Hospitals and health systems struggle with finding an effective way to manage their finances. Unfortunately, poor cash management can result in underperformance. Every hospital should continue to find ways to improve. One area to focus on is the clinical quality which should result in discussions about financial management. Hospitals should consistently monitor their finances and make changes as needed. In our articles, we discuss how to improve financial planning by implementing strategies including reducing accounts receivables. We also share how to prevent underpayment in the future.
Each year, it is estimated that hospitals are underpaid between 1-5% of Net Patient Revenue. These underpaid services translate to millions of dollars that could greatly affect a hospital. Revint helps health systems manage contracts to ensure appropriate reimbursement calculations across multiple payors. In addition, we deliver innovative technologies and processes that identify and categorize additional revenue opportunities where missed or inaccurate coding, charging and documentation occurred.