CASE STUDY ON ACCOUNT RECEIVABLES

CLIENT

A Clinic in Texas.

THE DELIVERABLES   

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.

OUTCOME

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.

CASE STUDY ON A CARDIOLOGY PRACTICE IN TEXAS

PRACTICE PROFILE

Progressive, rapidly expanding 3 cardiologists practice in 3 locations in The Woodlands, Peakwood and Conroe along I 45 corridor. Doctor sought to expand her practice in 2012 with the purchase of 2 additional practice locations and the addition of 2 cardiologists and a physician assistant. Doctor was investing in building online presence with Videos and magazines but felt her website lacked function. She wanted herwebsite to enhance her social presence and her videos integrated into Facebook, you-tube, twitter and creation of her blog.

BACKGROUND AND CHALLENGE:

With progressive and rapid growth came the challenges of communication, practice work flow management, revenue cycle management and Marketing for this expanding practice. After consultation with Tausch Medical Consultants and the following challenges were addressed for the practice.

. Over 50% of staff time was spent obtaining results and information from labs, hospitals, and diagnostic

centers to review at time of patient visit. This caused up to 2 hour delays and wait times fo patients

and daily frustrations for doctor and staff.

. Insurance eligibility verification was very labor intensive and costly as over 12 procedures need verified

for each patient.

. Old Accounts Receivable was unacceptably high.

. Doctor understood the value of marketing her expanding practice through online and social media

and wanted to capitalize on this presence.

. Doctor wanted to leverage online media to allow patients to learn about practice and be able request appointments  online directly from website.

STRATEGY AND SOLUTION

Tausch started with an onsite visit in March 2013. Tausch identified 28 services that could be provided more cost effectively and more efficiently. Tausch Technologies/Medical is an entire support team that provides the following services and more.

. Comprehensive Online Chart Preparation: Upcoming patient appointments are reviewed and all labs, diagnostic studies, hospital reports, OR Reports, discharge summaries are obtained and uploaded into EMR 24 hours before patient appointments. A comprehensive excel sheet is sent to clinical manager with any data that remains missing with all action steps that have been taken. This saves over 12 hours of staff time each day. (Reduced staffing requirement by 1.5 FTE’s)

Doctor receive customized text/email reminders each day as she coordinates services at 3 hospitals and 3 clinics.

.  All Insurance Eligibility verification is completed prior to patient appointments as well as stat verifications

for same day appointments for less than half the previous cost for the same services with a higher quality

and efficiency.

. Quality Assurance Services Patient follow ups after referrals and diagnostic are no longer missed. Tausch

creates a monthly report of all referred and ordered diagnostic studies and cross checks against patient

record to confirm that all have made and been seen for follow up appointment.

. Tausch’s Media team leveraged Doctors’ already excellent videos available through Best Docs network

with a three month dedicated social media campaign. Tausch focused on rebuilding the practice website

with video integration and established her presence on Facebook & YouTube which led to an increase

in rankings. In less than 60 days Tausch was able to bring practice to top 3 in Google searches in 5 areas.

. Through a comprehensive Old Accounts Receivable evaluation Tausch Medical identified deficiencies

in credentialing and other key areas that resulted in corrections and significant increase in revenue.