Health

Major Considerations for Improving Cash Flow In Healthcare

The cash flow of any healthcare sector is the one thing that should never be affected. Once the cash flow of a healthcare facility is affected, it influences both the revenue and productivity of the facility

This in turn also affects the output and overall performance of the healthcare administration and employees.

The healthcare facility should consider putting medical office billing software in place, to help manage the cash flow.

It’s one thing for money to flow into the healthcare facility and another task to retain the steady cash flow especially when the expense is more than the income flow.

The benefits of managing cashflow are numerous and some of them include:

Being able to sponsor the daily running of the healthcare facility.
To oversee the steady maintenance of the healthcare tools and equipment
Upgrade of equipment and software used in the healthcare facility.
Overall handling of financial commitments and salary.

These are the obvious significances of improving cash flow in the healthcare in the healthcare system.

We’ve taken our time to highlight the significant considerations for improving cash flow in a healthcare facility. Ready to go? Let’s get started.

Reducing Expenditure

Expenditure reduction is one of the first steps every healthcare sector must take in order to improve cash flow.

Non-essential service subscriptions should be reduced. Supplies used in the facility should be well managed and wastage should be avoided at all costs.

The rate of expenditure in a healthcare facility determines the amount of generated revenue.

When fees are reduced it helps the facility to save up more funds thereby improving cash flow in the healthcare facility. The healthcare facility must endeavor to get a good discount from suppliers.

Reduction of expenditure should never be applied in all sectors of the facility to avoid future problems from arising.

The heads of the healthcare facility must observe that reduction of expenditure is one of the most important considerations for improving cash flow in the healthcare facility.

Staff Retention

When staff is retained it creates room for fewer funds to be spent on acquiring new staff.

Staff retention allows the facility to work with people who already understand how the facility works and can manage supplies well enough.

It should be in the facility’s best interest to make their staffs feel more valued as this helps the staff to be retained.

The facility should always prioritize retaining the most experienced and well-trained staff.

Experienced staff is most likely to carry out their duties and cut costs where necessary to maintain the set budget. The long-time working staff of a healthcare facility already has the best way of improving cash flow in the healthcare facility.

Stock Management

Stock used in the facility should be well managed and accounted for. The facility management or administrator should ensure that the stock and spiles used in the facility are well managed and any wastage should be avoided.

The usage of facility stock should be monitored by the management or administrator in order to keep track of the number of supplies used and also to know when to make a new purchase when the facility is out of stock.

Unnecessary wastage of supplies like bandages, plaster, and cotton wool should be controlled. One of the best ways to manage stock in a healthcare facility is by having a good hospital administrator who is well-experienced in management.

Most importantly the hospital staff should be educated on how to manage supplies. The management of supplies should never affect the work done in the hospital.

Proper management of available tools and resources

One of the challenges of the healthcare system is the ability to manage the available resources and tools in existence.

Often, you’ll find that people misuse the resources available in the hospital, clinics, or pharmacies.

Negligence of staff towards facilities and available equipment leads to rust and wastage of expensive healthcare equipment.

The nonchalant attitude of hospital staff towards the available tools can lead to mismanagement. Hospital personnel who hoard drugs and healthcare kits for personal use contribute to the shortage of available resources.

A matron or an administrator who another personnel report to or give account should be reinstated for proper accountability and management.

Regular checks on available tools and resources will enable the hospital to know when to service, replace or discard worn-out equipment needed for day-to-day activities.

Collaboration with NGOs

Hospitals can team up with non-governmental organizations in order to partner, expand their network and create publicity for their healthcare system.

NGOs who seek healthcare institutions to work with during vaccine administration, sensitization and outreaches can partner with healthcare systems. This creates a much-needed awareness of the healthcare system which brings in the people in the long run.

Be transparent

One great way to build trust with patients is with transparency.

Before care is administered to patients, it is important to help patients or caregivers understand their payment obligations in order to avoid unnecessary hiccups.

Many medical bills are filled with jargon that the patient cannot easily deduce, it is penitent that the bills are stated clearly, and patients know exactly what they are paying for and when the payment is due.

For bills that are over a certain figure, an installment payment plan should be drafted to help the patient sort their bills in due time.

Supply chain and distribution channels

Healthcare systems should review and evaluate their supply chains to assess if cost reductions could be made for certain drugs and services.

Brands that supply medicines, consumables, and equipment should reassess if service improvements and cost reductions should be made.

Use of agency

Adjustment needs to be made to cover for medical personnel on leave or when they are temporarily absent. Fill in the schedule should be made to cover for absentees so the workflow would be seamless.

Medical staff should go for regular checkups so as to reduce the rate of breakdown

Optimize your electronic medical record(EMR)

To ensure cash flow is steady, the use of technology is essential. A good start is the use of electronic medical records(EMR) which can be optimized and updated regularly.

Payment methods and rates should be set up properly within the system and communication must be engaged between operation and billings.

In addition, the more work that can be done within a system the better. If things are done via email and spreadsheets, it’ll be better when tracing and resolving documentation errors.

