Increased Net Revenue
At Financial Health, we understand your hospital's business office operates with limited budgets and resources. We help you break through those limitations. As part of your business office team, we can work to recover more money from your self–pay receivables at a lower cost. We do it by setting up a Virtual Private Network (VPN) between your system and ours. Our recovery specialists connect with your patients as a first party, in your hospital's name—not as a third party. Then we do the work you would do, if you had the available resources: we help your patients uncover payment sources, walk them through the billing process and provide timely follow up so that fewer accounts become delinquent. Your hospital can reduce agency fees by 70%, increase net revenue by as much as 200%, free up cash, redeploy staff to address other important issues, anticipate predictable cash flow and enjoy better patient relationships. All this comes with no risk to you, as our compensation is dependent upon our success. We only receive payment when revenue is recovered.
Predictable Cash Flow
Most hospitals know their self–pay account recoveries should be substantially higher; they just don't have the resources available to get the job done. We do more than increase your net revenue by doubling your self–pay revenue while supporting better patient relationships. As your receivables management partner, we also evaluate your hospital's unique circumstances and self–pay accounts to help you predict your revenue, charity care and bad debt write–offs. We know that reliable data means more accurate budgeting, increased buying power and the freedom to confidently reassign your staff to other important patient accounting tasks.
Better Patient Relationships
Hospitals are caring environments and their mission is to provide their patients with a positive, healing experience. As the last hospital division to interact with patients, the business office is part of that experience. Without the resources to manage a large volume of self–pay billing issues, patient relationships can be compromised. Financial Health helps you achieve faster recoveries by working with your patients to identify third–party payors, Medicaid, charity care or sliding scale eligibility. You can be confident that patients will feel supported and secure in cooperating with efforts to resolve their bills. We have found that more patients reflect positively upon their medical treatment when their hospital obligation is resolved quickly and professionally. And you'll reflect positively on your ability to achieve increased net revenue and predictable cash flow without fear of compromising the patient's overall hospital experience.