While physicians,  clinical providers, and operational staff are focused on patient care and the clinical side of healthcare during the COVID-19 pandemic, financial leaders—CFOs, including, finance, business, strategy and contracting/payer relations teams—are confronted with the extreme financial challenges the pandemic has created.

Their challenge? Forecast the pandemic’s effects on the bottom line and then plan to implement financial recovery success strategies.

The process is easier said than done, however, and requires financial leaders to ask themselves several important questions:

  • What steps do providers need to immediately implement and manage for the fastest track to financial recovery?
  • With the financial pressures and the gradual phases to recovery, how do healthcare organizations manage costs and resources throughout the recovery phases—while being ready for a possible second wave?
  • Can healthcare providers stabilize and preserve revenue by partnering with governmental and commercial payers and employers? Can they leverage these partnerships to develop a strategy for new revenue opportunities?
  • How can providers leverage telehealth, innovation, and technology to assist with financial recovery while delivering quality care in a safe and cost-effective manner?
  • What impact will the pandemic have on the future of healthcare provider organizations, and what will the “new normal” look like?

Fortunately, leaders do not need to chart this course by themselves and can now rely on the Lumina Leadership Institute's Financial Recovery Program.

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About the free on-demand Financial Recovery Program

Under the Lumina Leadership Institute, the Financial Recovery Program is a 5-step, self-paced master class to support healthcare providers in their financial recovery journey post COVID-19.

Lumina Health Partners, with decades of strategic and financial experience guiding healthcare providers, is offering a turnkey approach to assist healthcare provider organizations position the organization not only for survival but success.

This program walks through a comprehensive 5-step strategic approach to support providers in their financial recovery efforts while providing a path for long-term partnership opportunities in the value-based care (VBC) environment.

One segment of the complete Financial Recovery Program is our series of five master class webinars based around integrated team planning for financial recovery, and we’re delighted to be able to offer this to you at no charge.

 

Here is what the free on-demand master class program has in store:

SESSION 1: Financial Forecasting SESSION 2: Re-Opening StrategySESSION 3: Lost Revenue RecaptureSESSION 4: Partnership OpportunitiesSESSION 5: The "New Normal"

 

Master Class 1: Financial Forecasting

Financial Forecasting

Master Class 1 provides an overview of the development of a financial recovery roadmap including the four required goals, developing financial model projections based on key levels (expenses, revenue, volume, capacity planning, subsidies/loans, cash flow, and margin) and a list of key performance indicators to support the development of a financial recovery dashboard report.

Master Class 2: Re-Opening Strategy

Re-Opening StrategyMaster Class 2 provides an overview of a re-opening strategy for non-COVID-19 patients across all service lines and facilities. The proposed phased approach for health systems based on federal and medical association guidelines will be discussed, along with considerations for re-opening non-emergent healthcare services and modeling the impact of the surge on resources and finances. This includes a forecasting model for surge management and incorporates the KPIs from the Session 1 financial recovery dashboard.

Master Class 3: Lost Revenue Recapture

Lost Revenue RecaptureMaster Class 3 explores avenues for providers to recover revenue based on the financial model, including  revenue cycle management and cash acceleration, payer negotiations, new services and business opportunities such as telehealth, and optimizing service lines into centers of excellence and direct-to-employer contracting. Leaders need to understand their financial deficit compared to budget, helping them develop their strategy to recapture lost revenues and margin through various revenue recovery/cost reduction efforts.

Master Class 4: Partnership Opportunities

Partnership OpportunitiesMaster Class 4 explores partnership opportunities with commercial payers, the one stakeholder not experiencing a financial crisis during the pandemic. The discussion includes opportunities to re-negotiate with payers on both the fee-for-service side and the value-based care (VBC) side. The intent is to negotiate new, creative revenue sources that can immediately serve as an accelerator into VBC and help providers be less dependent on fee-for service revenues. Renegotiating commercial payer contracts and direct-to-employer initiatives is reviewed.

Master Class 5: The New Normal

The New NormalMaster Class 5 explores the strategies around maintaining the positives that came out of the provider response to the pandemic and sustaining these as the new normal. This includes the areas of technology, growth and cost efficiencies that will position organizations for future value-based care and contracts.

 


Financial Recovery Program Instructors:

Daniel J. Marino
Daniel J. Marino
Managing Partner, Lumina Health Partners

Kathy-Najarian-150x150
Kathy Najarian, MHA
Principal, Lumina Health Partners

Learn about the Lumina Health Partners.

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Want the full program?

The complete Lumina Leadership Institute's Financial Recovery Program walks you through your complete financial recovery roadmap, from accurately assessing where you are today, to choosing the KPIs that will let you know you’re on the right track (and how to quickly adjust if you’re not).

Healthcare Financial Recovery Program

As healthcare organizations improve their financial position, a detailed FINANCIAL RECOVERY ROADMAP is needed to ensure their future stability.

A successful FINANCIAL RECOVERY ROADMAP will provide organization specific strategies and proactive planning for finance and business leaders to forecast the impact on and changes in expenses and revenues for the next critical 6-18 months.
Healthcare Financial Recovery Roadmap

Full Healthcare Financial Recovery Program Focus Areas:

  1. Revenue Recovery.  The goal is to work with payers to receive reimbursement adjustments in 90 to 120 days to recapture lost revenue, negotiate accelerated claim payments and a short-term payment differential based on the impact of COVID-19 and related factors. 
  2. Acute Care Case Optimization. The goal is to focus on care/case management activities of patients who access the emergency department and create optimization between patients who are clinical candidates for observation versus inpatient status.  Often, there are quick financial gains through observation management, clinical documentation improvement, and revenue cycle management.   
  3. Cost Reduction through DRG Efficiency. The goal is to identify two to three DRGs that drive cost inefficiencies for the organization through clinical variation.   The focus is to reduce the cost of the top five cost-driver DRGs (heart failure, joint replacement, sepsis, COPD and pneumonia). 
  4. Perioperative Optimization. The goal is to improve surgical operational processes such as surgical pre-authorization process, block scheduling efficiencies and reduction in surgical denials to support improved collections and revenue cycle opportunities. 

    

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Want more on this topic before starting the program?

Provider Strategies: 5 Steps to COVID-19 Financial Recovery

“Provider Strategies: 5 Steps to COVID-19 Financial Recovery”

This article provides an overview of the financial crisis caused by the COVID-19 pandemic and how financial leaders need to plan a recovery strategy for financial mitigation. We discuss key events in the pandemic, a brief look at the 5 steps to financial recovery, and a variety of stakeholder viewpoints.

View the Article

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