How FQHCs Can Leverage Revenue Diversity In Federal Funding Uncertainty
Senior healthcare executives at Federally Qualified Healthcare Centers (FQHCs) face a range of challenges in the wake of federal funding uncertainty. Budget cuts present an enormous obstacle at the top level. Yet, the impact of reduced funding is felt beyond the bank account to every thread of these organizations.
Few FQHCs are prepared or equipped to navigate and manage unstable revenue streams and cycles. Most do not have a plan in place to augment federal funding. Cutting operational costs can create a domino effect of additional issues that FQHCs must then solve. Stabilizing revenue and operations thereafter spawns new hurdles — and all of this within organizations that are already running as lean as possible.
But there are strategies and solutions that can help navigate the “fiscal cliff,” as well as improve, increase and stabilize revenue for stronger, better FQHCs today and tomorrow.
Leverage Innovation & Technology
The role of technology in healthcare has leaped beyond the back office to encompass patient engagement, patient care, and so much more. Healthcare technologies today are far more turnkey, easier to use, less expensive to implement and maintain and piggyback on other innovations to help drive better return.
FQHCs can now tap into and use data, artificial intelligence (AI), machine learning, cloud computing and other advancements with a simple click of a mouse. The result can be better financial and operational performance and reduced costs — with the power to better serve patients.
Diversify Revenue Streams
New revenue streams are the most effective way to circumvent revenue loss, including federal funding. In the past this has centered on creating and managing new service areas that are known to be profitable, such as cardiovascular.
However, today it can also encompass virtual care, telehealth, telemedicine, transportation, farms, fitness courses and other fresh ideas, either through partnerships or in-house programs. FQHCs should take the traditional approach in considering new revenue streams including thorough research and testing concepts, but explore both legacy and new possibilities.
Engage The Patient
Senior healthcare executives know that patient engagement can increase revenue opportunity while reducing costs. But it’s more than just enabling patients to making decisions about healthcare options. It’s also helping them develop the skills, knowledge and willingness to manage their care and adhere to healthier living. There’s also the potential for improved care coordination and continuum, too.
But what’s most exciting in patient engagement is the ability to reach the “unseen patient,” or those who are not engaged in healthcare due to language, income, access or other barriers. These are all areas where technology can have dynamic impact, including helping to solve social determinants and lower expenses.
Ready, Set, Go!
At ConsejoSano, we know that there can be a better future for healthcare and better care for all. We help at-risk providers, government programs, health plans, and employers make decisions and implement technology that can lower costs, increase engagement and produce better health outcomes. Learn how we’re helping FQHCs and more here.