Hospice by Freed Maxick

Insights

Revenue Cycle Management

Challenges & Solutions

Who We Are

An overview of our services and solutions.

Hospice & Palliative Care

30+ years experience. 50+ personnel.

Being active members of the community where we work, live and play is a fundamental component of the Firm.

In it for the Community

We listen first, and are forthright about opportunities, issues and concerns.

Communication that Matters

We use creative approaches and collaborative efforts to deliver the right advice.

Ahead of the Curve

We are passionate about helping our clients; your success is our key focus.

Performance Team

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Core values

We are personally invested and take pride in everything we do.

Take it Personally

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Freed Maxick Healthcare can help you find solutions.

Hospice organizations face many ongoing changes & challenges.

Reimbursement pressure

Increased regulatory oversight

Staffing shortages

Care model expansion

Heightened competition

Technology & data void

Limited resources

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Strategic Planning & Integration

Hospice & Palliative Care Core Services

Financial Support & Analysis

Revenue Cycle Management

Physician Practice Management

Growth & Service Line Development

Strategic Partnerships / Mergers & Acquisitions

Referral to Admission Cycle Time

Business Intelligence

Labor / Caseload Management & Position Control

Clinical Operations: Operational Transformation & Expense Management

Financial Support & Analysis

Freed Maxick brings a deep understanding with a depth of skill and knowledge in the finance areas to advise and support your needs in treasury management, financial reporting and decision support, service line analysis, internal controls and segregation of duties, financial operations, regulatory reporting, purchasing and disbursement, and payroll oversight.

Revenue Cycle Management

Our proven approach leverages people, knowledge, technology, and process redesign to enhance revenue cycle performance. We utilize an assessment process to identify opportunities to improve revenue capture, accelerate cash flow, reduce bad debt losses, and identify solutions that will allow us to determine the appropriate implementation plan and focus efforts that will address the barriers to achieving acceptable key revenue cycle indicators.

Solutions that Meet Your Needs

What our clients say they need

Solutions that Meet Your Needs

What our clients say they need

Drive visibility and accountability across all staff, especially when doing less with more, or talent gaps exist.

To leverage technology

To improve billing cycle and cash acceleration

Timely and accurate reporting

With expertise in building solutions to help move the organization to becoming data-driven and accountable to results. Finding a partner with subject-matter expertise in Hospice and Technology is challenging.

A partner

To improve operations

To enhance clinical outcomes

To enable growth and business development

Access to diversified talent

Clearly defined processes, controls & responsibilities

Data collection beyond financial metrics to drive organizational value

Automated solutions to minimize need for manual transactions and reduce errors

Accurate & timely financial reporting & analysis

What You Get from Partnering with Freed Maxick:

Innovation & process improvement

Board material preparation

Dashboard reporting beyond traditional month-end reporting package

Delivery of reliable, accurate information to support decisions and keep members informed

Reliability of firm function vs. small internal team

Relieved of burden of managing and developing accounting staff

Wide range of expertise available for consultations as need

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Driving your Strategy and Transformation

See How it Works

Revenue Cycle Management

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Our Healthcare Practice

Who we are

Freed Maxick’s Healthcare Practice partners with hundreds of providers across the healthcare spectrum. We offer over 30 years experience in the healthcare industry and have over 50 full-time professionals dedicated to this space.

Include comprehensive advisory and consulting services (transformation, strategy, performance improvement, revenue cycle, business intelligence, operations, project management and regulatory compliance) as well as traditional compliance services (assurance, accounting and tax).

Our services

Have come to rely on our extensive knowledge of finance, accounting, regulatory and operational matters to assist with understanding issues and developing practical and effective solutions.

Our clients

Home care agencies

Long-term care facilities

Hospitals

Integrated health systems

We serve

Behavioral health providers

Physician practices

Hospice and palliative care providers

Tax Advisory

Data Governance & Cybersecurity

Fractional C-Suite Support

Risk Advisory Services

Beyond our healthcare expertise, the power of Freed Maxick knowledge and strategic resources would be at your disposal.

