2020 was a year full of unexpected changes, challenges and loss for all of us. It almost seemed surreal as I became a “war-time CEO” fighting a faceless enemy. I’m sure each of us can relate to the pressure and challenge of caring for our employees, our communities, our patients and most critically our families at a single moment in time. We have all felt it personally and professionally.
A couple of healthcare heroes, Dr. Jack Geiger and Dr. Count Gibson, paved the way for the community health movement during a period of great change in the 1960’s.
In the prolific words of Bob Dylan: “Come gather ‘round, people, Wherever you roam, and admit that the waters, Around you have grown, and accept it that soon, You’ll be drenched to the bone, If your time to you is worth savin’, and you better start swimmin’, or you’ll sink like a stone, For the times they are a-changin’”
If there is any silver lining to these “changing times” it would have to be in the form of gratitude. For me personally, I have a renewed appreciation for everything. The world (and simple luxuries like haircuts) has more meaning and significance than ever before. Meanwhile, as we try to return to business-as-normal, I ask myself “what is the new normal?”
My advice to colleagues has been: “Assess your current condition and stabilize revenue. Only then can you re-focus on expanding the mission.”
Stabilizing Revenue During the Pandemic
During this global pandemic, FQHCs have felt an increased financial burden as they expanded services to the frontlines to provide the care and service the needs of the communities they represent. I have witnessed the average length of unpaid and uncollected claims greater than 90 days increase by as much as 40 percent nationwide.
“Each health insurance company has a filing limit. Once it has passed, claims will deny for timely filing and the revenue will be lost forever.”
Many factors contribute to this growing disparity including, but not limited to:
- Backlogs of denied claims related to telehealth and COVID testing
- Low productivity from remote work and reduced collaboration
- Difficulty hiring and retaining employees during the pandemic
“A health center should have no more than 20% of total receivables aged greater than 90 days.”
Optimizing Revenue During the Pandemic
There are ways to maximize billing and collections during the pandemic. Our strategic approach has worked for our clients and it can work for your community health center, as well.
While these strategies are unique, they are not revolutionary. They involve optimizing existing resources related to your people, your business processes, and your technology. Many of my more profit minded colleagues told me I should bottle these strategies and sell them. That didn’t feel right to me. Instead, I’ve decided to share my strategies free of charge to FQHC executives to help them get started on the road to financial recovery.
Tips and Strategies
In a one-time only LIVE training event, I’ll be sharing my intellectual property and giving away each strategy.
As an example (and to make it more relatable) one strategy entails focusing the billing staff you do have on work that brings in revenue quickly. Another helps to identify the priority order of patient account follow-up. One strategy involves robotic automation technology to reduce the admin burden associated with processing telehealth visits. Each of these strategies result in massive increases of productivity or cash for work you’ve already performed. Best of all these are strategies that you, as a health center CEO or CFO, can implement without hiring consultants.
How do we Recover? The answer is TOGETHER.
Due to the proprietary nature of the content, it is by invitation only. If you are a health center CEO or CFO you should receive an invitation (from me) by e-mail. If you didn’t receive an invitation you can request one here.
Wed, Feb 24, 2021 12:30 PM – 1:30 PM EST
Wed, Feb 24, 2021 3:00 PM – 4:00 PM EST
I look forward to sharing my proven strategies with you and helping your community health center not only survive these difficult times but learn to thrive moving forward.