Outsourcing Revenue Cycle Management Reduces Cost by 30% and Improves Cash Flow by $1.7 Million
Client Situation
Lack of management oversight on revenue cycle key performance indicators led to decreased results and money left on the table.
This dermatology practice handled all its billing internally through on-site staff. Due to lack of guidance and direction, employees were not accountable for key performance indicators to increase cash flow and generate additional revenue for the practice. The client found that by outsourcing to Cg Healthcare Solutions, LLC, they experienced several improved operational outcomes.
Client Challenge | Cg Healthcare Solution |
Timely follow up | Implemented proper workflow and performance measurement to manage denials by reason and payer |
Inaccurate payment posting | Implemented performance program to incentivize proper payment posting |
Changing insurance regulations and requirements | Proactive and timely communication on billing and coding changes to providers |
Personnel management | Aligned employee revenue cycle performance with appropriate compensation incentives |
Patient dissatisfaction | Discontinued use of call center and replaced with live staff liaison directly to each location |
High patient balances | Implemented electronic patient payment solution |
Results
Significant decrease in controllable posting errors
Improved Net Collection Rate to greater than 99%
Reduced days in accounts receivable from 34 to 23
Improved patient experience
Reduced revenue cycle management spend by 32% (from $1.1 million to $750,000)
Significant decrease in controllable posting errors
Improved Net Collection Rate to greater than 99%
Reduced days in accounts receivable from 34 to 23
Improved patient experience
Reduced revenue cycle management spend by 32% (from $1.1 million to $750,000)
Schedule a Consultation
Cg Healthcare Solutions, LLC (CgHCS) medical billing and practice management services may benefit your top and bottom line. Contact Michael Lewis, MBA, FACMPE (732-279-7715 / mlewis@cgteam.com) or Deborah Mathis, CPA, CHBC (732-279-7716/dmathis@cgteam.com).