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A upside story in facts and figures
Our client won a bid for billing and technology services from a 350-doctor multi-specialty group in the Midwest. Here’s how Quintessence helped it’s customer make an impact, with hard facts and numbers.
Problem-definition
Our client, a large RCM and Tech company, with a nationwide customer base across multiple specialties, brought in Quintessence as its RCM outsourcing partner. When they were reading a bid for a large opportunity, we stepped in to work with the client in the background. We helped fill out the bid documents, pre-sales capability presentations, case studies, financial case and value proposition.
Solution Partnership
Quintessence and our client set about as a team, recreating the workflows, documentation, billing edits from the last 3 years financial data and payer contracts.To cushion the impact of the switch, we agreed to set up transition guarantees for the first 6 months; and performance guarantees over the next 24 months.
Presented below is the actual data, 6 months after transition:
| FY 2017 | FY 2018 | FY 2019 | |
|---|---|---|---|
| Mar to Aug | Mar to Aug | Mar to Aug | |
| Charges | $ 109,547,400 | $ 126,527, 247 | $ 130,196,537 |
| Charges adj for Fee Sch revision | $ 109,547,400 | $ 120,502,140 | $ 118,092,097 |
| Collections – Insurance | $ 26,181,829 | $ 26,400,922 | $ 28,329,349 |
| Collections – Patient | $ 3,141,819 | $ 4,224,148 | $ 4,249402 |
| AR > 90 Days | $ 29,323,648 | $ 39,865,393 | $ 34,278,513 |
| Total Receipts | $ 29,323,648 | $ 30,625,070 | $ 32,578,752 |
| GCP % | $ 26.768% | $ 25.415% | $ 27.588% |
| First Pass % | $ 91.80% | $ 91.57% | $ 92.81% |
| Reimbursement per procedure | $ 109.09 | $ 108.65 | $ 110.23 |
Results
Not only was the transition guarantees met, the partners shone with a far better performance. And we are set to meet the financial targets of FY 2020. Quintessence has also taken up physician documentation improvement assignments in a bid to further strengthen compliance and look for possible opportunities to optimize reimbursement.
