Impact Healthcare Solutions received a call from a CFO experiencing personnel problems. These personnel problems were affecting Revenue Cycle production and performance. She desired a solution that would improve cash flow and ease the burden on her existing staff.
1. Increase the collection rate to 95%+
2. Reduce AR by 40%
3. Provide KPI reporting
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.
Cash flow stabilized while existing personnel were repurposed to other functions within the Revenue Cycle.