Case Study on Medical Billing & Accounts Receivables Management
Our customer was an urgent care practice situated in Maryland.
The customer asked Flatworld solutions to handle their account receivables management. This customer was also facing other problems with billing, such as:
- The billing was never completed within 24 hours
- There was a sharp decrease in collections
- The in-house billers were turning out poor quality work
Our customer was planning on outsourcing all their billing work to us within a 2 months' time frame, if they were completely satisfied with our capabilities in handling their AR management. The team at Flatworld successfully carried out the AR management operations and the customer handed all their billing activities as promised.
We were asked to use a new software called AdvancedMD to carry out the customer's operations. The team at Flatworld was cross-trained over the phone to use the practice management software.
- We were required to provide Full Service Billing
- We were asked to handle an average of 700 claims per month
We took the following initiatives to improve the customer's productivity and collections -
- We provided the customer with a dedicated team and account manager to handle the customer's account
- The team at Flatworld consisted of an AR expert and full time employees for medical coding and medical billing
- We developed an effective AR process and medical billing process to ensure that the customer's billing was completed within 24 hours
- We followed up on all the denied claims
- The Flatworld team addressed issues with the insurance company and got them resolved
- We maintained a knowledge base of solutions and issues
Our customer was able to access the following benefits by outsourcing their medical billing requirements to Flatworld Solutions -
- We brought down the average AR days from 34 to 23 within a period of 6 months.
- We increased the collection percentage from 53% to 61% within a period of 6 months.
- By increasing the collection ratio, our customer was able to improve their cash flow.
- Since our customer now had more time and a clutter free office, they were able to concentrate more on providing better patient care.
- From the customer's end, there was a decrease in the reliance on their employees and the customer did not have to face problems of employee turnover and backlogged claims.
- There was a sharp reduction in administrative costs and an increase in operating efficiency.
Please see the following graphs below -