Top Challenges Faced by Hospital CFOs

Top Challenges Faced by Hospital CFOs

It’s no surprise many hospitals and medical networks are facing increasing financial pressure. We’re seeing dramatic shifts from the government and insurance providers. With these changes come several challenges hospital CFOs must take into consideration as they move forward. Take a look at the top three challenges hospital CFOs are facing.

Decreasing Reimbursements: Reimbursement rates are diminishing as the government and commercial payers reduce what they’re paying out. Facilities are having to see more patients than they once were to make up the difference in what they’re losing from lack of reimbursements. High patient volumes can eventually diminish the quality of care and makes it harder to be competitive with other hospitals.

Increasing Point-of-Service Collections: This is a dramatic shift in what’s been done in the past. With any change there’s growing pains, but by establishing an effective process for frontline employees, they can help with collection efforts. This change has to start internally with the proper training to work with patients, especially on sensitive subjects like money and their health.

Mining the Data: As the saying goes, you can’t manage what you can’t measure. It’s becoming more and more critical to collect and use accurate data. With better clinical documentation, a hospital not only improves their treatment and care of patients, but they’re more likely to get higher levels of reimbursements. Not mining this data and using it to better the customer experience can bring a decline for your hospital in the emergence of the customer service centric marketplace.  

What are some changes and challenges your hospital is facing? Share in the comments below.

If you’re looking for assistance when it comes to improving your hospital’s accounts receivable, CBE can help. Learn more about how we’re leading the industry when it comes to healing the healthcare revenue by visiting our website.