Case Study on Accounts Receivables Management & Medical Billing
The Customer:
An Urgent Care practice in Maryland.
The Challenge:
O2I was initially approached by the clinic to take care of Account Receivables Management. The client was also facing a problem on the billing side like:
- The billing was not completed within 24 hours
- Steep Decrease in collections
- Poor quality of work done by in-house billers
The Client wanted to hand over the billing side to us in 2 months if he gets satisfied with our ability on the AR Management (we did a good job and the owner of the clinic handed over the billing part as promised).
We had to use a new software namely AdvancedMD for carrying out the operations. We got cross-trained over phone on the practice management software.
The Project:
- To provide Full Service Billing.
- To handle average of 700 claims every month
The Solution:
The following measures were taken to improve collections and productivity:
- A dedicated Account Manager and Team were deputed to handle the clients account
- The team consisted of full time employees for medical billing, medical coding and an AR expert
- Evolved a medical billing process and an AR process to make sure that billing takes place within 24 hours
- Follow-up on denied claims
- Address issues with insurance company and get them resolved
- Maintain knowledge base of issues and solutions
24 hours
TAT
98% Accuracy
40% Cost Reduction
300+ Customers
20+ Years Experience
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The Results:
By outsourcing their medical billing functions to O2I, the CLIENT was able to:
- Witness that the average AR days were brought down from 34 to 23 days within 6 months
- Witness that the collection percentage increased from 53% to 61% within 6 months
- Have significant improvement in the cash flow as a result of increase in collection ratios
- Concentrate on patient care and see more patients, with the availability of more time, and a clutter free office
- Decrease reliance on employees and eliminate fluctuations associated with backlogged claims and employee turnover
- Increase operating efficiency and reduce administrative costs
Please see the graphs below:
Progress since we started
2008
2007
Progress since we started
Collections % (rolling 6 months)
2008
61.60%
2007
53.20%
Progress since we started
Average A/R Days
2008
26
2007
34
Progress since we started
A/R over 90 days as % of total
2008
15
2007
21
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