In today’s challenging environment, it is more imperative than ever for healthcare leaders to take a proactive approach to monitoring financial health.
Healthcare leaders must be able to rapidly identify and target opportunities for service line financial performance optimization, and quickly pivot to creating specific, actionable improvement efforts in order to achieve healthy operating margins.
With advanced analytics at the core of our financial sustainability solution, Baker Tilly’s framework helps our clients discover, optimize and sustain financial health opportunities. Our solution:
- Provides transparency and actionable insights into direct, controllable cost and revenue constraints, allowing our clients to review contributing factors to current performance across service lines and identify areas for optimization
- Brings together expense and reimbursement data at the encounter-level, to support the rapid detection of patterns and/or differences among similar encounter types that can be attributable to variances in areas such as supply or labor activity
- Enables flexible and detailed service line opportunity exploration to support long-term goals and inclusive of advanced revenue cycle performance, value-based care optimization and managed care contract improvements.
Despite the growing challenges, there are a number of opportunities for healthcare leaders to improve revenue generation and reduce expenses. Taking steps now can help healthcare organizations begin the journey to improve financial performance and continuously improve upon efficiencies gained.
The Baker Tilly Healthcare Practice provides services to acute care, senior services, behavioral health, specialty and ancillary providers, as well as health plans and life sciences companies.
Our multi-disciplinary team of audit, tax, and consulting professional help our clients focus on improving revenue, reducing revenue leakage in conjunction with cutting costs to drive maximum financial outcomes. Contact Baker Tilly to learn more about how we can help your organization take your next steps towards financial sustainability.