Improve Performance, Manage Risks, Enhance Financial Reporting While Maintaining High Quality Patient Care
Hospitals and health systems face critical revenue recovery, cost containment, regulatory compliance, and risk management challenges. With experience and know-how derived from serving more than 2,500 healthcare clients including many of the largest U.S. health systems, Crowe Horwath LLP’s healthcare-specific revenue management, operational management, and risk management solutions help improve top- and bottom-line performance while maintaining high quality patient care.
Crowe’s professionals carefully listen to your organization’s needs before recommending any performance improvement service or solution in key strategic areas.
Revenue management
Even the best-performing healthcare facilities have net revenue leakage between one-and-a-half and four percent, due to lack of expertise, lack of resources, lack of time, or lack of tools. What’s more, patient responsibility for accounts receivable (A/R) because of being uninsured, having high deductibles, or splitting healthcare among many providers can increase financial complexity for your organization.
The valuable information that you need – to monitor your net revenue and manage your largest financial risks, A/R reserves, and revenue cycle activity – is not always readily available or standardized across facilities. Or worse yet, it is not accessible at all. You need a more efficient way to access the data, accelerate the monthly close process, and unlock the meaningful, actionable insight hidden deep within your patient accounting system.
The Crowe® Revenue Cycle Analytics (RCA) solution offers the tools to support reporting net revenue and budgeting, estimating A/R reserves, processing month end closings, identifying revenue cycle opportunities, and strengthening internal controls. RCA delivers the valuable information you need to monitor, analyze, and report across multiple facilities. Trend analysis, insight into unusual activity, and standardization of reserve estimation saves your team a significant amount of time every month and provides automated analytical reports not previously available. Instead of spending valuable time building customized reports and performing manual analysis, you can invest resources in scrutinizing results and identifying opportunity areas in the revenue cycle for operational improvement. The critical details you need for financial reporting and revenue cycle monitoring are accessible from one source, to help eliminate duplication and increase the accuracy and availability of reliable information.
Operational management
We understand the issues and challenges you face and offer a wide range of operational consulting services and applied technologies to maximize operational efficiencies. The Patient Protection and Affordable Care (PPAC) Act changes deductibles and co-pays for prevention and wellness services, while the new Community Living Assistance Services and Support (CLASS) Act and the existing Medicaid “Money Follows the Person (MFP)” Program affect options and funding for home and community-based services. The Health Care Reform Law is having a direct effect on hospitals and health systems, in terms of quality-of-care reporting, staffing models and productivity, service line growth and operational planning, budgeting, facility planning and management, and staff education and development.
Crowe's healthcare experts understand the issues and challenges you face and offer a range of consulting services and industry-specific applied technologies to assist you in these and other critical operational areas, including:
- Resource Management
- Quality of Care
- Staffing Models
- Productivity
- Operational Budgeting
- Financial Reporting
- Facility Planning
- Internal Controls
- Working Capital
- Purchasing
- Expense Benchmarking
Crowe can help you improve your overall operational quality and performance, integrating operations, finance and resource management.