PPS | 39 Beds | Centriq

 
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.
 

The Challenge /Key Findings of our initial Assessment:

1. Increase the collection rate to 95%+
2. Reduce AR by 40%
3. Provide KPI reporting

 

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 7 months…
  • 29.11% increase in collections
  • Increase of over $3,100,000 in collections per year
  • Top 9 highest monthly collection totals ever
  • Insurance A/R Days reduced from 78 to 42, a 46% reduction
  • Insurance A/R reduced by $1,609,366.49
  • Insurance A/R Aged 120+ reduced by $1,185,673.09

Cash flow stabilized while existing personnel were repurposed to other functions within the Revenue Cycle.