Five years into a fruitful partnership, one of our largest customers called us one fine July morning with a question.
Their largest customer was restructuring financially and operationally and was going to transition to a new HIM platform and was looking for various avenues to muster cash to fund the program.
Obviously, it involved a straight rate cut to begin with. Given the end client’s size we had been operating on lesser than usual margins as a trade-off. This new development was going to be tetchy for us, as well as for our customer.
We set about reviewing process ownership, platform portfolio, patient statement policies and HIM/EHR EDIs. Apart from eking out more from the RCM process itself, this involved a business level approach across several fronts – optimize processes and ownership, technology ownership and use, patient statement costs and EDI inefficiencies.
1. We offered to take over some of the legacy processes that end client was performing and realigned the data flow. It created some bandwidth for the customer and helped increase our share of the load and reduced cost to customer
2. Data on previous 5 years effectiveness of patient statement was studied and we implemented an electronic billing and portal payments and do away with the second and third paper statements. This saved almost $9,000 per month
3. We took control over the EDI and streamlined the workflow with the surgeons and interfaces resulting in a 2-day reduction in time to file.
4. We scrapped some of the III party applications and built integrated applications to reduce expenses.
5. As a true partner, we offered to cut our fees to support our client to retain theirs, by sharing some of the benefits of higher reimbursement.
Status: Year of Engagement 2013, Year of renegotiation 2018
End client has since added 5 new groups under its fold thereby compensating with higher volume
Over the last 10 years of Quintessence (and in 20 years in the business) Quintessence has delivered services to customers whose requirements covers the full spectrum of business strategies.
We work with customers on Full service on a % of collections model; to others, with discrete processes on a per unit fee. We also helped customers in their strategic pursuit of setting up offshore delivery centers, create and enhance delivery capabilities, and helped soft launch their offshore operations. It all has added to our experience, proficiency in the business and a certain versatility to tackle curve balls.
To find out how Quintessence can impact your business, contact:
Ashok Menon on +1-410-630-4774 today.