6 min read
3 Ways Regional Health Systems Can Improve Community Health
If we were designing the healthcare system from scratch, Brook Ward says most of us would have a clear vision for what it should look like.
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Get a pulse on the industry with must-read insights and tips
7 min read
The Results Are In: See How the Everest Group Ranked 15 Top RCM Platforms
2022 was a tough year for healthcare providers… and patients. For providers, expenses outpaced revenue, driven up by the labor shortage, premium-priced outsourcing services and inflationary supply costs. For patients, job instability, insurance...
10 min read
Healthcare Revenue Management Insights: January 2023
New year, new data! While the numbers from the end of 2022 continue to show the same challenges faced throughout the year – negative margins, staffing issues, inflation, unpredictable volumes – there is hope on the horizon. Recovery seems to be on the...
6 min read
Health Data Collaboration Can Save Our Healthcare Economy
The average healthcare patient account bounces back and forth between payers and providers multiple times before it gets anywhere near payment.That’s why the current state of revenue cycle management may best be described as a competitive tennis match....
5 min read
4 Must-Dos for a Healthy, Compliant Chargemaster
Maintaining a healthy chargemaster is a key component to preventing revenue leakage but can also be labor intensive and time-consuming. With thousands of ongoing line-item updates, limited staff and compliance issues coupled with price transparency...
9 min read
FinThrive Monthly Insights: December 2022
As 2022 draws to a close, we reflect on one of the worst financial years for U.S. hospitals. The latest reports are showing the 10th straight month of negative margins, labor issues persist and volumes have yet to stabilize. Not what we want to see as we...
9 min read
3 Ways to Address Political Determinants of Health and Advance Health Equity
For those who question the far-reaching impact of political determinants of health, Population Health Professor Geoffrey Roche recounts this story:
7 min read
The No-Risk Strategy for Elevating Patient Experience
Let’s be honest: navigating healthcare is a difficult and stressful experience for consumers. At a time when almost everything in our lives has gone digital – booking flights, making dinner reservations, getting a ride, ordering groceries, you name it –...
8 min read
Outsmart the Labor Shortage with People-First Technology
While the “Great Resignation” of the post-COVID era has strained virtually every industry, healthcare sits on top of the list. Providers have lost 20-30% of their workforce since 2020, and the projections to return to normal range estimate several years...
11 min read
FinThrive Monthly Insights: November 2022
2022 has been one of the worst financial years for hospitals1 and most US hospitals and health systems are in a tight spot, to put it mildly. Between lower volumes, staffing shortages, higher costs, and outrageous denial rates, hospitals have been...
5 min read
Revolutionizing Claims Management Through Robotic Process Automation
For modern healthcare to realize its true potential, revenue cycle management needs a new vision. The future requires a connected and holistic approach that empowers the providers, payers and patients who make the healthcare economy. Current processes...
6 min read
Empowering Providers, Payers and Patients: Financial Excellence for All
At Becker’s 7th Annual HIT RCM Conference in Chicago, FinThrive’s Chief Innovation Officer John Yount was joined by Brad Tinnermon, VP of Revenue Cycle and Revenue Integrity at Banner Health, and Matt Leary, VP of Finance at Centura Health. Read on to...
4 min read
Maximize Reimbursements: Tips to Improve Your Collections Strategy
Amending your overall collections strategy—to focus more on total collections versus average cost to collect—can help ensure you get the best return on your investment.According to a recent survey from AHIMA, the average net patient revenue for US...
7 min read
SDOH Data Drives Community Health and Healing
Data shows that only 20% of a patient’s health outcomes are influenced by their access to and quality of healthcare. That leaves 80% to be determined by other factors, such as where we live, work, play, go to school, and get our groceries. These...
6 min read
The New NCQA Standard that Health Plans Can’t Afford to Ignore
As a health plan, you are likely familiar with the National Committee for Quality Assurance (NCQA). A government agency whose mission is to “work for better health care, better choices, and better health,” the NCQA offers a wide variety of programs for...
7 min read
Open Enrollment: 3 Ways Health Plans Can Improve Member Experience
It’s that time of the year: changing seasons, fresh starts, new relationships, and a nice sprinkle of chaos. We’re not talking about going back to school – we’re talking open enrollment.
5 min read
Advice to Health Plans: Don’t Let Secondary Insurances Break the Bank
Imagine if the power of health plans could truly be unleashed. If they were fully invested in improving the health of the lives they serve, connecting members to meaningful wellness tools, helping people navigate complex healthcare networks, supporting...
5 min read
A Caring Culture: Why FinThrive Was Just Named One of the Best Workplaces in Healthcare
FinThrive has been recognized as one of the Best Workplaces in Healthcare by Great Place to Work and Fortune. Our values –customer-centric, agile, reliable and engaged – guide us in everything that we do. These values lead us on the path to achieving our...
