Hospital Revenue Cycle Solutions for Driving Yield Performance
Decentralized revenue cycle management, where department heads are also tasked with managing vendor spend and performance, often leads to confusion and inconsistencies in how third-party spend is budgeted.
Without a clear, unified methodology to vendor oversight, third party budgets often become a “catch-all bin” for miscellaneous expenses.
Healthfuse takes on the role of budgeting advisor for your revenue cycle vendor budgets, bolt-on technology and purchased services, centralizing third-party spend data from all revenue cycle departments under a single umbrella.
Plan for the Future with Predictive Budget Forecasting
Our analysts are constantly plugged into market changes and trends, including industry regulations and innovations. Additionally, we track patient volumes to understanding seasonality and cyclicality of volumes and cash collections. Combined with each vendor’s track record, we are able to determine likely future budget trends and probable vendor outcomes.
This data is updated on a rolling basis, with forecasting for seasonal variations.
We deliver our budget analysis on a quarterly, annual and pro-forma basis, giving you the foresight to plan for changing conditions in advance.
Unified Revenue Cycle Management Effects Yield Growth
Through a comprehensive auditing and benchmarking process, Healthfuse has earned yield growth for each of our member hospitals in both cost savings and revenue increases. Our partners see typical cost reductions of 10%-20% on aggregated vendor services. At the same time, analytics-based benchmarking results in 20%-30% improvements in billing and collections.
Ongoing budget maintenance and vendor oversight is the key to cementing these yield gains and maintaining optimal yield performance year after year.
The Healthfuse model is predicated on demystifying third-party management. Our proprietary VendorMetrics analytical database opens the books on vendor costs vs. performance. Continuous monitoring by our Vendor Management Office ensures vendors deliver what they promise and adhere to SLAs.
Best of all, when you’re connected to our network, you benefit from the cumulative knowledge gained by dozens of the top hospitals and healthcare systems in the United States.