Enterprise risk management Internal controls consulting Business continuity Business impact analysis

Operational measurement and benchmarking

Third Party relationship management

Regulatory compliance

Development & implementation of policies and procedures

Privacy consulting

Web application security assessment

Incident response planning

Social engineering

Tax planning Tax credits and incentives Tax reduction strategies Transaction advisory

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Our clients have come to depend on our extensive knowledge of finance, accounting, regulatory and operational matters to assist with understanding issues and developing practical and effective solutions. We welcome the opportunity to meet with you and learn more about your needs.

Let’s take the first step.

Cybersecurity is a major challenge for all kinds of businesses, and it only seems to get more complicated. Learn more how healthcare organizations can protect themselves from cybersecurity threats.

Cybersecurity Challenges for Healthcare Organizations

The Medicare Advantage (MA) Carve-In is expected to be a major disruptor for all Hospice and palliative care providers. As a result, providers like yours need to prepare for certain changes.

Understanding the Medicare Advantage Carve-In

Although the impact of the Change Healthcare cyber attack is still being understood it is clear its impact is far reaching. As such, it is imperative that healthcare providers mobilize quickly to minimize the impact to their organization and patients and continue operations as normally as possible.

The Change Healthcare Cyber Attack and Preparing for Its Effects

Insights

Innovative care delivery models

Controlled costs

Maximized revenue and increased cashflow

Improved patient outcomes using our innovative business intelligence platform

Regulatory experts to address industry challenges

Partnership that leverages your strengths & capabilities

Specialized Hospice and Palliative Care team

Maximized revenue and increased cashflow

Regulatory experts to address industry challenges

Partnership that leverages your strengths & capabilities

Regulatory experts to address industry challenges

Specialized Hospice and Palliative Care team

Partnership that leverages your strengths & capabilities

Specialized Hospice and Palliative Care team

Partnership that leverages your strengths & capabilities

Specialized Hospice and Palliative Care team

Controlled costs

Innovative care delivery models

Improved patient outcomes using our innovative business intelligence platform

Specialized Hospice and Palliative Care team

Controlled costs

Maximized revenue and increased cashflow

Improved patient outcomes using our innovative business intelligence platform

Partnership that leverages your strengths & capabilities

Improved patient outcomes using our innovative business intelligence platform

Regulatory experts to address industry challenges

Partnership that leverages your strengths & capabilities

Effective palliative, and advanced illness, primary care physician practice management for a hospice operation is essential for the successful delivery of quality care. Monitoring performance and using data-driven decisions can help ensure that the hospice practice maximizes revenue capture while providing excellent care to patients and driving quality outcomes and transition to hospice.

Physician Practice Management

At the core of hospice care is efficient patient access, support, comfort, and improved outcomes. You can increase your programs access and capabilities to serve more patients by understanding your true barriers. The way your organization enhances relationships with referral partners can be transformed by leveraging data and technology to capture market share. This will drive measurable change by increasing access to patients who need end-of-life care.

Growth & Service Line Development

Freed Maxick assists hospice organizations in understanding and aligning their strategic priorities to drive their mission, vision, and value. This planning process develops a roadmap that assists organizations in leveraging people, processes, and technology to drive change, achieve best practices and economies of scale, and collaborate in ways that better prepare each hospice to overcome the barriers that lie ahead.

Strategic Partnerships / Mergers & Acquisitions

Decreasing the referral to admission cycle time for hospice care is an incredibly important goal in order to provide high-quality patient care. By streamlining the process and making it more seamless, patients can receive the care they need quickly and efficiently.

Referral to Admission Cycle Time

Often, access to timely and reliable data in an intuitive dashboard is critical to identifying opportunities for cost reduction and change, as well as tracking the success of key imperatives. Our tools are designed by hospice industry experts, and enable a culture of accountability with no incremental investments in hardware, software or FTEs.

Business Intelligence

By implementing caseload management that matches quality with financial needs in a way that prioritizes patient comfort and quality, hospice providers can ensure their organization remains successful for years to come.

Labor / Caseload Management & Position Control

In order for hospices to manage their expenses and ensure long-term growth and sustainability, it is critical to implement an operational transformation strategy. By optimizing the management of financial resources, improving quality of care,and enabling access to more patients, an operational transformation will enhance profitability as well as strategic positioning overall.

