3 Priorities for Optimal Financial Performance in Healthcare

The healthcare industry is continually changing, and those changes bring with them numerous challenges. There are the regular ongoing challenges of budget constrictions, continually improving your services to your customers, and meeting growth needs. However, there are also new challenges, such as the diminishing labor force, and the demand for technological enhancement and automation. Genesis Medical Management (GMM) focuses on providing the services needed for helping healthcare organizations face and meet those challenges to build a stable and sustainable healthcare system. There are three priorities GMM focuses on for optimal financial performance in healthcare: Operations Management, Growth Strategies, and Revenue Cycle Management.

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Operations Management

How your healthcare organization operates will either position you for failure or for growth. The key to operations management improvement is having a professional team, such as Genesis Medical Management, analyze the systems and workflows currently being used to determine their effectiveness and efficiency. Once the data is evaluated using analytical models, they will find areas of opportunity to improve and streamline processes, create more efficient workflows, and provide more effective healthcare solutions that are sustainable for the future.

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Growth Strategies

An organization cannot grow if it has not been properly positioned to grow efficiently. The most important aspects of healthcare are ensuring that you are meeting the needs of your patients while managing the financial pressures to ensure a profit. That begins with hiring the most qualified and efficient staff available and retaining those staff. From there you must effectively work with insurance companies, your medical coding and billing must be precise, and accounting and contract negotiations must be efficient and productive. Genesis Medical Management has growth strategy experts with decades of experience and best practices knowledge that can position your organization to implement successful growth strategies.

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Revenue Cycle Management

The healthcare revenue cycle is a lengthy process from the moment a patient calls for treatment to the point where a healthcare organization receives revenue for the services provided. The length of that process is impacted and delayed by numerous things, including lack of verification for insurance eligibility, coding and billing errors, and not providing the proper information on claims, all of which cause denials and lengthy appeals. This delayed process can impact the financial status of a healthcare organization because they have costs incurred throughout the process and must pay those bills. Genesis Medical Management provides revenue cycle management services that streamline and accelerate the process, ensuring the provider receives payment for services as quickly as possible. One of the most effective ways to improve the healthcare revenue cycle is by using software to accurately streamline the process. Automating the insurance verification, scheduling, coding, billing, etc. ensures accuracy and helps to eliminate denials and lengthy appeal processes.

Genesis Medical Management helps medical organizations to thrive in this highly competitive industry. Contact us today to help you with operational management, growth strategies, revenue cycle, and real estate development.