A Clinic in Texas.
The scope meant assuming the clinic’s AR management to improve days outstanding of existing receivables and collection old and disputed claims. The process was to be completely transparent with weekly and monthly reporting as well as cash forecasting.
MOTIVATION FOR CHANGE
Poor Accounts Receivable management, where day-to-day collections and follow up on appeals, denials and rejected claims, was not carried out in a timely or professional manner, was adversely affecting the practice. The pressure on cash management was causing dissatisfaction and increasing operational cost; a better solution was quickly needed.
THE TAUSCH MEDICAL SOLUTION
Following a review of existing AR practices and structure Tausch provided the client a complete and effective Accounts Receivable System.
. A dedicated Team and Project Manager for their account.
. Consistent reporting along agreed principles and business metrics.
. Total transparency on collection versus targets, daily updates.
. Implementation of an aggressive plan for the follow up on denied claims.
. A process for the measured resolution of conflict with Insurance Companies.
. EOB processing, denial management and rebilling.
. Statements, letters, calls as part of Bad Debt Management. Maintenance of Patient relations.
As a direct result of the Practice changing to Tausch:
. Revenues were increased through the collection of old accounts and reduction of the days
monies were outstanding
. The self pay portion was reduced from 18% on average to 9%
. Claim denial write offs were reduced by a significant 15% of net revenue
. Cash received against overall claims made became more consistent cash forecasting more positive.
Overall the Practice was not dominated by cash flow problems and the energy previously extended to AR management was deployed elsewhere, generating a win-win for Doctors, Patients and Staff alike.