The healthcare industry is experiencing unprecedented challenges affecting its profitability, regardless of segment. The industry is on the front line in more ways than one, as costs continue their upward spiral. Dozens of disjointed processes and ever-changing regulations are increasing costs. New economic pressures due to government-mandated cuts are affecting both the timing and amount of reimbursement, and COVID-19 causes hospital systems to struggle simultaneously with overcrowding and the loss of profitable elective surgeries.
Revenue Cycle Assessment
Whether the goal is to maximize revenue opportunities, improve cash flow, or streamline processes, providers require a comprehensive assessment of their revenue cycles.
Accounts Receivable Review
Maintaining a strong cash flow is imperative for healthcare providers. An Accounts Receivable Assessment identifies opportunities to reduce “revenue leakage” by closing the gap between what providers are entitled to receive and what they actually collect.
Payor Contract Analysis
Getzler Henrich has developed a comprehensive Payor Contract Analysis that compares payment rates, denials, and payor performance. We have years of experience in negotiating contract terms and can highlight areas of concern.
Data Analytics for the Health Care Industry
Many healthcare providers are using legacy patient accounting or practice management systems that have limited reporting and data analytics capabilities. While these systems may have all the data, developing “dashboard reporting” is manual and cumbersome. From physician practices working with a single system to hospitals manually gathering data from multiple different health information systems, we help develop meaningful dashboard reports and KPI’s using existing software.
Operational Efficiency and Cost Reduction
With healthcare reform focusing on improving the quality and efficiency of healthcare services, providers will have to do more with less in order to remain financially viable. Getzler Henrich has developed an accelerated approach using Lean and Six Sigma tools to identify areas of opportunity to reduce costs and improve operational efficiency. Our approach focuses on improving supply chain management, work flow, patient throughput, and productivity to help organizations achieve short-term results and long-term sustainability by providing the best outcomes at the least cost.
In an effort to reduce costs and improve operating efficiencies many healthcare providers are focusing on their core mission of patient care and are outsourcing non-core functions from dietary and plant operations to business office and billing services. We have the expertise to evaluate and the business processes for potential or existing outsourcing.
We draw upon significant knowledge of financing from debtor, lender and investor perspectives, and our relationships with many capital providers who specialize in healthcare organizations including hospitals, physician practices, residential facilities, and home health agencies.
Once a merger is completed, providers are faced with the challenge of integrating the organizations in order to achieve economies of scale, efficiencies, and service-line integration while still operating both entities. Our professionals have extensive experience in M&A integration. We help our clients rapidly redesign a new organizational structure and processes that will yield tangible cost savings.