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Join us for Workshop #3, focusing on crucial data measures and reporting for enhancing financial performance in healthcare settings, particularly in rural health. Learn best practices for managing revenue cycles, documentation, coding, and compliance to strengthen your financial health. We will cover strategies for reducing accounts receivable days, improving cash flow management, and optimizing your payer mix. Discover the importance of data mining in identifying trends and improving processes, along with strategies for effective management of materials and salaries.
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FLEXFCFIC Workshop #3 Data Measures and Reporting: Addressing the indicators and how we should be gauging Financial performance Florida State Office of Rural Health
Accurate Documentation and Coding Managing Cost to Charges – Changes in cost or revenue means payback! Strong Revenue Cycle Team A/R Management including strong policy for bad debt, self pay, uninsured, ICTF
- Cost to Charge Ratio Management • Monthly Compliance review • Cash reserve mgmt – paybacks! • Understand Payback policy • Medicaid local • Medicare ERP – up to 60 months • Board education
- Charge Master Management Ongoing – not a one time deal Compliance TRAIN your dept heads
2) Manage to Salaries / Benefits/Wages Benchmarks • Bring HR Director to the Table • HR Staff/Hours Reduction/Considerations • Employed Physicians and mid levels • Employee Contracts and Compliance • Pulse of Productivity
3) Manage to Materials/Supplies 10-12% Benchmarks • Healthtrust Analysis in 35 hospitals • 18% to 33% savings on current spend • Drives transition from Materials Mgmt to Supply Chain Mgmt • No Fee to participate • Receive same contract pricing as 1000 bed HCA hospitals – no level buying required for discounts.
4) Manage to Revenue Cycle Benchmarks – Set Goals -Measure Performance • Days in A/R – 40-45 • GOAL – Reduce A/R days by10%=5 days • % Bad Debt of Net Collections – 8.5% • Denials– Less than 2% of Net • Net to Gross Collections – 58-60% • Up Front Collections – $20 avg per registration • Quality / Clean claims- 96%
5) DATA MINING – IS THE KEY TO SUCCESS! • Identify patterns and trends • Identify Root cause • Identify Subsequent process improvement • Identify Managed care contracts deficiencies and shortfalls • BIG DATA – demands digital management
6) Know your payer mix! MEDICARE – YOUR #1 Payer • CASH FLOW MGMT • HOW MANY PAYERS – FFS – MA • CHANGES AHEAD – DALE GIBSON • PAYMENT BUNDLING • DRG PAYMENTS VS PER DIEM?? • Payment Bundled
You could realize a $1,000,000 Revenue Cycle Improvement to your bottom line
Thank you for participating in today’s webinar. Susannah Cowart Director, Florida Division HomeTown Health, LLC 229-881-4445 sgkc76@gmail.com Kathy Whitmire Managing Director HomeTown Health, LLC 706-491-3493 kfw@windstream.net