6 min read
Your Health System Needs AI to Bridge the Staffing Shortage Gap
The Great Resignation has hit the healthcare industry from all angles. The loss of clinical staff has hurt the frontline of many health systems.
However, what many do not realize is that revenue cycle teams are inundated with claims, denials and requests...
6 min read
Four Reasons Robotic Process Automation Improves Your Revenue Cycle
A lot has changed with revenue management in the last three years, especially the transition from traditional onsite employees to remote employees, leading to persistent staffing gaps.
5 min read
Streamline Your Revenue Cycle Workflow with RPA
In May 2022, more than 400 healthcare finance leaders reported revenue cycle workforce shortages, with almost 20% seeing 30 or more vacancies.
6 min read
Health Plans’ Top 5 Challenges, Solved: Quick Tips for Improving Member Outcomes and Engagement
Healthcare continues to become increasingly complex. Member health outcomes and financial measures are managed by disparate systems that trap information in silos, causing inefficiency, introducing human error, and causing friction between members,...
4 min read
The Path to Frictionless Patient Financial Experience: Three Reasons to Invest in Digital Check-in Technology
A consumer-centric patient financial experience is critical. While other industries have mastered the art of customer engagement, hospitals and healthcare systems are largely behind in terms of meeting customers where they’re at. Per a NextGen survey,...
5 min read
3 Ways SDOH Data Helps Health Plans Succeed
Our lives changed significantly during the pandemic—lost jobs, cross-country moves, pay cuts and lost or changed health insurance. Healthcare behavior also changed. A survey released by the Prevent Cancer Foundation found that 43% of people surveyed had...
6 min read
Five Simple Steps to Advance Your Autonomous Revenue Cycle Strategy
The benefits of automating your revenue management processes are clear. From reduced costs to enhanced care, happier patients to more satisfied staff, automation delivers measurable value at each stage of the revenue cycle.
While healthcare leaders...
8 min read
The Three Best Automation Investments
Today’s health care leaders know that tackling unchecked costs requires innovation and digital transformation. But where do you start? Automation has virtually infinite applications across the revenue cycle – where will it make the greatest impact?
We...
6 min read
Four Ways That Automated Revenue Management Unlocks Real Value
The current state of healthcare is incredibly costly for providers, payers, and patients. In 2020, hospitals lost $42.7 billion to uncompensated care. They spent $500B on administrative costs, $395B on waste, and $90B on inflated pricing. Payment cycle...
4 min read
5 Ways Healthcare Organizations are Using SDOH to Make a Difference
So much of our overall health is impacted by various socioeconomic factors, which don’t involve ever stepping foot into a doctor’s office, clinic or hospital. Social determinants of health—commonly referred to as SDOH—and healthcare utilization have an...
5 min read
Using Social Determinants of Health Data to Forge an Equitable Future
Ongoing COVID-19 challenges and its emerging aftermath have left people struggling—financially, personally and socially. Especially those most vulnerable. Given how closely financial health is linked to overall wellness,1 it’s important to recognize that...
4 min read
Three RCM Tips to Combat Staffing Shortages
Good RCM = Good REM for CFOs
Healthcare is one of the hardest hit sectors amid COVID-19 and the “Great Resignation.” The industry has lost an estimated 20% of its workforce since 2020.1 Burnout, fear of exposure to COVID-19, salary offerings, and a focus...
3 min read
It’s Time to Transform the Healthcare Economy
Over the past 24 months, already-thin hospital margins were further exacerbated by COVID-19. Hospitals are seeing up to $50 million in revenue leakage per facility per year from underpayments from payers, poor claims management, denials, under and...
5 min read
Four Strategies to Reduce Uncompensated Care
Uncompensated care is a universal pain point for healthcare organizations—rising by $1.1 billion in 2020 to $42.7 billion.1 And while it may not be possible to eliminate it, there are initiatives you can put in place today to lessen its impact.
4 min read
Emerging Revenue Management Approaches for 2022
For a hospital CFO, the COVID-19 pandemic shifted priorities and emphasized cost containment and innovation in reimbursement models. It has forced leaders to take a hard look at their revenue management processes. In fact, per a recent...
4 min read
Three Common Sources of Missed Coverage
In 2020, 47% of hospitals saw increases in bad debt and uncompensated care.1 Incomplete or inaccurate patient demographic information, an unverified primary payer, resource constraints and more contribute to this deficit. At a time when margins are...
4 min read
Emerging Trends in Revenue Management
To improve patient financial experiences and protect profitability, healthcare financial leaders need a strategy that focuses on end-to-end revenue management.
3 min read
Capture Hard-to-Find Insurance Coverage
In 2020, hospitals across the U.S. saw their median operating margin drop by 55.6%.1 The Coronavirus Aid, Relief, and Economic Security Act (CARES) helped offset escalating expenses, but the pandemic hasn’t been the only factor contributing to ongoing...