By: Sandy Sage RN, Revenue Cycle Analyst, HTH
Some hospitals are finding their corridors quiet, parking lots empty, low to no census and a sense of anticipation as they wait for what seems like an inevitable influx of patients infected with the coronavirus. Surgeries and elective procedures, the lifeblood of rural hospitals, have been postponed or cancelled; and, CEOs and CFOs are concerned about cash flow. What can you do in the Business Office to help?
Looking for and finding hidden cash should be priority number one right now. It is a great time to do special projects that will bring in cash to your hospital. Non-essential staff has been sent home to work remotely. Hopefully, you are set up and ready to go. If there is no volume for you to bill, there is still plenty for you to do.
Project Option One:
Work that AR! There is a lot of cash just waiting for you to free it, sitting out there in your AR accounts. Pull it all together, and start working it now. Look for high dollar accounts to get you started but don’t forget the low hanging fruit. Do you have accounts waiting for additional documentation? Eligibility issues? Other easy-to-remedy edits? Look for the easy fixes to get the cash flowing; then, work forward to the more complex accounts. No time like now with volume low to determine the issue and get it corrected so you can reprocess those claims for cash.
Project Option Two:
Work the denials! Denials are accounts that tend to be put on the back burner due to their complexity. Sort them by dollar amount, and get started on resolving them. If you don’t already have a good tracking mechanism in place for denials, create one and work from there. The cash may not be immediate, but this project will show fruits and bring in cash for many weeks to come. Your hospital will need it.
Project Option Three:
Get ready for Price Transparency! This project may not bring in cash, but it is vital to your hospital compliance. Step one, find your contracts. You will need all your payer contracts with the rate sheets. You will need to know how much the insurance companies are paying you for each service. If you can’t locate your contracts, go on the hunt! You must have them to take any further steps for price transparency. Get started!
Project Option Four:
Get Education! Remember, you can participate in www.HTHU.net courses from home. It’s a great time to take some courses to update and refresh your knowledge base. Knowledge is power, so get enrolled!
If you need help, contact me at [email protected] and I will point you in a new direction that will help benefit your hospital during this difficult time. I am also available to answer any questions you have related to the revenue cycle. Don’t be shy. Send me questions, and I will get you answers!
Everyone Stay Safe!