HSG Reveals Remedy to Address Hospital and Health System Financial Pressure and Improve Employed Physician Network Performance
Healthcare Consultants Leverage Interim Leadership, Revenue Cycle Redesign, and New Workflows to Help Community Health System Turn Employed Network Financials Around
Louisville, KY (September 24, 2020) – HSG, a national healthcare consulting firm, has published a new case study addressing health care physician network revenue cycle and performance. The document reveals the strategy HSG used with a Midwestern Community Health System to transform its physician network financial state from critical condition to thriving, while also improving its employed physician network’s operational performance. The financial state of this particular healthcare system mirrors the financial crisis that so many health care organizations now face as the net financial impact of COVID-19 hospitalizations comes to light.
The American Hospital Association estimated the total four-month financial impact for American hospitals and health systems to reach $202.6 billion in losses or an average of $50.7 billion per month. With many hospitals experiencing increased overtime costs and a surge in patients, health systems don’t have the capacity to absorb issues with payor credentialing and insurance denials. To help address the mounting financial pressure that executives are managing, HSG has created a series of webinars to address topics such as revenue cycle, telehealth, and reimbursement, as well as physician compensation so that health care systems can address these vital issues with confidence. Additionally, the healthcare consulting firm shares an important case study that illustrates the strategy used to help a typical health system improve its overall financial performance.
“The financial challenges that hospitals and health systems are facing today are potentially catastrophic,” said Davis Creech, Director at HSG. “In our work, we discovered that some areas require a process overhaul and training, and others only needed simple changes to workflows to start making improvements. Unfortunately, a lot of times, we find that the current claims processes and billing rules that health systems are using don’t match up with the Electronic Healthcare Record Vendor’s and Payer requirements. This can equal significant rates of denial. None of these healthcare systems can absorb losses like that in addition to those projected from the impact of COVID-19.”
The new case study, “HSG Improves Employed Network Quarterly Net Revenue by $4.8 Million,” is available for download at HSGAdvisors.com. The details of this revenue cycle redesign case study are presented as an overview of challenges and remedies. To request more information about HSG’s work on revenue cycle design and other areas of performance improvement, email firstname.lastname@example.org or call Davis Creech at 502-814-1183.
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HSG builds high performing physician networks so health systems can address complex changes with confidence. From boosting market power and financial strength to preparing for value-based care, HSG can help you define your strategy, implement that strategy, and manage your physician network short or long-term. HSG, a Louisville-based, national healthcare consultancy firm, can be reached via their website, LinkedIn, by emailing email@example.com, or by calling (502) 814-1180.