Clients Monthly Collections Improved By A Massive 51%
The Client
Business Challenges
Our US-based client confronted several issues related to their revenue cycle management:
Inefficient Billing and Collections: Manual billing processes and outdated collection techniques led to prolonged payment cycles, increasing the risk of revenue leakage by 27.93%.
Declining Collections: Over time, they noticed a steady decline in monthly collections, which posed a significant threat to their financial stability.
Coding Errors: Inaccuracies in coding and documentation resulted in frequent denials and delayed reimbursements from insurance companies.
Resource Constraints: The existing staff struggled to keep up with billing and collections, affecting their ability to focus on patient care.
Solutions Delivered
Recognizing the need for a comprehensive revenue cycle management solution, they partnered with Jindal Healthcare, a leading healthcare technology and services provider. We proposed a solution to address our client’s revenue-related challenges:
Advanced Revenue Cycle Management: Jindal Healthcare introduced an integrated and automated revenue cycle management system that streamlined the entire billing and collections process.
Coding and Documentation Improvement: The system included advanced coding and documentation tools to reduce errors and denials, ensuring timely and accurate reimbursements.
Experienced Billing Team: Jindal Healthcare provided a dedicated team of experienced medical billers who specialized in anesthesia billing, eliminating resource constraints for them.
Performance Analytics: The solution incorporated robust performance analytics and reporting to help our client identify areas of improvement and monitor progress.
Results
The partnership with Jindal Healthcare resulted in substantial improvements for our US-based client’s revenue cycle management:
Revenue Growth: They experienced an impressive 51% increase in their monthly collections within the first six months of implementing the solution.
Streamlined Operations: The automation of billing and collections processes reduced manual effort and increased operational efficiency by 17%.
Reduced Denials: Our client’s coding and documentation accuracy improved significantly, leading to a reduction in claim denials and quicker reimbursements from insurance companies.
Focused Patient Care: With the burden of billing and collections lifted, their staff could dedicate more time and energy to providing high-quality patient care.
Data-Driven Decision-Making: They used the performance analytics provided by Jindal Healthcare to identify opportunities for further improvements and fine-tune their operations.
Conclusion
The partnership with Jindal Healthcare brought remarkable transformations to our client’s revenue cycle management, resulting in a remarkable 51% increase in monthly collections. This success story underscores the importance of embracing advanced technology and specialized expertise in healthcare revenue management. They have continued to work closely with Jindal Healthcare, committed to further optimizing their financial health and sustaining their position as a leading anesthesia practice center in the healthcare industry.
