When it comes to cost-cutting efforts, where do you start? TPC Members have the advantage of looking across multiple business lines for essential cost reduction opportunities. Learn more about what we can do for you.
Mergers Have Defined Healthcare in Recent Years, but It Isn’t the Only Way
Merger announcements have dominated recent news in healthcare. Rumors abound that St. Louis-based Ascension Health is considering a merger with Renton, Washington’s Providence St. Joseph Health.[1] Together, they would make the nation’s largest system of hospitals. Merger deals were also announced between Catholic Health Initiatives and Dignity Health, and another between Advocate Health Care and Aurora Health Care. All claim that uniting leads to more efficiency and overall better care. But the results are far from conclusive, and many independent hospitals simply don’t want to be acquired or part of a major merger.
Increasing Efficiency and Collections with TPC’s Outsourced AR Management Program
Hospitals are hectic, busy places, where it can be difficult to manage all aspects of operations thoroughly. This is particularly true of vendor relationships. In order to achieve optimal performance, vendors need to be held accountable for their results – for the sake of both their contractual obligations and the welfare of patients.
Becoming a TPC Member Brings Meaningful Cost Reductions for Healthcare Organizations
When Hendrick Health System joined TPC in 2011, the organization saw a significant reverse in a years-long trend of rising supply costs. In 2005, supply expense as a percentage of net revenue at Hendrick was at 23%; by 2014, that number had dropped to 18.9%. “That, to me, is a very telling story about the amount of value that TPC has added,” explains Jeremy Walker, Chief Financial Officer of Hendrick Health System. “Overall, the TPC solution has saved our {combined} organizations over $180 million since 2010,” Walker says.
TPC Welcomes Cody Waldrop as VP Revenue Cycle
Cody brings 22 years of experience in healthcare and revenue cycle, with specific expertise in Patient Access, Revenue Integrity and Patient Accounting for hospitals and physician practices. He joins TPC from PricewaterhouseCoopers where he served community-based and investor-owned hospital clients all over the United States. Cody’s proven track record of using of data-driven analytics and established industry benchmarks, along with his ability to collaborate across all functions of the revenue cycle, has enabled him to successfully achieve strategic revenue cycle goals in a wide range of circumstances.
TPC’s Energy Program Saves Members Millions through Collective Strength and Acquired Expertise
All around the country healthcare organizations are facing declining reimbursements and receivables. In response, these organizations have been challenged with finding innovative ways to cut costs and streamline their processes – even in areas not directly related to patient care. For hospitals, saving on energy costs is an absolute necessity. As all hospitals are unique in design, size and the different specialized services they provide, their cost of energy is variable and subject to market forces such as supply and demand, variation in in prices and taxes, and the form of energy used.