This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/01/17/ways-hospitals-can-handle-losses-from-medicare/
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Hospitals across the United States, from extensive urban facilities down to small rural hospitals face a growing challenge over the next ten years. The problem is two-fold. Over the next decade, the remainder of the Baby Boom generation will become eligible for Medicare.
At the same time, the gap between the actual cost of care and reimbursement from Medicare is widening. According to the Medicare Payment Advisory Commission (MedPAC), about three-quarters of short-term acute care hospitals lost on Medicare patients in 2016. In fact, Medicare losses at some facilities were double what those same facilities lost in unpaid Medicaid patient treatment.
Experts say there are five areas hospitals need to examine to maintain the health of their own facility.
Cut Overhead.
First and foremost, cut overhead.
Many hospitals run their own IT departments, hire their own security, and handle all their finances in-house. Consider using a medical billing outsourcing company to oversee the management of your revenue cycle. Likewise, it might be cheaper to hire a company to provide security services for your facility.
Those companies assume the cost of employee benefits and equipment and spread the price for that over their entire clientele.
Examine Technological Need.
Secondly, whether your hospital is a single operation or part of a medical corporation with multiple facilities, having redundant equipment and technology can cost you money. Before purchases are made, consider bringing the critical players to the table to create a consensus on what and how much technology is actually necessary. This is even more important at smaller, rural facilities where duplications just because one clinician has a preference for a particular device can be cost prohibitive… Read More
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