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3 Steps to Prepare for the Shift to Medicare Advantage
As more patients shift to Medicare Advantage, the proactive hospitals will be prepared for how the resulting revenue and LOS changes affect their overall business. Here are 3 steps you can take now to prepare your hospital for the coming shift in your payer mix.
Step 1: Compare your Medicare Advantage contract payments to your Medicare payments and apply that to your expected patient mix. This will allow you to calculate whether the shift will create an increase or decrease in revenues. Do it now, so you have time to build up a negotiation strategy for you Advantage patients.
Step 2: Develop a negotiation strategy based on the results of Step 1 to improve your Medicare Advantage contracts. Identify areas of high volume population growth and focus on these. Medicare Advantage revenue, relative to Medicare, varies widely from hospital to hospital. PDS can show you where you stand relative to your peers, and help you develop a strategy that meets your revenue goals.
Step 3: Start planning for new service lines to fill open beds. Often the shift to Medicare Advantage results in reduced LOS and lower readmission rates. Plan now for how you are going to fill those empty beds.
PDS can help. We can help you access and analyze the data so you are prepared for the coming shifts. With some planning now, you can make sure the shifting winds are in your favor.
For more information, click here.
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