Veradigm Revenue Cycle Services Supports Rapid Expansion: A Real-World Success Story of a Veradigm Client
Featured Client Story
Every medical practice requires successful revenue cycle management to maintain financial health. Revenue cycle management includes all the administrative and clinical steps involved in tracking a patient care episode: capturing patient information, proper coding, managing and submitting claims, and collecting patient payments. Effective revenue cycle management helps practices receive full payment as quickly as possible, preventing claim denials due to incomplete patient information or errors in coding.
However, medical billing is increasing in complexity—which means revenue cycle management has been growing increasingly complex as well. Today’s revenue cycle management needs to cover a patient’s complete financial journey through the healthcare process. It includes everything from health information management and case management; to improving clinical documentation and patient access; to billing, collections, provider enrollment, and more. For many practices, in-house revenue cycle management is no longer efficient nor effective.
This was the case for Urology of St. Louis (USL), a leading provider of urologic care in the St. Louis metropolitan area. USL faced increasing staffing pressures as the practice expanded; meanwhile, revenue cycle management metrics such as denials and clean claims rates revealed areas that clearly needed to improve.
Read on to learn how USL partnered with Veradigm Revenue Cycle Services to overcome revenue cycle management challenges: improving their clean claims rate, decreasing average time in accounts receivable, and increasing the practice’s overall collection rates even as the practice continued its explosive growth.
USL is a urologic practice annually serving over 150,000 patient visits at 23 locations in the Missouri and Illinois bi-state metropolitan areas. Their practice had recently grown to include 28 urologists, 9 neurosurgeons, and 10 advanced practice providers. USL also planned to bring in additional neurosurgeons in the near future to provide neurosurgical care.
This paper tells the story of USL’s successful collaboration with Veradigm to implement a new revenue cycle management strategy to support their current and future growth. In this paper, you will learn how their collaboration led to a range of successes, including:
- 20% reduction in days in accounts receivable (from 39 to 31 days)
- 9% improvement in clean claims rate (from 89% to 98%)
- 8% increase in net collection rate (from 86% to 104%)1
Learn how USL achieved financial turnaround, utilizing Veradigm Revenue Cycle Services’ robust reporting and analytics features to identify problem points in the revenue cycle and collaborating with the Veradigm team to grow USL together.
References:
- Internal Data on File, September 2023.