Critical Access Hospital | 15 Beds | Centriq

 
Impact Healthcare Solutions received a call from Charolette who was serving as the CEO and CFO of a Critical Access Hospital.  The hospital was in the middle of implementation of their new Enterprise IT system, Healthland Classic. Revenue cycle operations were inefficient. Personnel was limited causing production decrease during vacation and sick days. Compliance risk was high. The software transition exasperated these problems which resulted in an increase in accounts receivable, a reduction in collections, and causing cashflow to become critically low.
 

The Challenge /Key Findings of our initial Assessment:

1. Increase the collection rate to 95%+
2. Increase the clean claim rate to 99%.
3. Reduce AR days by 50%
4. Implement risk mitigation strategies
5. Provide management consulting to make critical financial decisions to ensure sustainability

 

The Solution

Impact team members conducted a Revenue Cycle Performance Assessment and identified areas of opportunity. The assessment included thorough reviews of patient in-take, charge capture, coding, claim submission, insurance follow-up, denial management, posting, patient collections, and key performance indicators. The hospital determined that the best strategy for Revenue Cycle optimization was to transition to a managed service solution in which Impact Healthcare Solutions provides a full complement of Revenue Cycle Services and Management.
 

The Results
In 16 months…
  • 88.49% increase in collections
  • Increase of over $4,700,000 in collections per year
  • Top 12 highest monthly collection totals ever
  • Insurance A/R Days reduced from 101 to 33, a 67% reduction
  • Insurance A/R reduced by $1,229,167.38
  • Insurance A/R Aged 120+ reduced by $914,227.45

After more than 10 years of partnering together, this 15-bed Critical Access Hospital has thrived by investing over $12MM into renovations, new construction, and new technology. This hospital was named a Top 20 Critical Access Hospital.