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.

         

        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...

        Read More

        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...

        Read More

        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...

        Read More