The coronavirus has put a tremendous strain on healthcare facilities’ revenue cycle management. Some are overburdened by the influx of patients, while others are struggling with almost no patients at all. Situations like these are why so many places are furloughing staff and cutting costs where they can in order to stay afloat.
One way to keep your healthcare facility running is to practice good revenue cycle management. Here are a few tips for doing so during the coronavirus pandemic:
Monitor your financial situation closely
Under normal circumstances, your facility can follow an annual budget in order to remain financially solvent. However, an annual budget won’t help you in times of crisis, which means you’ll have to keep a sharp eye on your money and where it’s going. Focus on the number of patients you have as well as your cash flow velocity in order to calculate how much money you are receiving and when. Don’t just focus on the present moment but calculate your cash flow several weeks ahead.
Use your staff wisely
Typically, your staff volume depends on your patient volume, but this may not be a great metric to use in the current climate. You may have some departments with very few patients, while others are overwhelmed. Use only the staff that you need, and allocate them to the departments that need people the most.
Provide multiple payment options and flexibility
The coronavirus has made an enormous impact on our economy, causing many people to be out of work. This means that patients may not be able to pay for the treatment that they need. However, your healthcare facility still needs some cash flow in order to function. The best solution, then, is to be flexible by providing your patients with multiple payment options. For example, don’t force them to pay the entire bill upfront, but rather allow them to make subsequent payments over time. Some is better than none, and those few extra dollars could be what help you stay afloat.