It is estimated that 95% of healthcare providers purchase new technologies to improve productivity or reduce labor costs. Citing revenue cycle management (RCM), patient intake, clinical systems, and telehealth, providers invest in areas where these technologies benefit their practices, patients, and returns.
Billing and collection services play a critical role in the financial health of Federally Qualified Health Centers (FQHCs). In the rapidly evolving healthcare landscape, understanding and optimizing these operations is vital for maintaining the stability and efficiency of FQHCs. Many health centers are faced with the challenge of rising costs and declining reimbursement. This trend is not just an issue for the FQHCs; it also profoundly affects their patients.
FQHCs operate in and serve low-income populations, including underinsured and uninsured patients. Because of this, FQHCs are mission-focused and not primarily driven by profit, which creates unique challenges and issues regarding billing and collection services. In order to best serve their communities, FQHCs need the revenue from services provided, which makes accurate and efficient RCM essential to their financial sustainability.
A comprehensive system for measuring performance is essential to ensure that these centers maximize their revenue potential through proficient billing and collections practices and effectively serve their communities. To better understand the challenges of establishing efficient billing and collection services, we must first delve into the key performance indicators (KPIs) and benchmarks for assessing the effectiveness of billing and collection services in FQHCs.
