The Road To Financial Independence. Part IV: Control
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.
Having control over all components of a business can be difficult and is something I struggle with daily. Whether I have oversight of day to day technological or operational tasks, control over my company’s finances is paramount. And while I hope this be the case for any business, healthcare providers today have become exploited to a complex and time-consuming back-end revenue cycle process. Practices lack control of reimbursement times and are unable to select specific claims they need accurate and rapid reimbursements on.
Financial pressures, limited resources, and stringent regulations all contribute to the risk of a practice closure, but the central reason why businesses fail is due to poor cash flow. If your organization resembles most others across the healthcare industry, margins can be tight and lagging or constrained reimbursements may eliminate the ability to become financially independent. When claims are denied, Crowe reports that it takes an average of 16.4 additional days for the provider to receive payment. Denied claims or billing errors are detrimental to any practice and without proper control over your practice’s RCM, delayed payments will continue.
The healthcare industry is transitioning from a volume-driven model to a value-centric one. With this transition comes not only increased patient payments but also increased operational costs within practices. Therefore, in 2020 and beyond, practice owners and administrators must have a vision consisting of innovative technology to eliminate payer delays and give your practice the instantaneous reimbursements to scale. Implementing a seamless RCM framework with control and visibility will reduce the stress that many have when it comes to finances, shifting the focus to providing the greatest value and quality of care to your patients. Practices that fail to prioritize investments or lack the knowledge on RCM optimization will eventually fail in an ever-evolving and competitive landscape.
Fortunately, the solution to gain control over your finances and compensate every dollar owed is in reach. Via by Aquina gives your practice control over medical claims. With Via, practices can customize which claims are advanced. You can select to auto fund all your claims or just the ones that pay the slowest. So why let delayed reimbursements get in the way of your practice’s success? Switching to an automated process will give your practice the control to operate and ensure a smooth healthcare pathway.
With Via, staff can reduce the unnecessary time spent on reclaiming payments and shift their focus and time to more significant tasks creating intrinsic value. Having control over expedited claims will allow your practice to receive a continuous flow of revenue leading to the ultimate goal of achieved financial independence. Gain control and optimize your practice’s claims with Via. Now is the time to create a strong and healthy revenue cycle that responds to today’s evolving industry. To find out if Via is right for you and your practice, please visit http://www.aquinahealth.com/via/ or contact firstname.lastname@example.org.