Financial Challenges Facing Hospitals & How To Solve Them
Two years later, hospitals, clinics, and urgent care facilities continue to recover from devastating financial losses created by the COVID-19 public health crisis that began in 2020. For hospital administrators, it must feel like a losing battle that allows only one step forward while guaranteeing four steps back. Still, they manage to provide top levels of care for their communities. There is much less income than there was three years ago, yet people still need surgeries, hospital beds, and diagnostic testing.
So, what’s the answer? How can these essential providers of medical care re-establish pre-pandemic levels of income flow? The solution is innovative healthcare management software that runs quietly in the background to reduce claim denials, manage appeals, and enforce collections, all with minimal input from overworked staff.
Why Income Losses for the Healthcare Industry Have Reached Historic Highs
According to the American Hospital Association, 2020 was the deadliest year in America’s history. Roughly 530,000 deaths resulted that year from COVID-related illnesses, causing the U.S. death rate to spike a whopping 15 percent. Financially, the impact was almost as devastating on hospitals and care providers throughout the nation. A forced lockdown caused record numbers of businesses to close, leaving millions of people without employer-sponsored healthcare insurance. Yet the overwhelming need for costly and specific medical supplies such as ventilators and personal protective equipment, as well as medications, drove costs skyward. Record numbers of patients came through emergency departments and remained in the hospital for longer periods of time but without the previous capacity to pay. At the same time, supply-chain interruptions forced hospitals to seek equipment and supplies through independent channels, which also resulted in higher costs.
Healthcare facilities across the country are still reeling two years later and costs continue to rise with little relief in sight. To continue providing excellent levels of care to communities around the nation, hospitals and other healthcare facilities need help, and the sooner the better. This is where creative healthcare management software can step in to lighten the load.
How the Right Healthcare Management Software Can Increase Income Flow
Creative healthcare management software is capable of increasing revenue while reducing workload for employees. It’s a perfect solution for getting your hospital or clinic back on track and bringing in enough money to cover costs and pay staff, and the premise behind it is surprisingly simple. By automating non-clinical processes that typically require human input, the software can lighten the workload of your employees. At the same time, it promotes cash flow. Here’s how the right software program can help your facility overcome and recover from financial challenges in healthcare in the wake of the COVID-19 crisis:
- By expediting reimbursement from Medicaid and Medicare
- By reducing claim denials
- By increasing point-of-service collections
- By giving more non-clinical personnel the tools to work remotely from home
Each of these benefits combine to bring in owed income more quickly, while resulting in fewer overhead costs and added protection for non-clinical personnel. It’s a win for you, for your patients, and for your staff.
Why You Can Trust Vyne Medical to Lead You Forward
When it comes to healthcare management software, Vyne MedicalⓇ is your go-to source for multiple reasons. Our software was created by medical professionals for medical professionals, so we know the specific challenges you face every day. We designed our proprietary software programs Trace® and Refyne® to streamline the processes involved in patient care and revenue flow. In this way, we make it easier for employees to work from home, while providing an improved patient experience.
Patient data is collected, organized, and stored in a way that’s easy to retrieve. As we collect a multitude of data points per patient , you’ll see a clearer picture. Refyne information is stored in an encrypted cloud-based central database, while Trace data is held fully encrypted on premise. With both tools, only those with the proper credentials can access protected data, and from virtually any location, despite the time of the day or night.
For your staff, this makes it easier to log-in remotely. For patients, it provides an improved patient experience because data is stored collectively and is easy to retrieve by every healthcare provider in their network.
Financial Benefits Provided by Vyne Medical’s Software Solutions
When it comes to reviving your clinic’s income stream, Vyne Medical’s Refyne platform is up to the challenge. Refyne simplifies the CMS Medicare audit process through electronic submission of requested documents. This can easily cut administrative duties in half. Refyne also manages the Medicare prior authorization process, so requests go through quickly with less red tape and requests for additional documentation.
Additionally, Trace can help improve the patient collection process by recording and monitoring phone calls and on-screen activity as your collections department interacts with patients during collection attempts. This information is stored and is available for supervisors to help improve coaching and training techniques, collection call scripts, and overall collections/patient interaction. Vyne Medical’s solutions have the potential to cut denials and to boost patient collections by at least 27 percent. It’s a solution your facility needs as you move forward in the post-pandemic era. Vyne Medical not only provides answers to the financial challenges in healthcare your hospital faces, but it also assists as you seamlessly transition more non-clinical staff to remote, work-from-home positions — a move that many experts feel is necessary to help providers remain financially stable in the 21st century.
For more information regarding the many ways Vyne Medical’s healthcare management software stands ready to help your facility, contact us to set up a consultation. One of our friendly and knowledgeable representatives is waiting to speak with you today.
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