Case Studies
Backwards Thinking Captures Lost Revenues
The
most challenging financial hurdle for most healthcare practices
is collecting from
insurance companies. When Quality Physiciian Services
was commissioned by their first client to improve practice
collections, the firm knew that working harder to collect
would not be the best approach for health practices long-term.
They had to find a solution that would minimize the need to
collect in the first place.
The team started with an Explanation of Benefits and worked
backward through the process all of the way to the time when
the patient first called to schedule an appointment.
Through this study, QPS flagged several areas that if approached
differently, would make sure the benefits were paid and never
routed to collections. QPS also observed non-healthcare
business practices and developed procedures, protocols and
tools for their medical client.
The
results were staggering. Instead of the industry standard
of 3 months of outstanding accounts receivable, QPS was able
to reduce AR to less than 1 month, and increased revenues
by 40-50%. As a secondary benefit, the client experienced
greater employee satisfaction and retention, and shorter training
times for new employees.
Today
QPS implements best practices, procedures and protocols for
many health care clients. Their experience has spread
into educational programs for new coding and procedure codes, timely posting techniques and submission
of claims. Their dynamic approach to problem solving
also tailors the protocols for various practices and ensures
staff adoption of new procedures.
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