JUNE 2020 NEWSLETTER
HOW TO GROW AND PROTECT REVENUES?
During this historic time of social distancing, hospitals are exploring how to grow and protect revenues. According to a recent HFMA survey, besides getting rid of costly brick and mortar infrastructure, revenue options being pursued include:

  • 71% using digital strategies such as telehealth and contact centers
  • 66% using service line strategies, such as growing core businesses and exiting losing businesses
  • 57% pursuing revenue cycle improvement, such as enhancing accounts receivable collections
  • 39% pursuing payer-rate negotiations

Whatever strategies you are employing to stay profitable in 2020, CostFlex clients have the tools they need to accurately measure and monitor their success. The Total Cost Accounting software suite for 2020 has been enhanced to provide the unique reporting needed to operate in this unusual circumstance we all face together.

Please do not hesitate to contact the CostFlex Team for a demonstration of the newly released 'Period to Period Analysis Reporting', COVID product line groupings, Hospital Cost Based Benchmarking and much more. We are here to help you.

These stats are included in the HFMA article by HFMA Senior writer/editor, Rich Daly which can be found here. https://www.hfma.org/topics/news/2020/05/slow-financial-recovery-expected-for-hospitals-after-covid-19-pa.html
COSTFLEX WEBINAR RECAP
Last week, the CostFlex Webinar topic was: Costing & Reporting Strategies to Handle COVID-19 Patients.
 
Michael Ryan led discussions on costing and reimbursement issues to include reporting tactics currently being employed by client organizations who are being proactive in their fight with COVID.

For a copy of the webinar presentation, please contact CostFlex.
QUALITY BENCHMARKING INTERFACING
In addition to the newly released CostFlex software "Cost-Based Hospital Benchmarking & Analytics", the company also has interfaced with other organizations that specialize in Quality Benchmarking.

These companies include Quantros, Press Gainey, and The Advisory Board.
COST-BASED HOSPITAL BENCHMARKING & ANALYTICS
The CostFlex Hospital Benchmarking database is growing steadily with new organizations joining the cost based comparison environment weekly. We want your participation and, the best part, it is free to join for all active client organizations in 2020.
 
There is only a one-time setup process that only takes 60 minutes to complete. After the setup, your data is literally imported with a simple click of a button.

REMINDERS
COSTFLEX SERVICES AVAILABLE TO HELP YOU
As mentioned previously, CostFlex is offering the following services to current CostFlex clients:
  1. Free Consulting Assistance: Help with your analysis / reporting needs (up to 4 hours free per client).
  2. Remote CostFlex System Staffing: CostFlex can remotely operate and maintain your cost accounting system if you are short on staff (fee for consulting services).

Contact us for more information at (800) 398-5753 or support@costflex.com.
(800) 398-5753