What Are the Essential Steps for Optimizing Revenue Cycle Management?
Client Overview
This healthcare services company has grown significantly over the past 50 years, now operating with over 100 providers across 65 hospitals and 550 healthcare facilities, generating more than $180M in annual charges and $68M in payments, while taking essential steps for optimizing revenue cycle management.
The Challenge
Prior to getting an RCM partner, the company faced challenges managing accounts receivable (AR) in-house. Their complex revenue cycle management (RCM) needed an efficient solution to handle growth and improve financial performance.
The Solution
DAS Health took the essential steps for optimizing revenue cycle management by implementing PrimeRevenue, a comprehensive RCM solution, relieving administrative burdens and improving financial processes. Additionally, Certified Coding specialists reduced risks of over- and under-coding, ensuring accurate reimbursement through annual coding reviews.
The Results
With outsourced RCM support, the company has achieved significant improvements:
• Collections increased by 6.5% each month, improving cash flow and financial stability.
• Claim denials reduced from 6.1% to 3.5%, resulting in more claims being paid without delay.
• Accounts receivable decreased from $5.1 million to $1.8 million, greatly reducing outstanding balances and improving financial performance.
• Days in A/R were reduced from 36 to 28 days, speeding up payment cycles and enhancing overall operational efficiency.
About DAS
At DAS Health, we provide business and technology solutions that address specific operational and clinical challenges to improve efficiency, increase your bottom line, and enhance the patient experience.
With over 20 years of experience in the healthcare IT industry, DAS understands the unique challenges that providers and organizations face, and we offer personalized support and guidance to help you achieve your goals. Our team of experts will work closely with you to develop a tailored solution that meets your specific needs and budget, ensuring seamless integration and optimal performance.
By partnering with DAS Health, you can benefit from our comprehensive suite of solutions and focus on what matters most: providing quality care to your patients.