Talking straight with patients

Always go straight to the point. Asking “ how much can you pay?” indicates your service doesn’t expect to be paid in full for services provided. Ask how

Keep abreast with medicare changes, issues, and updates

Medicare changes so frequently to billings, and with each change comes complexity so healthcare systems must be proactive in keeping up with what’s new, what’s next, and the way forward.

Each change has a significant impact on the system’s operation and billing. The Healthcare system must track medicare to monitor any issues that may arise as a result of these changes.

Set your financial records Straight

Be careful of aged and old statement accounts. From time to time, check the financial records and be sure to set things straight for debts and credits to be paid. Inform patients to clear out their records to avoid piling extra overdue debts.

Shared responsibilities

Appointment of internal teams tasked with auditing claim denials and making recommendations to improve the process which aims to improve cash flow.

Developing forms and checklists to ensure billing and reimbursement processes are accurate.

Consider appointing a separate team to handle claim denials, even if they are not caused by human errors.

This practice can sharpen the team’s skills in solving problems regarding insurance companies, decrease surprise billing for your patients and increase the healthcare ability to get paid.

Provide a digital payment system for your patients

If you make it easier for patients to make payments with their preferred payment method whether online or with their mobile devices, they will be more likely to pay on time.

Electronic payment indicates funds will be received in the account more quickly. Setting up a digital payment method at the healthcare system and enabling card processing solutions for the clinic gives patients a safe and convenient way to use their preferred payment option.

Improve the drivers- software, people, and process.

The tools you use, and how your team uses them. automated, configurable tools for AR and RCM do better than traditional spreadsheets and post-its.

Adding or moving to a dedicated RCM tool will improve cash flow. Who you hire and how you train them within the first 6 months, how you retrain them, and how they are able to convert AR training to cash is a combo of raw talents, training, and experience.

The strategies you adopt, the tactics applied, and how you structure your team. These drivers are the inputs you can control in contrast to many factors you cannot control. To move the needle, it is important to focus on these drivers that you can control.

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Health

Report Causes Pfizer Stock to Climb Approximately $1 Billion Acquired by Starboard

(VOR News) – According to a rumor that activist investor Pfizer Starboard Value has taken a holding in the struggling pharmaceutical business that is expected to be worth around one billion dollars, the stock of Pfizer (PFE) is on the increase in premarket trading on Monday.

This comes after the report was made public. The report was made available to the general public following this. Starboard Value was successful in moving forward with the acquisition of the position.

Starboard is said to have approached Ian Read, a former chief executive officer of Pfizer, and Frank D’Amelio, a former chief financial officer, in order to seek assistance with its goals of boosting the performance of the company, according to the Wall Street Journal. Read and D’Amelio are both former Pfizer executives.

The purpose of this is to facilitate the accomplishment of its objectives, which include enhancing the overall performance of the firm.

In their previous jobs, D’Amelio and Read were chief financial officers.

It is stated in the report that the hedge fund is of the opinion that Pfizer, which is currently being managed by Albert Bourla, who succeeded Read as Chief Executive Officer (CEO) in 2019, does not demonstrate the same level of mergers and acquisitions (M&A) discipline that Read did. Bourla took over for Read in 2019. Read was succeeded by Bourla in the year 2019.

Pfizer, a multinational pharmaceutical conglomerate, has made substantial investments in the acquisition of more companies that are involved in the research and development of cancer medicines.

These businesses have been acquired for billions of dollars. The biotechnology company Seagen, which was acquired by Pfizer in the previous year for a price of $43 billion, is included in this category. One of the businesses that can be classified as belonging to this category is Seagen.

In spite of the fact that the S&P 500 Index experienced a 21% increase in 2024.

No major trading occurred in Pfizer stock that year.

Due to the fact that the demand for Pfizer’s COVID-19 vaccines fell after the firm reached its pandemic peak in 2021, the share price of the corporation has decreased by over fifty percent since that time.

This drop has occurred ever since the company’s shares reached their maximum peak, which was during the time that this decline occurred. Not only have they not changed at all, but they have also remained essentially stable. This is in contrast to the S&P 500, which has gained 21% since the beginning of this year.

Recently, the corporation was forced to take a hit when it decided to recall all of the sickle cell illness medications that it had distributed all over the world.

Fears that the prescription could lead patients to experience severe agony and possibly even death were the impetus for the decision to recall the product. In spite of the fact that Pfizer’s stock is increasing by almost three percent as a result of the news that followed the company’s decision, this is the circumstance that has come about.

SOURCE: IPN

Health

New Study Reveals Drinking Soda Pop Increases the Risk of Stroke

If you drink too much soda, fruit juice and coffee, beware!

A recent report from global research indicates that excessive consumption of coffee or soda pop is associated with an increased risk of stroke, although the intake of black and green tea is correlated with a reduced risk. Excessive consumption of soda pop or coffee warrants caution!

Recent research indicates that it may substantially elevate the risk of stroke.

Consuming four cups of coffee daily elevates the risk of stroke, according to studies, although ingesting 3-4 cups of black or green tea daily typically offers protection against stroke. Additionally, consume more coffee; it may reduce your risk of mortality.

