Large Medical Practice Case Study
Texas based hospitalist medical practice increases cash flow by 30%
About
Challenges/Goals
Days in Accounts Receivable (AR)
Extended Days in AR cast a shadow on cash flow, with protracted delays in payments from insurance companies and patients straining their finances.
Cash Flow
A confluence of delayed payments, and coding inaccuracies created cash flow challenges, hampering their ability to invest in vital resources and maintain their hallmark high-quality care.
Accurate Medical Coding
The pivotal need for precise medical coding to ensure proper reimbursement and adherence to healthcare regulations proved to be a daunting challenge. Inaccuracies in coding jeopardized revenue and compliance.
Solution
With Ascent Health at their side, the practice embarked on a transformative journey, seamlessly integrating advanced AI technology, digital solutions, and unrivaled expertise into their revenue cycle management:
Autonomous and AI-Powered Coding
Advanced AI algorithms, deployed with precision, supported coders in identifying correct codes swiftly, expediting the coding process with unparalleled accuracy.
Digital Automation
Ascent Health’s digital solutions streamlined and automated repetitive tasks, including claims processing and patient billing. This not only reduced errors but also turbocharged revenue collection.
Claims Management
The partnership introduced a robust claims management system, vigilantly tracking claims from submission to payment, markedly reducing denials and hastening reimbursements.
Compliance Management
The unwavering commitment to compliance with healthcare regulations was fortified through the partnership with Ascent Health, mitigating risks associated with coding and billing practices
Faster Payment with Patient Engagement
In tandem with Ascent Health’s ARMS Ai platform and expertise, the medical practice reimagined patient engagement and communication strategies, elevating the patient experience to unprecedented heights. This elevated patient satisfaction and facilitated timely payments, further bolstering their financial health.
Data Analytics
for Transparency
Empowered by cutting-edge data analytics tools, Ascent enabled the group to make strategic decisions grounded in data-driven insights into their revenue cycle, perpetually enhancing their processes.
Outcomes
Marked Improvement in Charge Capture
The implementation of the Ascent Health-powered revenue cycle management solution resulted in a substantial boost in charge capture. This ensured that all billable services were meticulously recorded and billed, further strengthening revenue streams.
Improvement in Coding Accuracy
The partnership’s unwavering dedication to precision led to a significant 20% enhancement in coding accuracy. This heightened accuracy translated into a 95% improvement in chart reconciliation.
30% Increase in Cash Flow
With Ascent Health’s strategic guidance and expertise, the practice experienced a 30% increase in cash flow. This financial resurgence not only restored stability but also empowered them to reinvest in healthcare services and infrastructure, further solidifying their commitment to excellence.
Financial Transparency
Through the power of analytics, this medical practice is able to assess the financial health of the organization on a daily basis through an integrated dashboard. The dashboard demonstrates key elements regarding key performance indicators, payer volatility, and coding initiatives.
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