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.