Healthcare Provider Financial Sustainability
Healthcare providers throughout the U.S. have been focused on improving, or maintaining, their organization’s financial performance for several years, especially during the last decade. With the coronavirus pandemic causing disarray for many underperforming and distressed hospitals and healthcare providers, the need for financial resiliency has never been greater.
At Baker Tilly, we help our clients identify, correct and improve their financial and operational pain points within their organization so they can continue on a path of financial sustainability while they focus on caring for and improving the health outcome of their patients. Our team of healthcare industry Value Architects™ helps our clients leverage very specific analytics to target and implement organizational transformation initiatives focused on building innovative staffing models, more effective supply chain management, reducing administrative costs, and improving reimbursement.
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, including:
It is essential that healthcare providers are being competitively compensated when negotiating reimbursement rates with health plans and managed care organizations (MCOs) if they are to remain, or become financially resilient. Not only must their focus be on the financial language in contracts, but also on the non-financial terms related to performance that can effect compensation.
Through Baker Tilly’s experienced professionals and our licensed IBM® MarketScan® Research Databases – one of the largest proprietary U.S. claims databases – we are able to provide a full range of managed care consulting services and benchmarking capabilities that are tailored specifically to the unique needs and situation of each organization, including:
With the implementation of data analytics as well as understanding strategic planning and the components of interoperability, healthcare providers are able to make more informed, data-driven decisions to conform their delivery models, operational plans and reimbursement strategies.
Continually monitoring and remediating emerging risks is critical to protecting the viability of provider organizations. By proactively detecting and responding to potential risks that threaten the organization and its operations, providers can have confidence they are on track to remain financially resilient.
With the help of Baker Tilly’s team of healthcare risk advisory specialists and our risk advisory, internal audit and cybersecurity solutions, we are able to assist healthcare providers address emerging risks, streamline business processes and strengthen their internal controls.
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.
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.