HIGHLIGHT OPPORTUNITY, UNCOVER REVENUE
Percent of Revenue Healthcare Providers Have At Risk Today
Day by Which All Revenue Should Be Converted Into Cash
Percent of Revenue Healthcare Providers May Not be Converting into Cash
Superior Financial Outcomes
Start with Precise Measurement
Meaningful financial improvement that ‘funds the future’ of care delivery for providers must start with a better way to measure revenue cycle performance. Only when revenue is first accurately recognized can improvements in a conversion to cash be made. Traditional industry metrics, relying heavily on accounting and aggregated data, are not precise enough to uncover hidden revenue opportunities and in fact, traditional metrics are a key driver in masking financial improvement. HEI Benchmarking Solutions demonstrate most healthcare organizations have 4-12% of uncaptured revenue gains.
Number of hospitals in the U.S. predicted to close by 2020
Number of days it takes to turn around financial performance
Percent of revenue at risk for providers by 2022 due to value-based reimbursement
Whether your revenue cycle needs a complete overhaul, or just a spot fix on the front-end, the foundation of all meaningful change begins with an engaged, problem-solving culture. To create an agile organization ready to adapt to the future, HEI’s Lean Cultural Transformation model begins with process engineers engaging all levels of staff to correctly engineer and design processes to reduce waste, optimizing current technology for prioritized workflows while eliminating workarounds, utilizing advanced data analysis to identify performance gaps, and sustainably improving financial outcomes through Lean Performance Management methods.