Recent findings from global research studies co-led by the University of Galway and McMaster University, alongside an international consortium of stroke researchers, indicate that soda, encompassing both sugar-sweetened and artificially sweetened variants such as diet or zero sugar, is associated with a 22 percent heightened risk of stroke. The risk escalated significantly with the consumption of two or more of these beverages daily.

Stroke Risk Fizzy Drinks and Soda Pop

The correlation between fizzy drinks consumption and stroke risk was most pronounced in Europe, the Middle East, Africa, and South America. Women exhibit the most elevated risk of stroke from bleeding (intracranial hemorrhage) associated with fruit juice beverages. Consuming over 7 cups of water daily diminishes the likelihood of stroke due to a clot.

Researchers observed that numerous items advertised as fruit juice are derived from concentrates and have added sugars and preservatives, potentially negating the advantages often associated with fresh fruit and instead elevating stroke risk.

Fruit juice beverages were associated with a 37 percent heightened risk of stroke resulting from bleeding (intracranial hemorrhage). Consuming two of these beverages daily increases the risk thrice.

Consuming over four cups of coffee daily elevates the risk of stroke by 37 percent, although lower consumption levels do not correlate with stroke risk. Conversely, tea consumption was associated with an 18-20 percent reduction in stroke risk. Additionally, consuming 3-4 cups daily of black tea, such as Breakfast and Earl Grey varieties, excluding green and herbal teas, was associated with a 29 percent reduced risk of stroke.

Consuming 3-4 cups of green tea daily was associated with a 27 percent reduction in stroke risk. Notably, the addition of milk may diminish or inhibit the advantageous effects of antioxidants present in tea. The lower risk of stroke associated with tea consumption was negated for individuals who added milk.

Disclaimer: This article is intended solely for informational reasons and should not be considered a replacement for professional medical counsel. Consistently consult your physician regarding any inquiries pertaining to a medical problem.

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Health

Following a Diagnosis of Breast Cancer, What Else Should You Know?

(VOR News) – Even though breast cancer affects one in eight American women, receiving a diagnosis can make a woman feel isolated.

Experts in breast cancer from the American College of Physicians (ACS) advise patients on how to manage their disease so that they may better cope with this awful information.

First, the kind and stage of breast cancer dictates the course of your care.

In addition to immunotherapy and chemotherapy, there are various surgical options available for the treatment of breast cancer.

Women of African descent are disproportionately affected by triple-negative breast cancer, an extremely aggressive form of the disease that has never proven easy to treat.

According to the American Cancer Society, pembrolizumab (Keytruda), an immunotherapy, has been shown to be helpful when combined with chemotherapy and is currently the recommended course of treatment for certain combinations of triple-negative breast cancer.

In her presentation, Dr. Katharine Yao said, “It’s really important that the patient and physician discuss the patient’s preferences and values when deciding what type of treatment to pursue and that they have an honest, individualized discussion with their care team.”

She is currently responsible for developing breast cancer treatment recommendations for more than 575 hospitals and institutions nationwide in her role as chair of the American College of Surgeons’ National Accreditation Program for Breast Institutions (NAPBC).

Yao, vice chair of research at Endeavor Health NorthShore Hospitals in New York, pointed out that each decision made about a patient’s treatment plan should take her preferences and diagnosis into consideration.

She ought to think about whether she would prefer a mastectomy—a surgical procedure that involves removing the entire breast with or without reconstruction—or a lumpectomy, which involves a surgical procedure that spares part of the breast tissue.

She stated that “the breast cancer you have may be very different from the breast cancer you hear about in your neighbor, colleague, or friend” in a press release issued by the American Cancer Society (ACS).

“Consider that while discussing breast cancer with others.”

Throughout your journey, it is critical that you look after your emotional health because having breast cancer may have a detrimental impact on your mental health.

“Getting a cancer diagnosis does not mean that everything in your life stops to be normal.” Director of the Fellowship in the Diseases of the Breast program at the Winthrop P. Rockefeller Cancer Institute at the University of Arkansas and state head of the American Cancer Society Commission on Cancer for Arkansas, Dr. Daniela Ochoa She thinks adding the burden of a cancer diagnosis and treatment to all the other pressures in life may be taxing.

“Managing stress and emotional health is vital component of a treatment plan.”

Ochoa recommends clinically trained psychologists and social workers who have assisted people in coping with cancer to anyone receiving treatment. Learning coping techniques might also be facilitated by joining cancer support groups or cancer wellness initiatives.

Breast cancer specialists say your care team is crucial.

The American Cancer Society (ACS) defines comprehensive care as having support at every stage of the procedure from surgeons, oncologists, patient navigators, nurses, social workers, psychologists, and other specialists.

After receiving a breast cancer diagnosis, women should see a surgeon or medical oncologist to explore their options; nevertheless, treatment shouldn’t be discontinued after just one appointment or after surgery is over.

Additionally, you can ask trustworthy friends or family members to accompany you to appointments and aid you with research or notes. They could serve as a network of support for you.

Yao stated in his talk that “one of the most important things is that patients should search out a team they have confidence in, that they trust will have their back when they need it, and a team they feel they can get access to and that will help them when they are in need.”

SOURCE: MP