Accounts Receivable Backlog Converted to $10 Million, Growth Enabled
Accounts Receivable backlog is not uncommon, particularly in consideration of the ever-increasing complexities of Revenue Cycle Management. And while somewhat understandable, the negative impact to the business can be severe. Not only does overall financial health suffer, but for both billing companies and healthcare systems, reputations and the opportunity for growth will be compromised.
A regional billing company faced growing competition and their own growth trend in acquiring new provider customers was underperforming. To complicate things, their current book of business was suffering a growing backlog with no relief in sight. This complication was a symptom of what could theoretically be considered a "nice problem to have". Yet that was not necessarily the case here. The source of the growing backlog wasn't purely driven by an increase in volume. The primary driver was a business methodology that had outlived its usefulness. And simply solving the backlog with extra labor would only serve as a band aid. It would not solve the source of the problem.
- Collect the revenue in backlog while the business continued to operate.
- Deliver a best practice methodology to be applied to the whole of the business.
- Mitigate future disruption.
- Enable capacity for growth in the current book of business.
- Enable capacity for future new provider practices.
In approximately 30 days, we conducted a comprehensive assessment of the organization’s AR footprint. The assessment covered ICD coding, coding denial management, demo and charge, payment, claims filing, secondary filing, patient statements, filing rejects, returned mail, refund and overpayment process, and AR follow-up. A summary of the assessment concluded substantial opportunity to improve
cash flow results in all areas.
The customer empowered Access Healthcare to execute the recommended transition to a comprehensive billing support model delivering a $10,660,519 capture in AR. The results were achieved by applying the Access Healthcare best practices in management to protect and prepare for the future. To see how that works, click here.
Within four months of go-live, Access Healthcare delivered an improved business footprint to the customer, effectively meeting all 5 objectives as evidenced by their growth to include 6 new providers. Additionally, the > 90 days AR business is 18% (floor KPI is 20%).
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