TRC Financial Services
Rural hospitals provide vital health care services for their residents and contribute to the overall economic and social well-being of rural communities. These services are particularly important given that the health gap between urban and rural Americans continues to grow –and rural residents are already at higher risk of death from potentially preventable injuries and disease than their urban counterparts.
Despite their importance, rural hospitals have been closing at an increasing rate. Factors contributing to financial difficulties in rural hospitals include dwindling rural populations, patients traveling to more trusted hospitals in bigger cities, increased reliance on outpatient care and health professional shortages.
COVID-19 amplified these challenges as rural hospitals lost revenue with the decrease in number of elective services. The statistics on rural hospital closures are alarming. As of January 2021, more than 800 rural hospitals across 47 states were at immediate or high risk of closure.
How TRC Can Help with Hospital Financial Challenges
One of the key reasons hospitals turn to us for RCM assistance, is our expertise with financial services, including vast experience in general accounting and the ability to use our tested and proven systems. We have a host of financial experts who will consult with you one-two-one, and with our guided help, you can learn where lost revenue lies, what is responsible for that, and to collect what’s owed to you.
All Accounting Areas
From general accounting and financial reporting support, to creating custom reports and dashboards, to AP support, cost report preparation, year end close procedures and more, our talented team can take care of it all – quickly and efficiently. Plus, with our Tier 1 support service, we are devoted to providing timely communication and quality customer service. With TRC Financial Services on your side, you’ll be able to see your revenue grow and avoid costly errors. We have helped many hospitals improve KPI tracking, establish inventory control, improve cash management and way beyond.
Accounts Payable and Payroll
Helping hospitals know their cash position in real time is another promise we keep. We assist in managing accounts payable and payroll. These are two big, time-consuming, labor-intensive tasks that are necessary to perform in a timely, and consistently accurate manner. We provide superior invoicing skills and spend time making sure invoices are entered accurately and in a timely fashion into your system. It is our pleasure to take that burden off your plate.
Another important area where we can help is with inventory control. Utilizing JumpStock Inventory Management, we help our hospitals gain control and manage inventory. TRC is proud to support JumpStock, a brilliant software package with point-of-use technology that makes it easy for technicians and clinicians to record the consumption of materials they use every day.
OLD CONTENT – What we’ve discussed so far are mainly external factors contributing to financial downturns, but many of these hospitals are also being inefficient and wasteful in terms of their own internal financial practices. They have little or no understanding of their financial well-being, the size of their accounts receivable and especially the billing that is being denied because of coding errors or other simple and curable mistakes.
One of the key reasons hospitals turn to us for RCM assistance is our expertise with financial services, including vast experience in general accounting and the ability to use our tested and proven systems – and a host of financial experts who will consult with you one-two-one, which adds up to tangible value. With our guided and sophisticated help, you can stop wondering how much money is being left on the table after services are complete. You can learn where lost revenue lies, who’s responsible, what’s responsible and how to collect what’s owed to you.
Our general accounting system crunches numbers and reveals data that can be turned into actionable information, like the ability to adjust workflows. It adds up to your hospital’s ability to pinpoint issues so financial fissures can be plugged up. We have helped many, many hospitals improve KPI tracking, establish inventory control, improve cash management and way beyond.
Helping hospitals know their cash position in real time is another promise we keep. We assist you in managing your accounts payable and payroll. These are two big, time-consuming, labor-intensive tasks that are nonetheless important to perform and to be able to do so in a timely, consistently accurate manner. Being aware of your economic health and strength and recognizing trends allows you to plan for the future and know whether you can afford to buy sophisticated technical equipment that keeps you competitive, improves patient care and ensures more positive outcomes. You’ll know what money is available to keep your talented staff happy, top physicians well paid and if you can hire additional staff.
TRC can assure you of unparalleled accuracy in our financial statements. We do this by making sure there is validation between the general financial accounting system that you produce (and share with your board) and the EHR that you’re using. In other words, we make sure the income you’re reporting balances with the sales or services that your hospital has provided. We also align your expenses with your EHR, extending to your labor and distribution costs, write-offs and legal deductions associated with your cost of doing business. Each month, TRC strives to reconcile your accounts payable liability to your open invoice list.
We provide superior invoicing skills and spend time making sure invoices are entered accurately and in a timely fashion into your system. It is our pleasure to take that burden off your plate. Another important area where we help is with inventory control. Here, JumpStock software leaps technologically forward to help our hospitals manage inventory. TRC is proud to support JumpStock, a brilliant software package with point-of-use technology that makes it easy for supply chain technicians and clinicians to record the consumption of materials they use every day.
Imagine the benefit for your hospital if you had inventory reports that show what you have in inventory, how fast you are using it, when you might stock out, what you have on order, and how much you should order to meet future demand – all without tying up cash in excess inventory. You’d be able to track and maintain a perpetual, real-time inventory, which would prove a valuable tool for managing your assets.
Overview of TRC Financial Services
Fine Tune Your EHR
Are your employees unhappy? Are you struggling getting data out of your EMR? Revenue Cycle stress? Let us know, and we can help.