March 2024 —Rivet CEO and Co-founder Ted Ferrin wrote an article entitled, "Navigating Revenue Challenges" published in Physicians Practice on March 5.
Most healthcare organizations utilize net revenue forecasting as a part of the equation for activities critical to the health of operations and care delivery, so being precise is paramount to stability and satisfaction across the board. Using an intuitive and comprehensive platform for managing financial activities can produce these accurate insights and provide organizations with financial x-ray vision.
The other key component to improving financial health, which works in tandem with precise forecasting, is the delivery of valuable insights to allow financial leaders to identify the root cause of any shortages.
To pinpoint the source of revenue shortages, information like service, location, procedure, payer contract, and other confounding factors need to be easily accessible to view the variances causing drops. Having direct access to this data and a clear view of the information is the most efficient way to directly increase revenue, and eliminate excessive time spent digging through spreadsheets or coordinating with other teams for access. No matter what an organization’s financial goals are, whether it’s auditing the past or forecasting the future, using a holistic platform that harnesses the power of historical data and contracted rates can put users on a level paying field.
Read the full article here.
Rivet, a healthcare financial diagnostic and revenue acceleration platform, recently launched Revenue Diagnostics, a platform for financial leaders to gain full visibility into forecasted net revenue, cash collection, and claim adjudication for a full picture of their organization’s financial health.
To learn how Rivet is empowering healthcare provider organizations with industry-leading revenue acceleration tools, visit www.rivethealth.com.
Rivet, healthcare's leading financial diagnostic and revenue acceleration platform, protects provider revenues while delivering industry-renowned transparency on everything from payer contracts, overturning denials, forecasting cash and net revenue, and facilitating patient cost accuracy and payments. As a purpose-built financial operating system for healthcare, Rivet empowers financial leaders with net revenue clarity for strategic management. Rivet also serves administrative staffs with sophisticated tools to manage, benchmark, and negotiate payer contracts, as well as auto-detect payment variances, handle delinquent claims, and quickly recover revenue after wrongful denials. As a partner-agnostic platform, Rivet seamlessly interacts with all EHRs to deliver HIPAA-compliant, secure good faith estimates to patients and facilitate upfront payments. Based in Salt Lake City, Utah, Rivet believes healthcare finance teams deserve more from their revenue cycle tools and is offering a platform that levels the “paying field” between providers, patients, and payers for an elevated financial experience. For more information, please visit rivethealth.com.