INFACT: Nearly 25% of hospitals will be penalized for patient safety
This week's news reports that nearly 25% of hospitals will be penalized for patient safety, clearly illustrating the revenue pressures created by the transition to value-based models.
How hospitals manage declining reimbursements will be one of the key trends to watch in the coming year.
Offsetting lost revenue requires a deeper lens into clinical, operational and financial functions, and your market. Key questions that can help kick-start the process include:
1. Are your contracted payment rates below your market peers?
2. Which service lines are pulling patients within your service area to seek treatment elsewhere?
3. Where do the 'quick wins' for cost reduction lie within your top 10 areas of excess?
The iVantage Health Analytics Resource Center features informative case studies exploring innovative strategies for increasing margin in this age of declining reimbursement. Take a read and then let iVantage know how it can help you focus on the right analytics to manage your revenue.