
How do we balance the need for financial sustainability with our mission to provide top-notch patient care?
In the ever-evolving landscape of healthcare, one of the most pressing challenges is ensuring that we have the resources to serve our communities effectively. How do we balance the need for financial sustainability with our mission to provide top-notch patient care? In a recent episode of our podcast, we explored this topic with insights from our experience partnering with Capta, a company that has revolutionized our approach to revenue cycle management.
The Initial Skepticism and Surprising Results
When we first engaged in discussions with Capta’s leadership team, I was admittedly skeptical. As a healthcare provider already recognized by the Healthcare Financial Management Association (HFMA) as best in class, I questioned how much more we could improve. However, Capta’s tools and expertise have exceeded our expectations, leading to a 4% improvement in our net patient revenue and a reduction in the cost to collect. This partnership has not only enhanced our financial margins but also reaffirmed our commitment to our mission.
Enhancing Patient Access and Investment Opportunities
One of the most significant benefits of our collaboration with Capta is the ability to reinvest in areas that were previously out of reach. The additional revenue generated has been funneled into our general fund, supporting our overarching mission. This financial flexibility allows us to focus on patient access, ensuring that we remain dedicated to serving our community’s needs. The improvements in our revenue cycle have opened doors to new opportunities, enabling us to enhance our services and invest in future growth.
The Value of a Second Lens
Capta has provided us with a critical second lens to evaluate operational opportunities. Their expertise and resources have allowed us to filter through and identify what truly matters. This level of confidence and support is something that many organizations lack, and it has been instrumental in our success. By partnering with Capta, we have gained access to a wealth of knowledge and experience that has been pivotal in driving our improvements.
Overcoming the Fear of External Partnerships
One of the biggest hurdles for leaders is the fear of bringing in an external party and admitting that we don’t have all the answers. However, our experience with Capta has shown that they are more than just a vendor; they are a true partner. Their openness and willingness to collaborate have made a significant difference in our operations. For any healthcare leader considering a similar partnership, I would recommend starting the conversation and being open to the possibilities.