Best Revenue Cycle Service Provider

Teaser:

In the evolving world of healthcare, every dollar brings success. Yet, a significant portion of generated revenue remains untampered for several hospitals and healthcare organizations, caged in a labyrinthine of unpaid claims. One such reputed facilities located in Buffalo New York, noticed the invisible draining of revenue and demanded compromise for their mission to provide exceptional care services to patients.

The team at this renowned healthcare and hospital systems was seeking assistance in generating a higher acceleration of revenue. Being a renowned entity in the healthcare sector, they need the expertise to solve their revenue concerns. With Pena4’s excellent expertise in healthcare services, a solution was customized to unlock potential and value in generating higher revenue.

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Identifying the Obstacles:

As a prominent healthcare and welfare entity, the organization confronted various obstacles, notably the mounting accounts receivable. The intersection of high-volume low-dollar category transactions compounded with the healthcare staffing shortages posed substantial challenges, impeding efficient revenue generation and contributing to the loss of revenues.

These relevant complexities necessitated a renovation of existing workflows tailored accordingly to the hospital’s unique demands. Partnering with Pena4 enables a thorough identification and understanding of these hurdles within their operational systems.

Our Solution Offerings:

Pena4, renowned as one of the foremost medical coding organizations, embarked on a journey to address these obstacles faced by the healthcare organization. Our interventions surpassed comprehensive accounts receivable follow-ups and denial management services, targeted to the root causes of revenue bottlenecks.

With seamless integration, we effortlessly established an optimized channel that enabled streamlined onboarding processes and mitigated the adverse effects of staffing shortages across the existing system. Our expertise in offering customized solutions played a pivotal role in streamlining their service offerings to patients and providers ensuring maximum revenue generation efficiency and management.

A Roadmap to Operational Enhancement with Pena4’s:

The partnership between Pena4 and the esteemed healthcare organization commenced in May 2023, marking the sophisticated craftsmanship of integrating a comprehensive plan of action as our solution offering. This initiative revolutionized and fortified the hospital’s revenue cycle management. The transformative phase of this partnership laid the groundwork for substantial enhancement in operational efficiency and revenue optimization.

Our implementation strategy included:

• Initiating Sessions, Meetings, and Training Our implementation strategy with expert consultation involved comprehensive sessions, engaging meetings, and tailored training programs. With our expertise, we collaborated closely with the organization’s workforce, offering extensive staff training sessions encompassing the intricacies of billing platforms, RCM policies, and industry best practices. By equipping them with specialized knowledge, we facilitated in creation of a robust foundation to achieve maximum efficiency with optimal outcomes.
• Technological Integration Pena4’s technological integration method encompasses the seamless merge of various platforms and systems critical for hospital operations. Our consultants implemented softphones, EPIC, share drives, and remote desktop solutions. This methodical implementation was pivotal in increasing the accessibility and communication capabilities within the hospital’s existing infrastructure. This combination ensured efficiency in operations, facilitated synchronized motion in workflows, optimized revenue streams, and improved overall operational efficiency.
• Increase in Production Levels The strategic implementation of the workload distribution across multiple operational facets led to a gradual yet substantial surge in production levels. This methodical approach bolstered the complete capacity and also facilitated in enhancement of the quality assurance mechanism ensuring streamlined healthcare service delivery. As a result, the organization met the escalating demands and fortified processes for maximum efficiency along with elevated service standards.

Pena4’s Impact on Revenue Optimization and Operational Efficiency

Despite operating within an FTE model that constrained the payment data access initially, Pena4’s impactful interventions have yielded remarkable outcomes for the healthcare organization.

• Identifying USD 1.8 Million in Recoverable Claims Our comprehensive review and analysis uncovered the discrepancies in over 10,000 Medical Claims. These claims were subsequently flagged for necessary resubmissions and edits. The proactive approach rectified existing errors and significantly amplified the potential revenue stream for the hospital. With this initiative, we successfully paved the way for the potential recovery of USD 1.9 Million, thus fortifying the financial health of the organization.
• Improved Claims Processing With a significant focus on efficiency, we diligently pursued and tracked 11,000 claims. This thorough follow-up streamlined the process of revenue generation, expediting reimbursements and mitigating arising bottlenecks. Consequently, the healthcare organization experienced enhanced financial fluidity, ensuring a swifter and more predictable revenue cycle.

  This bar chart highlights the improvement in claims processing, showing a significant increase in the number of claims tracked and processed.

• Elevating Levels of Productivity Leveraging strategic optimization and streamlining the process, our intervention led to a remarkable increase in team output. From the initial rate accounted for 455 accounts per day, the productivity levels surged to an impressive 764 accounts per day. This increase in throughput showcased an immense boost in efficiency. It also enabled freeing up valuable resources focusing on revenue-generating opportunities.

  The line graph reveals a remarkable increase in productivity levels, from handling 455 accounts per day to 764.

• Reducing AR Aging The testament to our systematic workflow, the 90+ bucket within accounts receivable maintained consistently at an impressive 19%. This reduction in the aging accounts receivable indicates our sustainable efforts in expediting and managing payment cycles, ensuring a healthier financial outlook for the hospital, and diminishing potential losses because of delayed payments.

  The pie chart illustrates the effective reduction in AR aging, with the 90+ bucket within accounts receivable maintained at a consistent 19%

These outcomes have collectively portrayed Pena4’s commitment to optimizing revenue cycle management, refining operational efficiency, and strengthening financial sustainability within the healthcare landscape.

Final Thoughts: Pena4’s Transformative Influence on Accounts Receivable Management

Pena4’s expertise and strategic integration of a tailored approach have orchestrated a profound change in the hospital’s accounts receivable management. The collaborative efforts have unlocked newfound efficiencies and serve as a cornerstone for redefining the institution’s financial well-being. With our dedicated interventions, the organization has witnessed a paradigm shift, enabling a robust focus on delivering exceptional care to patients without the obligations of financial drawbacks.

By harnessing our expertise, we’ve crafted a landscape where revenue optimization continues to be a constant journey. Our strategies and precision-driven integrations have redefined the financial health of the organization, offering a structured foundation for sustainable growth and unfaltering dedication to better patient care.

Pena4’s transformative impact extends beyond just the numbers; it elaborated on the commitment to empowering healthcare facilities to thrive amidst all the challenges. We also ensure that the focus remains determinant on their core mission - delivering excellence through healthcare. Our dedicated support established the healthcare organization as a stalwart in the healthcare landscape and navigated its future toward financial stability with an unyielding dedication to the noble cause!