How Pain Management Group Reduced Their Cost to Collect to <5%
The Client
The client, a prominent pain management group based in Texas, faced significant challenges in their revenue cycle management (RCM), primarily grappling with high costs and inefficiencies in the collection process.
Business Challenges
The healthcare sector, especially pain management groups, encounters unique challenges in revenue cycle management. The client identified two major issues affecting their financial health:
High Cost to Collect: The existing RCM process incurred substantial expenses, impacting the overall profitability of the pain management group.
General Challenges in Healthcare RCM: Beyond high costs, the client faced common challenges prevalent in the healthcare sector, such as billing errors, delayed payments, and inefficient communication between stakeholders.
High Denial Rates: The pain management group struggled with a significant number of denied claims, leading to prolonged payment cycles and increased administrative burdens.
Solutions Delivered
Our team of experts undertook a comprehensive approach to address the client’s challenges and revolutionize their revenue cycle management. The key solutions provided included:
Streamlining Billing Processes: We conducted a thorough analysis of the existing billing procedures, identifying inefficiencies and implementing streamlined processes to minimize errors and delays.
Utilizing Technology: Leveraging cutting-edge RCM technology, we integrated advanced billing software to automate routine tasks, reducing the workload on staff and enhancing accuracy.
Enhancing Communication Channels: Improved communication channels were established between the pain management group, insurance providers, and patients, ensuring clarity in billing and prompt resolution of any issues.
Training and Education: Recognizing the importance of well-informed staff, our team conducted training sessions to enhance the skills of the client’s workforce in navigating the complexities of the RCM process.
Outcomes
Denial Rate Reduction
by
25%
Cycle Time Reduced
by
20%
