Featured Content

    FinThrive_EXEC_Insurance Discovery-Four Ways to Uncover Hidden Revenue-svg

    Four Simple Steps to Uncover Hidden Revenue 
    You could be missing out on millions in annual revenue. Learn how to recover every earned dollar.
     

    Featured Content

      FinThrive_EXEC_Revenue Management Automation Guide-svg

      Your Guide to an Autonomous Revenue Cycle
      Plot a course toward forward-thinking innovation that improves efficiency, the patient experience and your bottom line.
       

      Read

      Watch & Listen

      Attend

      Featured Content

        FinThrive_EXEC_SDOH Data Guide-svg

        Advance Health Equity Through Data
        Learn actionable strategies to turn robust data into powerful patient and member experiences.
         

        It’s Time to Transform the Healthcare Economy

        Featured Image

        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 uninsured—all leading to uncompensated care, and ultimately, bad debt. Since 2016, health systems have faced a 23% uptick in claim denials rates, a 34% year over year decrease in operating margins and a 60% increase in prior authorization use.

        Technology seems like the obvious answer to this dilemma, but traditional approaches haven’t worked. Revenue Cycle Management (RCM) technology attempted to stop the leaks, saturating the space with thousands of bolt-on solutions, but it only exacerbated the problem. Nearly 70% of hospitals are using multiple vendors to manage their revenue cycle, but many are seeing new problems emerge as precious time and dollars are spent on vendor coordination and alignment, rather than patient care.

        Some of the key drivers of waste include:

        • Invoice costs
        • Data silos and inoperability
        • No alignment to larger process
        • Multiple files, returns and portals
        • More denials
        • More leaked revenue
        • Higher cost of ownership

        Patient expectations

        As the digital transformation in healthcare continues to take hold, patients expect a modern financial experience: 79% want upfront estimates of healthcare costs and 56% desire digital payment options. Price transparency requirements and consumer expectations put added pressure on providers to deliver a better patient experience alongside high-quality care. These growing pressures require a shift away from the current paradigm.

        Revenue management reimagined

        We must rethink revenue management and break the cycle of inefficiency with a new way forward: a single-vendor solution that empowers healthcare organizations to transform the patient financial experience and accelerate financial recovery.

        At FinThrive, we’re transforming healthcare revenue. We’re delivering the industry’s most comprehensive end-to-end revenue management platform, designed by revenue professionals for revenue professionals. It brings a deeply integrated and complete set of market-leading revenue management solutions to RCM staff and a 360-degree view of financial performance across all stages to the C-Suite. Together, these solutions improve clean claim rates, increase net operating margins, reduce A/R days and help healthcare systems stay ahead of regulatory mandates.

        Learn more about automated, end-to-end revenue management that connects our industry.

         

        View All Blogs

         

        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,...

        Read More

        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,...

        Read More

        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...

        Read More