Accounts Receivable Services Case Study
Backlog/Ongoing Placements and Legacy Workdown Projects Completed with Exceptional Results
The Challenge
The financial stability of a healthcare provider depends on maintaining a positive cash flow. Often hospitals can only work a claim so far before the process stalls. When a trusted revenue cycle management partner is involved in claims follow-up, it becomes easier for providers to quickly and efficiently receive payments and recover on overdue payments.
The Solution
A/R Backlog and Ongoing Placements,
Two Midwest Hospitals
Two sister hospitals in the Midwest were looking for assistance with their A/R backlog and ongoing placements. They chose Elevate Patient Financial Solutions®, who was able to decrease their A/R dollars by 50% and volumes by even more. The client was pleased with the success, and shared that ElevatePFS was outperforming their other ARS vendor, producing double the collections for the same volume of A/R.
In addition to resolving their A/R, ElevatePFS also uncovered opportunities for improvements to the center’s processes. They were able to educate the hospital’s teams and provide valuable feedback to help reduce future claim denials in two ways. In one instance, the hospital staff included notes on patient accounts but did not add data into the correct fields to get the claims paid. The ElevatePFS team was able to show staff how to correct the issue and improve their processes.
In another instance, the ElevatePFS team identified an issue with the center’s pharmacy system and was able to improve communication with the host system, resulting in increased claim rates. As a partner that delivers an elevated client experience, whenever possible ElevatePFS shares new insights with hospital staff as an additional benefit.
“ElevatePFS outperforms our other ARS vendor, producing double the collections for the same volume of A/R.” — Revenue Cycle Executive
Legacy Workdown,
Midwest University Medical Center
A university medical center in the Midwest with $12 million of legacy work down chose ElevatePFS as their partner to manage all elements of the project.
The ElevatePFS team worked all accounts, identified reasons for claim denial or rejection, and followed up on documentation for billing or re-billing. The team tracked Medicaid, Medicare, and commercial health insurance coverage and billing deadlines, and all claims were prioritized according to timely filing deadlines, write-offs, patient transfers, and potential for collecting.
ElevatePFS completed the work down in only seven months, and because they worked directly in the hospital’s billing system, the client had full visibility into account activity and status.
The Elevated Difference
ElevatePFS offers comprehensive A/R follow up for all account types to support any revenue cycle strategy. It manages a hospital’s aging A/R inventory, working all types of accounts to resolution — clearing the backlog, preventing avoidable denials, and improving collections. The experienced and highly skilled ElevatePFS teams work with internal hospital staff to re-bill payers, appeal denials, and communicate with payers. Whether the help is needed with hospital or physician account A/R, a project-specific work down of aged A/R, or an extended business office partnership, ElevatePFS is a proven and trusted partner.