“Over my 34 years as a healthcare executive, I have used a number of consultants for a variety of operational improvements. I can attest that RCS has been the best by a far margin! RCS has delivered results through experienced executives, detailed and thorough reports and attainable action plans.”
Richard Allen, CEO, Warren General Hospital, Warren, Pennsylvania
Strategic Advisory Services
Revenue Cycle Solutions (RCS) has the capability to facilitate the strategic planning efforts of hospitals that are considering a merger, affiliation, or partnership with another hospital, health system, or insurance company. Our experienced team includes a former hospital CEO, CFO, corporate attorney, business strategist, investment banker, and physician—all of whom have merger/affiliation experience.
Today, all healthcare organizations are facing the challenge of providing quality care while receiving diminishing reimbursement as we move from a payment system that has rewarded volume to one that now will reward value. Hospitals will need to obtain more operational efficiency and improved bottom lines whether they wish to remain independent or strengthen their financial position when considering a full-asset merger or some form of partnership. Hospitals will continue to strive for solutions that enable them to provide services that meet the needs of their communities while remaining financially viable.
Our team can assist hospitals in determining their net worth and strategic value in any potential partnership, and facilitate the negotiations between the parties until a final agreement is reached and partnership documents are signed. Specific components of our Strategic Advisory Services include:
- Consultative support to boards of directors and CEOs relative to short- or long-term strategic plans, and capital and operating budgets
- Assistance with the development of merger and affiliation strategies (financial, legal, and operational) to enhance the viability of hospitals in relation to their respective communities
- Development of negotiating strategies to bring win/win results to both parties engaged in partnership discussions
- Provision of financial oversight to ensure sound analysis of monthly financials (profit/loss statements and balance sheets), as well as third-party-payer contract analysis
- Assistance in the recruitment of a new CEO
- Provision of interim CEO services
RCS works collaboratively with both CEOs and Boards of Directors to assist them in determining the best strategic direction for their facilities. Our team provides consultation relative to legal, financial, medical, community relations, communication and overall strategy initiatives associated with the prospect of affiliation or merger. Our team of senior consultants has real-life experience with merger and affiliation activities in prior positions in the hospital sector, and brings their personalized approach to every engagement.
Your organization will benefit from a customized and personalized approach to your strategic needs. Together with your hospital’s leaders, RCS works to provide the best strategic solutions to meet the healthcare needs of the communities that your hospital serves. Advisory consultation is offered so that all clinical services are provided based on community need and financial viability. Additionally, you will benefit from our negotiating strategies, whether dealing with insurance companies or other potential partners. We will guide your organization through a request for proposal (RFP) process to ensure you receive the best possible outcome concerning the ongoing viability of your organization.
“When I came to work here, I quickly realized that the entire revenue cycle was broken… A colleague of mine recommended Revenue Cycle Solutions. They did a complete strategic analysis of patient access and patient financial services and our computer conversion solutions. RCS came in made the system changes to fix that part of the revenue cycle. They also did an excellent job with patient access and patient financial services.”
Joe Barnes, CFO, Grant Memorial Hospital, Petersburg, West Virginia