Getting Revenue Outside of the Double Doors
Hospitals have been on the front line of the COVID response, but top line revenues are down. The lack of revenue that is generated by elective and other not critical procedures for hospitals and integrated delivery networks (IDNs) was profoundly impacted. “ICU and emergency areas are packed, while the rest of the hospital was a ghost town,” said Nick Bourassa, NW Texas Hospital.
Recently we’ve had several conversations with people responsible for igniting the revenue streams, which is driving these institutions to look at variable compensations for sales of services or more aggressive Short Term Incentives Programs (STIP).
We would like to offer our expertise to ensure hospitals and IDNs are operating all the data, calculations, reports, and workflows as a compliant system. In a recent podcast, Gartner stated that up to 10% of commissions paid in error, and lack of ability to report, will ultimately counteract the influence and/or motivation the incentive compensation and hospital commission plans are meant to create. At OpenSymmetry, we can ensure you know who the players are, how to make the right selection, what resources will be needed to deploy/implement a technology solution, and how they will plan to manage the system over time.
Please let us know what challenges you’re facing. We’re here to help.