med Optimizing AR Management Process for a Renowned Billing Company | MBE

Optimizing AR Management Process for a Renowned Billing Company

The Client

A renowned billing company based in California.

challanges

Challenge:

The client was losing out a major portion of its revenue to denials which were impacting its balance sheet severely. So, the client was looking for a robust solution to reduce denial incidence and improve accounts receivable collections

solutions

Solution :

  • We started the project by understanding the root cause of the denials. For this we analyzed three months of denial data through a root cause analysis method
  • Our AR experts then studied, compared and analyzed denial and error occurrences, including the type and frequency
  • Based on the study, we recommended the corrective actions which included-
    • Slitting AR by age bucket, to prioritize the AR based on severity
    • Implementing state-of-the-art trend and pattern identification practices, to collect money in bulk denials
    • Impart advanced training for documentation and escalation, which helped in early detection of errors, sending appropriate follow ups and taking corrective actions pro-actively
results

Results

Our solution benefited our client in the following manner:

  • The percentage of denials showed a 30% drop, three month into the project. And it further reduced by 80% in the next 3 months
  • The backlog of denials started falling drastically month over month, until they were completely erased
  • All the claims were collected on time

As a result of all these benefits, there was substantial savings, which translated into 40% increase in revenues within 6 months of implementation.

Contact us now to know more about our account receivable services.


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