Updates from your ACE team
It seems that time flies by more quickly as we approach the end of the year! Last month, we announced the launch of our updated Latest News blog and LinkedIn – don’t forget to connect with us on either (or both!) to receive updates on trending issues.
This month, we’d like to focus on two topics – the first is the unfortunate expiry of the Children’s Health Insurance Program (CHIP) and Community Health Care bill, which has received significant media coverage. The second is an interesting survey of FQHC CEOs that highlights common challenges, like balancing mission with financial stability.
With the current uncertainty around timing of FQHC funding renewal, it’s more critical than ever that FQHCs work toward financial independence. A good place to start is by streamlining your revenue cycle, ensuring you capture the most billing revenue possible.
Need some help? Talk to us about our billing solutions – we may be able to increase your revenue with no upfront cost to you! Contact us to find out how.
Delayed CHIP/FQHC funding
Since it lapsed on September 30th, we’ve been tracking the status of the bipartisan Children’s Health Insurance Program (CHIP) and Community Health Care bill. There appears to be general agreement that the bill should be extended, however timelines have not yet been confirmed.
2017 GPCA conference
We had the pleasure of attending Georgia Primary Care Association’s (GPCA) 40th annual conference last week, and enjoyed catching up with friends, clients, and colleagues. As always, we value the feedback from these conferences, and hearing about important industry issues.
Photo of ACE team L-R: Lori Fritz (Director of Pharmacy Implementation), PK Singh (CEO & President), Jennifer Martinez (Director of Billing)
An FQHC challenge: balancing mission and financial stability
Last month, Sage Growth Partners published their findings from a survey of 175 FQHC CEOs conducted at the end of 2016.
According to Sage, “the survey is the first of its kind to provide baseline metrics on key performance areas and attitudes for FQHCs” and its purpose was to gain a better understanding of key challenges faced by FQHCs in an evolving industry.
The survey results highlight that the majority of FQHCs are facing common issues like increased competition and financial uncertainty.
Published in the month when FQHC funding was due to expire (and has now lapsed), the survey reinforces that FQHCs must achieve a tricky balance between fulfilling their mission and generating profit in order to achieve financial stability.
What are some ways to achieve financial independence?
1) Make sure that your revenue cycle processes are efficient, and that you’re achieving the maximum possible billing revenues with minimum lag time or denials.
2) Implement robust 340B pharmacy solutions to improve patient compliance and capture high margin revenues.
3) Consider adding additional specialties and partnerships to generate new revenue streams.