Clinical Operations: Operational Transformation & Expense Management

Reimbursement pressure

Increased regulatory oversight

Staffing shortages

Limited resources

Care model expansion

Heightened competition

Technology & data void

Finance & Ops

Maximized revenue and increased cashflow

Regulatory experts to address industry challenges

Partnership that leverages your strengths & capabilities

Reimbursement pressure

Regulatory experts to address industry challenges

Increased regulatory oversight

Specialized Hospice and Palliative Care team

Partnership that leverages your strengths & capabilities

Staffing shortages

Regulatory experts to address industry challenges

Specialized Hospice and Palliative Care team

Maximized revenue and increased cashflow

Partnership that leverages your strengths & capabilities

Improved patient outcomes using our innovative business intelligence platform

Controlled costs

Heightened competition

Regulatory experts to address industry challenges

Partnership that leverages your strengths & capabilities

Improved patient outcomes using our innovative business intelligence platform

Back to Hospice & Palliative Care

Revenue Cycle Management

Our collaborative process for developing an initial revenue integrity implementation plan

Strategy & Deliverables

We help with:

Process improvements

Technology enhancements

System optimization

Performance improvement

Activities Supported:

System maintenance

Proration, remittance, and transaction management

Contract management functionality, reporting, underpayment detection, and recovery

Billing, claims management, and revenue integrity functions

Staffing and organizational structure

Denials management, reporting, prevention, recovery, and monitoring

Enhance Cash Flow and Revenue Capture

Revenue Cycle Management

See what you get

denials for eligibility

54%

Through utilization of consulting and transparency

no authorization

25%

Proven outcomes in Revenue Cycle Management

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Expertise and support to drive performance & accountability in key financial areas

Financial & Operational Transformation

Treasury management

Month-end close process & standardization

Audit preparation & coordination

Monthly account reconciliation & review

Financial reporting & decision support

Technology & systems utilization

Budgeting & forecasting

Internal control review & compliance

Transformation: Growth, Performance, & Productivity

Physician Practice Management Support & Transformation

Transformation: Labor & Staff Productivity

Physician practice operational expertise to assist in driving changes and outcomes

Provider scorecards

Provider volumes & productivity

Enhanced reimbursement opportunities

Value based outcomes to drive network & payor relationships

Clarity on contribution margin to Hospice service line

Visibility to drive accountability

Drive provider outcomes & increase provider revenue

Physician Practice Management Support & Transformation

Integrated “Key Referral Partner” report enables external reporting that identifies successes for individual referral sources including individual facilities and individual MDs, to allow for strategies to enhance market share from key referral sources

Reports and metrics allowing for evaluation of historical metrics to enable a clear focus on growth in census, to attain budgeted goals by level of care, geography, etc.

Comprehensive high-level view of all open referrals, enabling full accountability within the intake process, including delays that can lead to NTUCs and patient dissatisfaction

Transformation of patient access through support, process improvement and data-driven decisions

Collaboration in assessing your market position and growth potential in order to develop strategic growth plan

Growth through visualization and accountability

Transformation: Growth, Performance, & Productivity

days in AR

50%

in cash collection

10%

Through changes in follow up and strategic targeting of accounts

Directly due to the reductions in AR

Productive and Total FTE reporting, Mileage reporting for cost control

Alignment of Daily Census to Productive FTEs to compute Case Loads by Discipline

Alignment of Visits with Payroll productive hours to compute individual visits per day

Increase management’s ability manage staff shortages and realign staff through the ability to monitor overtime utilization by Department, Discipline, Job code

Visits per 8-hour day, Case Loads, FTEs, Mileage

Visibility to drive accountability and increase employee engagement

Transformation: Labor & Staff Productivity

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Let’s take the first step.

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Let’s take the first step.

Reduce compliance risk by ensuring claims are billed correctly.

Prepare for new lines of business and additional payer requirements.

Achieve substantial and tangible return to organizations.

Understand the source of denials, helping to identify process improvement and better collections.

Visibility to claims process, improve turnaround time and cashflow.

Immediate visibility to avoid denials, mitigate write-offs, and collect cash for the services you’ve already provided.

Losses as a % of NPR year over year through the utilization of improved collection processes

in bad debt

58%

Visualize Data and Proactively Manage