$12 million increase in cash flow for a Vascular health provider
11
Days Reduction
in A/R days
98%
Patient satisfaction rate
110
Locations
About
Since its inception in 2007, this esteemed vascular organization has drawn inspiration from its patients, dedicating itself to profoundly improving lives through the delivery of safe, personalized, and positive treatment options for vein disease. As the nation’s leading authority in varicose and spider vein care, this medical group provides a range of nearly pain-free solutions, boasting a team of 70 physicians and operating across 110 locations nationwide. With an exceptional 98% patient satisfaction rate, this vascular organization has become synonymous with excellence in care.
Challenges
Facing challenges stemming from a previous outsourced revenue cycle management company, the healthcare organization witnessed a concerning rise in days in accounts receivable, an increasing volume of accounts receivable exceeding ninety days, and a surge in timely filing issues. Moreover, a lack of consistent prioritization for denied claims compounded their challenges.
Solution
The power of digital solution to slash outstanding dues
Comprehensive Automation
Ascent digitalized over 1,000 processes across major payers, curtailing the necessity for human input and ensuring consistency across locations.
Denials Management Solution
To combat the challenge of increased denials, Ascent implemented a robust denials management system. This solution utilized predictive analytics to flag potential denials before they occurred, enabling proactive resolution and significantly reducing the denial rate.
A/R Performance Enhancement
The organization’s accounts receivable process was transformed through digital tactics that expedited collections and reduced the age of receivables, directly improving cash flow and financial health.
Efficient Authorization
The digital framework was set to autonomously manage the authorization of 80,000 procedures each year with a remarkable scalability and effectiveness.
Advanced Machine Learning and Ai
More than 1,500 models were analyzed using Machine Learning, encompassing payer, state, and individual provider levels, to optimize the revenue cycle. Random Forest modeling was employed to dissect complex financial questions using a variety of decision trees, thus refining the predictive algorithms for peak performance.
Outcomes
Increased Cash Flow
The organization celebrated a $12 million increase in cash flow.
Zero Late Filings
A 100% reduction in late filings was achieved, eliminating timely filing issues.
Reduced Days in A/R
An 11-day reduction in accounts receivable days contributed to faster revenue realization.
Claims Processing Speed
The time required for claims follow-up was halved, marking a 50% improvement in processing efficiency.
Reduction in Aged A/R
Aged accounts receivable saw a 30% decline, reflecting a more robust financial state.
Procedural Authorization Efficiency
An average of just 14 days is now required for prior authorizations, and the rescheduling rate is below 7%, even for complex coded procedures.
Operational Streamlining
Standardization was achieved across payment posting, claims status tracking, and the appeals process, leading to operational excellence.
$12 M
Increase in
cash flow
100%
Reduction
in late filings
11
Days
Reduction in A/R
50%
Reduction in
time to file claims
80,000
Procedures
authorized annually
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