The Charge Master. The charge description master. The CDM. The price list of all charges for all services, treatment, and supplies. What do we make of this now that pricing transparency has been defined by the Feds as posting what providers will accept from payers as payment-in-full? Ask any consumer what pricing transparency is and […]
CFO’s need a powerful predictive analytics algorithm to measure the net revenue impact of potential change. Our financial modeling does this not only at budget time but also in any season. Predictive analytics enables you to weigh alternatives and different scenarios with confidence when considering what potential change will do. Here are a few examples […]
We drill-down to change in revenue drivers, billing, and reimbursement so you can address any area that needs improvement while pursuing new opportunities to grow net dollars. Our budget-modeling tool streamlines the top-line portion of a new budget by modeling different statistical combinations of revenue drivers, acuity, utilization, patient mix, and payer share. We start […]
More big-picture change is on the way. Market disruption, innovation, and change itself are now the norm in our industry. You need data-based strategies, tools, and solutions to take advantage of change that ensures fiscal sustainability. We are data-driven in everything we do. It starts with reducing charges and inflated contractual allowances strategically to deliver […]
The adage you are either moving forward or falling behind rings trues given the level of competition today and rate of change itself. The pandemic has triggered a need to conduct a strategic review for many providers. You likely resumed doing elective surgeries in June of 2020, but volumes may still be lagging just as […]
The feds’ mandate for pricing transparency shouts opportunity for those who seek market dominance, operational growth, and fiscal sustainability. Now is a perfect time to reconfigure the charge master to deliver greater pricing transparency and defensibility, and restore the important ratio of cost-to-charges that will make the charge master a true revenue-generator once again. We’ll […]
CFO’s now play a key role in operational decisions and decision support. A good BI analytics platform accepts multiple daily feeds for IP census data, all financial data from the financial IT platform, and data from any stand-alone sub-systems that have not been integrated with the IT financial platform. A robust BI analytics system enables […]
Placing a patient-friendly price estimator on the hospital website Home page for shoppable services will provide a realistic estimate of out-of-pocket patient responsibilities while enhancing the effectiveness of your patient engagement strategy. What will emhance this? Ensure the hospital website is well-designed, easy-to-navigate, and has good information for patients from their perspective Create a digital […]
Recently I talked with a CFO about his initiative to deliver greater pricing transparency for his hospital, a solo community hospital that faces new competition from a system that just acquired a cross-town rival. The CFO is on-schedule for the January 2021 federal mandated deadline with pricing for 300 shopable services. He’s competitive with the […]
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