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Outpatient Therapy

Grow Your Rehab Therapy Practice Using Paid Ads and Search Engine Marketing

When done right, paid advertising and search engine marketing are amazing tools to reach new patients and grow your business. By applying several basic tactics, you can start using powerful digital advertising platforms like Google and Facebook to target specific audiences and help ensure a steady flow of business for your practice. Click to View […]

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Hospice

Five Key Stressors Hospice Professionals Face, with Guidance for Support

Hospice professionals help others face death and loss, while juggling interdisciplinary communications, quality compliance regulations and ever-evolving technologies. You are continually there for families and their dear ones who are passing away. But what about you? Get the eBook In caregiving professions, it is easy to get swept up in the needs of others and forget […]

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Leadership

Net Health’s CIO discusses diversity and how it can build a stronger organization

Diversity in the workplace is an on-going issue but it’s an issue with solutions. To build diversity, it takes forward-thinking initiatives, a reexamination of the hiring philosophy, and the support of the company’s decision-makers.  One such supporter of diversity in the workplace is Net Health’s CIO, Jason “JJ” James.  Recent social movements like Black Lives […]

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Tough Questions | Real Answers: Net Health’s Fireside Chat about Race

Net Health did something different recently. Nearly two hundred employees and their families gathered around their computer screens to take part in a landmark event in our company’s history – we called it a “Fireside Chat about Race”.  The purpose of this event was to have a truly open conversation about the controversial but relevant […]

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Blog Posts How Hospices Can Use Technology to Beat Financial Challenges
Hospice

How Hospices Can Use Technology to Beat Financial Challenges

September 14, 2020 by Net Health

A strong majority of hospices are facing deep cuts to revenue in calendar year 2020, according to results from a National Association for Home Care & Hospice (NAHC) survey.1 This is largely due to dramatic drops in referrals/admissions from nursing facilities, hospitals, and the community.  Survey results showed:

  • A full 60 percent of hospices predict a decrease in annual revenues during calendar year 2020.2
  • At the same time, more than 80% of hospices expect costs for 2020 to increase, with 25 percent expecting an increase of 15% or more largely due to costs related to Personal Protective Equipment (PPE). 3
  • Adding to our woes, 44% of hospices report a reduction in fundraising revenues – an outlet traditionally used to cover our unreimbursed costs.4

How are Hospices Managing?

Financially speaking, 2020 has presented a tsunami of obstacles to hospices around the country. While telecommunication visits have helped to ease hospices’ ability to connect with patients, obstacles remain in 2020. To weather the pandemic:

  • More than 46% of hospice survey respondents have received loans or grants through the Small Business Administration (SBA).5
  • 41% of hospices have been forced to decrease patient care staff.6 
  • In addition, 37% have reduced their administrative staff.7

How are hospices combating these downward trends? Some are using technology to create new efficiencies that allow them to recover income more quickly, and perhaps recover missed opportunities.  Cutting costs and recovering revenue in small ways over and over can add up to thousands of dollars. Eliminating small inefficiencies can give hospices significant financial benefits by the end of the year. Even hospices among us that are already running lean stand to benefit from the efficiencies new technology offers.

An efficient electronic health record (EHR) software solution built specifically for hospices can help prevent lost revenue due to late filing of Notice of Elections (NOE). Does your current system provide you with auto alerts that prompt you to file the NOE within five days of the patient being admitted? That’s one way to speed up revenue recovery time.

Speaking of timely billing, some systems give hospices the ability to populate UB-04 automatically, reducing the burden on billers to gather information before submitting a claim, thus speeding up billing.

With hospices facing so many challenges this year, many of us are turning to improvements in technology to help our hospices recover more income by the end of 2020.

Save Hours of Staff Preparation Time with Optima Hospice

Designed and tailored for hospice agencies, this comprehensive EHR software solution offers IDG efficiencies through streamlined, hospice-specific business processes to help reduce staff hours and reduce costs. Learn more.

1-7National Association for Home Care & Hospice, “Hospice in the Time of COVID-19: Findings from the NAHC National Survey,” May 27, 2020.

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