As hospitals and physicians ramp up patient volumes, they need a ‘nuts and bolts’ roadmap to improve their financial positions, which includes increasing revenues from payer sources along with a laser-focused approach to managing costs.
CHICAGO (PRWEB) May 19, 2020
Throughout the continuing COVID-19 pandemic, healthcare organizations have taken the lead, tirelessly caring for their patients, our communities, and our nation in unparalleled fashion.
Lumina Health Partners, a long-time advisor for hospitals and physicians who are transforming clinical care to a value-based world, has developed a playbook to help these organizations launch a financial recovery strategy, involving the alignment of key finance, contracting, strategy and clinical leaders.
“As hospitals and physicians ramp up patient volumes, they need a ‘nuts and bolts’ roadmap to improve their financial positions, which includes increasing revenues from payer sources along with a laser-focused approach to managing costs,” says Daniel J. Marino, Managing Partner. “Immediate action must be taken to ensure the healthcare system recovers and maintains viability and strength once this pandemic subsides.” Providers should begin to plan with the following steps: model/forecast financial projections continually; enact ‘reopen’ strategy for non-COVID-19 patients; develop a plan to recapture lost revenues; explore partnership opportunities; and maintain and grow the new normal.
“Providers did not plan for this crisis nor did they have adequate cash reserves,” adds Kathy Najarian, Senior Principal. “However, this has not stopped providers from doing all that they can.”
Many provider organizations are thinking outside the box, using telehealth to manage and protect patients during this pandemic. These telemedicine visits allow physicians to accommodate patient safety while placing less strain on emergency departments and doctor offices. Lucy Zielinski, Lumina managing partner, recently spoke about “Telehealth Services” on Lumina’s Value-Based Care Insights podcast, syndicated by Healthcare Now Radio. Zielinski explained how healthcare organizations could comply with coding and billing for telehealth services while working with insurance payers to ensure reimbursement.
Lumina helps healthcare providers survive this financial crisis while maintaining solid relationships with patients. Financial recovery through value-based partnerships and telehealth innovations comprise its latest efforts to collaborate and support providers. For more information, visit https://luminahp.com or call (866) 775-5391.
About Lumina Health Partners
Lumina Health Partners is a leader in healthcare consulting and value-based care. Lumina Health Partners delivers business advisory and leadership solutions to healthcare organizations with a specialty in value-based care. Our experienced team of consultants works hand-in-hand with clients to develop transformative results for the most difficult population health, healthcare analytics and technology, clinical transformation, and physician leadership challenges. Our proven strategies enable medical groups, hospitals, and health systems to realize measurable strategic, financial, and operational goals.