the large healthcare system had become unpleasantly burdensome. With over 250 systems and practices, the healthcare company needed a platform that would support growth, manage multiple payments types and reconcile to more than one bank, while maintaining a single source of truth for audit and compliance. This case study presents challenges Dartmouth…
Digitizing the procure-to-pay process helps reduce costs, improve supplier relationships
As hospital management has become increasingly digitized, it’s not only possible but also more cost-effective to integrate purchasing and accounts payable systems into a streamlined procure-to-pay (P2P) process, so the multiple hospital departments involved in obtaining and paying for goods and services can do so more efficiently. The right P2P solutions can also help drive…
Maximizing a remote RCM workforce through technology and transparency
As revenue cycle management (RCM) leaders continue to adapt to the shifting dynamics driven by the pandemic, many are still struggling to effectively manage their new work-from-home (WFH) employees. And with the current workforce shortage situation top of mind for these leaders, the need to offer remote or flexible work environments has become crucial to…
Addressing the Rising Patient Payment Obligation: Impact and Strategies amid today’s challenging healthcare environment
In the Fall of 2021, CommerceHealthcare® sponsored a focused survey conducted by the Health Management Academy (HMA), an organization for executives from the nation’s top health systems and leading companies. The HMA survey involved both quantitative polling and in-depth telephone interviews to explore current issues in patient financial experience. This report combines those findings with…
7 KPIs providers should be tracking
Health systems and provider organizations are facing enormous challenges. In a recent poll, providers ranked five of their most pressing issues, which were staffing (58%), expenses (20%), revenue (17%), technology (2%), and other (2%), according to the MGMA. The poll also found that costs have been outpacing revenue for nine in ten respondents. In addition…
The impact of claims denials on the financial health of healthcare
While their hospitals and healthcare centers have long had to deal with claims denials, the number of denied claims continues to rise and payers are showing little inclination to help solve the problem, according to several roundtable participants.
Best practices for relieving unprecedented cost pressures facing healthcare providers
Due to labor cost increases, inflation, declining Medicare reimbursements and other reasons, health systems across the nation are feeling a new financial strain after the height of the pandemic.
Creating sound strategies to manage compensation and benefits regardless of where your employees reside
No doubt there are significant cultural and financial benefits to supporting continued remote and hybrid work in healthcare, particularly in billing/coding, call center, scheduling and administrative roles. Healthcare, however, faces specific challenges as they seek to demystify multi-state tax rules.
Navigating payer practices to reduce denials and enhance outcomes
The friction between payers and providers has existed for decades. It’s understandable to an extent. Payers want to reduce expensive and unnecessary treatment, eliminate fraud and lower financial risk. Providers want to be able to make decisions regarding their patients’ care without having to navigate the hurdles of medical necessity, prior authorization and complex payer…