Improve Vendor Oversight to Drive Increased Yield
We launched Healthfuse in 2011 to help hospitals bridge the gap between rising revenue cycle vendor costs and underwhelming vendor performance. Based on our extensive market research, this trend has grown over the past decade throughout.
Hospitals nationwide have experienced an increase in revenue cycle vendor spend (purchased services and products) by 60% over the past decade, representing more than 1/3 of the typical revenue cycle operating budget.
Meanwhile, cost to collect has increased 70% over the same period, indicating that hospitals are spending more and getting less.
Revenue cycle managers expect their vendors to operate in the best interests of the hospital, but too frequently vendors put shareholder financial interests ahead of their clients’. While not the case with all vendors, audit results reveal that up to 60% of accounts placed with outsourcers are inadequately worked.
This practice is unacceptable. Hospitals deserve the best-quality performance vendors are able to provide. And given recent changes in regulatory policy, hospitals require better vendor performance.
We Provide Quantifiable Yield Improvements
Our revenue cycle vendor management program provides a two-fold benefit to our partner hospitals. Our priorities are to simultaneously reduce vendor expense while increasing collection rates. Hospitals in our program see an overall reduction in vendor costs by 10-20% along with collection rate improvements of 20-30%.
We evaluate our performance based on quantifiable yield. If we are unable to generate yield improvements, we don’t get compensated. In this way, our success is aligned with the success of our partners.
Experienced Leadership Paves Better Working Relationships
Every one of our partner hospitals is serviced at the executive level by one of more of our senior management. Each member of our executive leadership team has worked on both sides of the vendor-healthcare provider relationship. They understand the unique challenges facing both vendors and revenue cycle leaders, giving them the insights necessary to foster mutually beneficial relationships.
From bolt-on technologies to outsourcers and collection agencies, Healthfuse provides an unparalleled window into the cost and performance of your vendors, along with active oversight services to improve yield over time.