Hospital administrations face the daunting task of handling patient care and the company’s profitability. While these two things correlate with each other, they also involve numerous complex factors that make gathering revenue complicated and frustrating. Staff tends to patients, relying on payment after services are met and insurance reviews a claim. This process can be tedious at times, proving challenging to recover funds promptly.
Despite the obstacles, proactive approaches could boost financial status. Staff may implement the following three strategies to gather monetary compensation and reduce overhead, hopefully improving the profit margin.
1. Rely on Auditing Software
Hospital employees constantly gather data about services and people. But are administrators trained to review and assess this information? Few are, leaving staff with a lot of information that may sit unused. What supplies do departments use most? What are these things costing the hospital? These numbers, evaluated by professionals who understand what they mean, could allow for medical supply chain optimization, decreasing overspending and improving acquisition efficiency.
Furthermore, allow the programs to look through insurance claims before sending them out. Hospitals with efficient claim turnaround may bill patients sooner, giving you less lag time in payment collection.
2. Focus on Improving Doctor-Patient Communication
Mitigate extra testing by encouraging doctors to listen to their patients. Lengthier, more straightforward communication permits the two parties to understand the issue at hand and the patient’s current state. Continued discussions throughout the stay also allow for the two to determine what additional assessments may be needed. By talking more, doctors may realize that patients would not benefit from specific tests, decreasing overhead costs and service use.
3. Decrease Patient Returns
According to the Patient Safety Network, approximately 20% of patients return to a hospital within 30 days of discharge, often suffering from relapses, additional pain or infection complications. When they make it back to the hospital, their conditions are worse than the first visit, requiring even more care and expensive treatments. These additional costs prove problematic for the revenue margin.
Try to minimize readmissions by encouraging health care providers to follow up with patients within a timely manner, catching complications before they exacerbate. Allow for telehealth visits and provide clear, written post-care instructions to patients.
Administrators without a proactive financial plan may struggle to gain a consistent revenue line; however, by focusing on a few areas, they could see progress. Encourage doctors to listen closely to patient concerns and symptoms, streamlining testing services. In addition, focus on follow-up care procedures and investing in auditing software.