How Augusta University Medical Center Transformed Patient Access, Improved Patient Experience and Increased Cash Collections to $9M
Augusta University Medical Center (AUMC) was leaving millions on the table and writing off bad debt by not prioritizing pre-service and point-of-service payment discussions. Download the case study to learn how adopting technology to produce accurate cost estimates, and establishing new trainings, protocols and accountability measures around payment collections, helped AUMC transform patient access, enhance…
Artificial Intelligence for RCM: Separating Hype from Reality
A growing volume of tagged data is exacerbating an already complex healthcare revenue cycle management (RCM) process that is largely transactional in nature, thus making RCM an area that is prime for automation and the application of artificial intelligence (AI). From automating manual and redundant tasks within patient access, coding, billing, and collections to applying…
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…
Assessing Reality in Healthcare Financial Information
Healthcare stakeholders, including management, regulators, investors, rating agencies, lenders, media and others seek information to evaluate operating margins and profitability metrics for hospitals and other healthcare organizations. Financial statements, tax/information returns and Medicare cost reports are key information sources for the healthcare industry, but many times they convey seemingly contradictory information, which creates confusion for…
The shift toward integrated pharmacy services: driving long-term success
One driving factor for health systems and hospitals shift to in-house integration pharmacy services is average turnaround time. For an outsourced specialty pharmacy, turnaround is 10 to 14 days, whereas an in-house specialty pharmacy can reduce that time to just 2.1 days.
Revenue cycle innovation: How automation can mitigate the financial impact of COVID-19
These four tips will help hospital financial leaders lessen the economic impact of COVID-19 now and in the future: Build and retain a core revenue cycle team, contain labor costs, redeploy talent more effectively and enhance revenue integrity.