The Road To Financial Independence. Part III: Visibility
Article by: Chris Stenglein, Chairman & CEO
Chris Stenglein currently serves as Aquina Health’s Chief Executive Officer and Chairman of the Board of Directors. He has been involved with the company since September 2012 and is responsible for the overall vision and strategic direction of the company. During his tenure, Stenglein has led Aquina Health to sustained growth and profitability, establishing Aquina Health as an industry leader in healthcare FinTech.
With years of practical knowledge as a technology and financial leader in healthcare, I have seen and continue to see all aspects of operating and scaling successful businesses. I have discerned the ups and many downs, yet the constant no matter the business, remains the same: the money brought in must exceed the money going out. Unfortunately, most healthcare practices in the U.S. consecutively struggle to maintain this financial concept within the competitive and ever-evolving landscape.
The foundation of creating and maintain financial stability starts with visibility over your practice’s finances. According to a Black Book survey, approximately 26 percent of U.S. hospitals do not have an effective healthcare revenue cycle management solution in place. There are many RCM challenges facing practices such as point-of-service payment collections, but losing visibility of claims through the entirety of its lifecycle is an easy fix. Revenue lost through the inability to identify paid and pending claims is inexcusable and should never prohibit your practice from growing and becoming profitable.
While running a business, you survive and die by the numbers, therefore the proper oversight of claims is central. This starts with investing in the right technology to innovate and streamline your RCM. Personally, I have seen many practices fall behind the tech trends in payment processing and, as a result, they struggle to make ends meet. But in 2020, practices must find easy and labor-saving ways to ensure that they have control over their finances; and it starts with leveraging digitized technology to increase revenue transparency.
Shrinking reimbursement rates and increasing costs keep practices constantly seeking strategies to improve revenue cycle performance. The digitization of payer-provider transmissions is undisputedly increasing claim transparency. Hence if medical practices want to maximize revenue and reduce claim payment lag, those behind the technological curve must find a way to dedicate resources to implement an all-inclusive platform improving the cash conversion cycle.
Without proper visibility of metrics (number of patients seen each day), in-network vs. out of network, charge entry days, and missing slips to name a few, practices decrease their chances of becoming financially independent. A lack of information such as this at your fingertips makes it virtually impossible to control and optimize the performance of your financial enterprise. Practices may be well-versed in patient care, but financial transparency is a necessity and key driver of growth. A Business unable to reduce and manage its financial complexity will struggle to provide maximum service and attain financial independence.
The goal of healthcare RCM is to create a transparent process that gets your practice paid in full as quickly as possible. So why risk losing visibility over pending claims? Fortunately, this no longer has to be the case. Via by Aquina uses a proprietary platform that gives medical practices 24/7 visibility over pending claims. Through the Via portal, practices are able to streamline the claims process through an efficient and automated process providing complete transparency. They can obtain accurate oversight into accounts receivable, ensuring claim information and maximum reimbursements. Via accurately systematizes back-end processes, making sure practices collect more today enabling them to allocate resources elsewhere tomorrow.
Via is the all-inclusive instant claims payments solution giving you and your practice the accurate oversight to prosper. You now have the certainty and transparency to ensure your practice runs smoothly without focusing squandered time on paperwork and chasing down cash from payers. So why wait to optimize your financial performance? Now is the time to seek and implement the tools to becoming financial independence. To get started with Via, please visit http://www.aquinahealth.com/via/ or contact email@example.com.