PPS Hospital | 49 Beds | CPSI

 
Impact Healthcare Solutions received a call from the CEO of a 49 bed PPS Hospital over concerns about leadership in the Revenue Cycle and the inability to access and analyze key performance indicators.
 

The Challenge /Key Findings of our initial Assessment:

1. Increase the collection rate to 95%+
2. Mine and analyze data for measurement against KPIs
3. Reduce AR by 20%
4. Assess Revenue Cycle leadership

 

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
15 months later…
  • 36.58% increase in collection
  • Increase of over $2,500,000 in collections per year
  • Top 14 highest monthly collection totals ever
  • Insurance A/R Days reduced from 55 to 42, a 24% reduction
  • Insurance A/R reduced by $419,547

Impact provided a solution to reduce AR risk, minimize human resource issues, and implement risk mitigation strategies, as well as establish a reporting mechanism by which Hospital Administration is able to evaluate key performance indicators to make important financial
decisions.