The Answer May be in Your Receivables
Just about every rural health care organization or facility is struggling to remain open in these difficult economic times. It is hard to keep the doors open and the lights on let alone meet the challenges of added regulations, staffing, and security.
Don’t assume the fix to your problems is going to be cost cuts, staff layoffs and changes in topside leadership. The answer may be on the revenue side of your balance sheet, in your receivables.
At NewLight HealthCare we know that one of the overlooked areas of possible improvement is in the accounts receivables. We’ve heard the pain repeatedly from health care institutions, “I just can’t get the patients to pay.”
When NewLight is called into a facility for help, our team will examine your accounts receivable operations. Growing your accounts receivables may be part of the answer to you maintaining or growing your operations.
Our team will come to your facility and perform an examination of your entire revenue cycle. We will build a dashboard of revenue and collection activity and will help identify tiers of impact and revenue growth opportunity. After examining the data we will offer solutions to quicker pay and help you turn your claims into cash.
Revenue collection improvement may not be the complete answer to turning around your facility, but it is a good start. Getting to your cash faster can help you invest quicker in the things that will help your institution keep the doors open and services available.
To see how an improved revenue cycle helped turn around one rural hospital, check out our latest Case Study.