Revenue maximization is a key concept for making recovery strategies happen. Why? Because by maximizing revenues for existing services, organizations can generate cash to invest in growth opportunities. It is a concept that is an integral part of portfolio managementâkeeping services with high mission alignment, high margins, and/or high growth possibilities (hopefully, all three). It is a concept important to theâŠ
Revenue maximization is a concept with many definitions. Some are narrowly focused on billing and collections. But our team at OPEN MINDS has a broader definitionârevenue maximization (which is also margin maximization) is providing as many services as organizational capacity allowsâand collecting the maximum amount for those services delivered. It is not a specific actionârather itâŠ
One path for provider organizations to explore in the revenue maximization journey is pitching their current service lines to new payers. Hillsides, a California-based provider organization, is a case in point. The provider organization largely serves consumers on Medi-Cal but wanted to reduce its dependence on Medicaid for long-term sustainability. OPEN MINDS worked with Hillsides to helpâŠ
Failure to obtain timely prior authorization and continued stay review can result in delayed or denied claimsânot something any provider organization needs as revenues are already affected due to COVID. And behavioral health provider organizations have long been subject to more intensive gatekeeping than others. Historically, plans limited mental health or addictions treatment mechanisms toâŠ
[caption id="attachment_870280" align="alignleft" width="150"] Judi London, Chief Strategy Officer, Bancroft[/caption]
The health and human service market has moved from being âjustâ a highly-regulated model to a competitive model, which has called on many different kinds of organizations to rethink their approach to marketing (see How To Develop A Successful Marketing Plan: The OPEN MINDSâŠ
Health and human service organizations are struggling to recover from the financial impact of the pandemic crisis while also planning for sustainability in a volatile and shifting market. And that future is dependent on having a better bottom line for investment in service lines and infrastructure upgrades. Revenue cycle management can ensure that your organizationâŠ
