Impact Healthcare Solutions received a call from the CEO of a 43 Bed PPS Hospital over concerns of high AR balances, poor revenue cycle performance, frequent audits, and low morale among Business Office personnel. The hospital was using an antiquated software platform for facility-based services and a separate software application for clinic services. The hospital needed a solution to reduce AR, increase cash, and a strategy to purchase and implement a new Enterprise IT system.
1. Increase the collection rate to 95%+
2. Reduce AR by 70%
3. Resolve credit balances
4. Create policies and procedures
5. Migrate to new software
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.
Within two years, this hospital was able to purchase and transition to a new Enterprise IT system and build a new $6MM Emergency Department.