Co-Sourcing Delivers Additional Cash Without The Outsourcing Issues
With over 12 years in the business, having supported local provider organizations as well as large health systems, we understand the financial realities of healthcare better than most. Payers are getting increasingly sophisticated in targeting reductions in payments, now deploying automation at scale.
Hospital expenses are growing 3% faster than revenues and by 2025 the average hospital is predicted to have negative operating margins of 4.2%.
Traditional models of outsourcing no longer maximize cash with minimal cost. Cherry picking, loss of operational control, low quality workmanship and high cost all make traditional outsourcing un-attractive in today’s environment.
Insourcing faces talent challenges, high overhead costs, limited real estate and lacking IT budgets to automate.
Co-Sourcing eliminates these issues:
- Creates incentive alignment through a shared compensation structure
- Provides the specialized technology, like automation, to combat payer advances and allows cost reduction through labor reduction
- Maintains provider control through shared governance & collaboration
- Uses dedicated high quality resources, managed through a comprehensive workforce development system
- Lowers cost with lower overhead, real estate and general attributions
- Creates full transparency, including sharing of findings to improve internal operations
What Is Co-Sourcing Of A/R Management
Co-sourcing means we jointly operate the “vendor”, and incentives we are aligned through the payment structure to make sure there is true incentive, on both sides, to maximize cash and minimize cost. It means profits are shared in a fair and equal way, and joint governance ensures work is done in a fashion aligned with your wishes. You maintain control. Best part is, it is all managed through the contract, so no complexities like needing to form a joint venture.
In a Co-Sourcing arrangement automation and workflow technology is applied to your A/R efforts, and the gains are again shared with you. As a co-sourcing partner, we leverage the technology cost over several of our partners, making it affordable for everyone.
In our onshore Co-Sourcing partnerships, only dedicated, high quality resources are deployed that undergo constant workforce development. Performance is measured at all levels continually, and the HR structure and overhead is one designed for back-office operations, not healthcare provider organizations.
Co-Sourcing Is Simple To Launch
- Contract with us for co-sourcing aged A/R
- HEI runs the co-sourcing operation & provides:
- Staffing & Workforce Development
- Operational Management, Oversight & Root Cause Feedback
- These services are provided in a transparent cost environment
- Profits generated by the co-sourcing operation are shared
- A jointly staffed steering committee provides governance oversight