What’s Predictable Revenue?
Predictable revenue in home health and hospice means having a steady, forecastable income through streamlined processes. Financial stability enables agencies to set goals, invest confidently, and continue delivering top-quality care.
Why It Matters
In an industry with fluctuating reimbursement rates and complex regulations, predictable revenue isn’t just a financial strategy—it’s a necessity. For agencies, it means:
- Consistent Cash Flow: Ensures they can cover costs and make informed financial decisions.
- Sustainable Growth: Allows for resource allocation to expand services and improve care quality.
- Higher Care Standards: Enables agencies to prioritize patient outcomes without financial distraction.
Mastering these strategies with HealthRev Partners and Forcura’s tools helps agencies maintain the financial health needed to serve their patients better.
1. Efficient Billing and Collections
Make billing your cornerstone. HealthRev Partners recommends:
- Automating billing from intake to minimize errors and accelerate claims
- Using advanced analytics to track payer trends
- Setting real-time follow-ups for pending claims
Streamlined billing strengthens cash flow predictability and agency health.
2. Diversify Payer Mix
Relying on a single payer source creates risk. Diversify by:
- Expanding services to attract a wider payer base
- Maintaining strong relationships with multiple payers
- Bi-annual payer assessments with Velocity’s reporting
- Using Forcura’s IQ to prioritize new referrals based on payer
This reduces revenue fluctuations and bolsters stability.
3. Train and Retain Staff
Invest in staff to secure steady revenue. Equip your team with:
- Ongoing training on payer requirements
- Standardized tools like Forcura Workflow for streamlined tasks
- Adequate staffing to meet demand, tracked with Velocity’s productivity reports
A skilled, stable workforce optimizes both care quality and billing.
4. Leverage Technology
Technology drives predictability. Forcura and HealthRev Partners suggest:
- Streamlining operations and authorization tracking
- Data-driven decisions with Velocity’s analytics tools
- Scaling efficiently with Forcura’s platform, as Liberty Home Healthcare did, growing by 23%
Automated processes enhance efficiency, cash flow, and financial forecasts.
5. Revenue Cycle KPIs
HealthRev Partners recommends setting KPIs to keep revenue flowing:
- Clear timelines and KPIs per department
- Forcura Circle to cut order cycle times by 50%
- Less than 10% unbilled claims, tracked in real-time
- Claims reviewed every 15 days, managed with Velocity’s alerts
Consistently hitting KPIs keeps revenue consistent.
+1: Incentivize Staff
Motivate with performance-driven incentives:
- Monthly strategy meetings using Velocity’s reporting
- Performance bonuses to maintain high standards
These strategies, powered by HealthRev Partners and Forcura’s tools, help agencies stabilize revenue, freeing them to focus on excellent patient care.
