Operations issues threaten to stifle company growth
Our client is a leading practice management and electronic health records consultancy servicing approximately 100 multi-specialty physician groups across the US. As its business grew, the company struggled to fulfill its service level agreements with its customers. Onboarding new practices and optimizing performance for existing customers were significant challenges. The Denials and accounts receivable (AR) days outstanding were increasing. These issues resulted in poor customer satisfaction and hindered further business growth.
The company issued an RFP, searching for help in enhancing its services. With our blend of technological expertise and healthcare industry experience, Firstsource won the business and took on the challenges of improving onboarding processes, streamlining AR workflows and boosting overall collections for our client’s provider customers.
Building a stronger business on an outcomes-based partnership
We saw opportunities to bring our client substantial efficiency improvements and cost savings if Firstsource had end-to-end responsibility for onboarding and revenue collection processes. With that understanding, we partnered with our client on a mutually beneficial outcomes-based revenue model.
In less than a month, Firstsource took over managing the client’s 300-person offshore operation, providing our client with a single point of accountability. One urgent task was to design a new onboarding framework that streamlined the process and focused on meeting customer financial targets and clearing aging receivables. Our new process enabled our client to seamlessly onboard 20 new customers.
Performance optimization
We formed teams dedicated to correcting issues for specific customers. Our comprehensive revenue recovery roadmap, coupled with our denial management strategies and proactive monitoring mechanisms, enabled our client to recoup aging receivables and meet the goals for customers whose revenue realization had been deficient. These proactive management strategies reduced receivables that were 90 days and older by 25%.
Deploying our intelligent AR workflow platform, “Reimburssence,” reduced manual touches, improved visibility into inventory and increased closure rates, leading to faster revenue recovery.
We also incorporated automation and analytics to optimize processes and improve overall efficiency. Automating electronic remittance posting with software bots resulted in annual savings of $140,000.
Partners in business expansion
In a little more than a year, Firstsource improved collections by $900K per month for our client’s existing customers. We reduced denial rates by 55% for our client’s top customers. The cost to collect fell by 60%.
Further, with our healthcare multi-platform experience and support, our client has been able to explore new markets, including innovative solutions for large multi-specialty groups. With solid operations and optimized customer service led by Firstsource, our client is now poised for additional growth.