Financial Performance: Focusing on total financial performance to drive bottom line growth
Economic challenges threaten hospital profitability
Hospitals are reeling from the recession. A combination of bad debt, newly covered patients, and changing reimbursement models place already slim operating margins in greater peril. Add health reform, technology adoption, and shared care models it’s easy to see why 74% of hospitals are reporting a loss in revenue.
Grow revenue while decreasing costs
Hospitals face revenue leakage and significant administrative burdens across care episodes. In addition, gaps in financial processes hide revenue, impede cash flow, and complicate the patient experience. In order to survive in the new environment, hospitals will need to grow revenue and thoughtfully manage labor and non-labor costs simultaneously.
End-to-end revenue cycle management
Our high performance revenue cycle operational model addresses three critical areas: customer satisfaction, financial integrity, and operational effectiveness for end-to-end revenue cycle management. OptumInsight is the only company in the industry that combines commercialized technology, industry-leading consulting expertise, and managed services to deliver complete revenue cycle solutions resulting in significant and recurring cash improvements for our clients.
A holistic view for sustainable cost management
We focus on operating costs, care management, and care delivery to discover gaps and uncover hidden revenue for year-over-year cost reductions. By implementing our revenue optimization and cost management solutions, we bring demonstrable value to our clients. A southern hospital system reduced A/R over 90 days from 20% to 7.9% for a $41.4 million reduction in receivables in the first 24 months of implementation. A Mid-Atlantic hospital system achieved recurring savings of over $7.5 million over an eight-month period through sustainable cost management strategies in its central purchasing department. Our professionals can work with you to map the right holistic strategy for your organization.
OptumInsight Provider Financial Performance solutions
Tools and Technology
Data and Analytics
- ICD-10 Training
- Revenue Optimization and Cost Management Consulting
- Organizational Change
- Financial Advisory Services
- Business Process Design
- Care Delivery Planning
- Predictive Modeling
Source: AHA analysis of Telling the Hospital Story survey data from 572 non-federal, short-term acute care hospitals collected in March and April 2010.
Case Studies & Insights
Gwinnett Medical Center exceeds cash goals, reduces A/R with the Optum™ eFR® Platform Read more.
University of Maryland Medical System increases cash collections by $155 million, standardizes CBO operations, eliminates 11 A/R days Read more.
Optum to Manage Bethesda Healthcare System's Revenue Cycle Read more.
DCH Health System reduces costs, denied claims, A/R days, and more Read more.
Perspective: Bundled Reimbursement: A Step in the Right Direction? Read more.
Making the right choice: evaluating outsourced revenue cycle services vendors Read more.
Read HFMA's June 2012 educational report on successful process improvement in the revenue cycle Read more.