Brim Financial Services

Brim Financial Services provide in-depth financial management and consulting services to Brim clients that allows hospitals to operate efficiently and increase financial strength. Listed below are several areas of assistance provided:

Financial Oversight Regional financial officers provide a monthly review of financial statements, financial indicators, productivity, and accounts receivable indicators. The accounting system is reviewed, including reserves, to ensure that the hospital financial statements are accurate. Regional financial officers also work with hospital personnel to ensure that hospital board-approved financial policies are implemented.

Operational Reviews Operations from a financial perspective are reviewed by regional financial officers. Hospitals are provided financial and productivity indicator comparisons with other Brim facilities as well as state and national data. Best practices data is shared with Brim facilities. Regional financial officers can provide a mid-year financial review analyzing year-to-date financial performance versus the budget and recommendations for improvement. A review of the revenue cycle can be provided as well as review of the materials management system.

Long-Term Planning From the review of the annual budget to providing multi-year financial projections during strategic planning meetings, regional financial officers provide the hospital with long-term planning. Reviews of long-term investments, providing assistance with capital expenditure decisions, reviews of loan agreements, and debt capacity analysis are additional areas of assistance.

Revenue Enhancement Regional financial officers can provide assistance with managed care agreements including key language and rates to increase net revenues. They can help hospitals determine if they need strategic rate setting. Additional reimbursement opportunities for cost-based programs will be reviewed for each hospital. Working together with Professional Services, Brim’s Clinical Resource Management program can be implemented and enhanced.

Manpower Management Regional financial officers work with Professional Services to implement Brim’s Manpower Management System to ensure that the hospitals utilize optimum staffing. This includes on-site education, assistance with implementation, ongoing reviews, and assistance and implementation of the Manpower Management Report.

Management Assistance Regional financial officers assist the on-site management team as needed. They will assist the CEO with the recruitment of chief financial officer, act as a mentor for the CFO, and may provide assistance with the recruitment of other financial positions. To assist management, a review of the independent audit report, the management letter, and the management letter response can be provided. Regional financial officers will work with on-site personnel to ensure corrective action has been implemented.

Patient Financial Services Patient Financial Services provides Revenue Cycle Management resources for the Brim hospitals. Our goal is to identify opportunities for improvement and provide recommendations for resolution. Utilization of this information will enable the facility to maximize reimbursement, consequently increasing cash flow, and assist the facility to transition to the next level of excellence. Brim offers on-site Business Office Assessments with corresponding Consulting Trip Reports that outline a plan of action for resolution of identified issues. The following areas are considered for review during the assessment process:

Up-Front Collections
Insurance Verification/Pre-Certification
Pre-Registration
Registration
Billing
Cashiering
Collection
Unbilled accounts

Policy and Procedures Templates and a Preferred Provider Vendor listing are available for review and consideration.