Critical Access Hospital | 25 Beds | CPSI

 
Impact Healthcare Solutions received a call from the CEO of a 25 bed Critical Access Hospital in critical financial condition. The CEO requested immediate assistance over concerns that she may have to close the hospital without guidance and a solution to increase cash.
 

The Challenge /Key Findings of our initial Assessment:

1. Increase the collection rate to 95%+
2. Stabilize cash flow by reducing expenses
3. Improve charge capture
4. Reclassify improperly-resolved balances from patient responsibility to active insurance claims
5. Consult to develop new revenue streams
 

The Solution

Impact team members immediately began management consulting with Hospital Administration and implemented a full-service Revenue Cycle solution.
 

The Results
23 months later…
  • 51.25% increase in collections
  • Increase of over $4,700,000 in collections per year
  • Top 16 highest monthly collection totals ever
  • Insurance A/R Days reduced from 102 to 36, a 65% reduction
  • Insurance A/R Balance reduced by $1,752,067.44
  • Insurance A/R Aged 120+ reduced by $1,455,791.70

This hospital invested in new technology, medical staff, and personnel to access new revenue streams. The hospital completed extensive renovations and now has plans to build a new facility.