Expanding on an already successful relationship, we collaborated with one of the largest national radiology groups to streamline their accounts receivables totaling over $111 million.
As a major player in the radiology sector, this publicly-traded company performs over 8 million outpatient imaging procedures annually. With over 8,600 employees operating in 334 imaging centers in seven states, the organization has complex strategic partnerships with health systems, hospitals, insurance payers, and accountable care organizations (ACOs). Managing these requires finesse and a deep understanding of revenue cycle management.
They offer innovative, industry-first services focusing on quality patient care and state-of-the-art ancillary services. This includes a full suite of radiological services spanning from x-ray diagnostics to interventional radiology. Offering advanced modalities, top-tier technology, and same-day consults with leading sub-specialists in the country, the organization is rated over 91% overall in physician satisfaction.
Unmanageable A/R Amid Growth and Industry Changes
As technology continues to evolve and support more complex and impactful diagnostic and interventional services, reimbursements become more challenging. With changes in the healthcare industry and the growing impact of patient consumerism due to the expansion of High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA), the organization faced increasing financial risk.
In the past, the organization’s regional business offices managed the revenue cycle management (RCM) process from insurance billing through claims denial processing to collections.
As the business grew, so did the accounts receivable (A/R) until it had reached unmanageable proportions. Billing on average $43 million per month, they saw:
- Net collections per month – $36M
- Denials per month – $6.2M
- Net collections rate from follow-up and
- denials – 63.5%
- Average monthly write offs – $2.8M
- Aged A/R >120 Days – 32.9%
Infinx A/R Recovery and Denials Managements Chosen Based On A Successful Partnership
Weighing shrinking margins and the call for effective revenue cycle management from stakeholders, the group needed us to bring tactical solutions for their revenue cycle from end-to-end to protect their bottom line.
With outstanding results from our prior authorization solution, the organization engaged us to provide comprehensive RCM functions using our state-of-the-art Artificial Intelligence (AI) assisted A/R Recovery & Denials Management (ARDM). We made a plan to streamline their accounts receivables of over $111 million. With intelligent claims prioritization, automated follow-ups, and rich analytics dashboards powering our platform, our clients can confidently boost their revenue.
Machine Learning Prioritizes Claims For Optimal Recovery
By initiating a scalable and reliable platform that uses AI-driven automation supported by certified technicians, our ARDM solution was implemented within the organization’s RCM workflow.
With the use of the proprietary prioritization determination engine, machine learning-based algorithms evaluated each outstanding claim’s recovery propensity and forecasted the next best actions for follow-up and potential denials resolution. Corrections or updates were made, and the claims were then submitted (or resubmitted) through EDI integrations to the appropriate payer portal or clearinghouse for payment.
Our ARDM software worked in tandem with certified technicians who handled the complex or problematic claims, while managing them through an electronically generated auto-creation process for appeals letters and faxing.
Root Cause Analytics Target Sources of Revenue Leakage and Patient Access Backlogs
As part of the smart A/R-specific workflow that seamlessly combines human and robotic processes, our solution provided ongoing root-cause analyses.This helped to identify operational areas where improvements were made to eliminate future problems and backlogs in patient access or the coding/billing functions. Our algorithm learns continually and identifies issues which are targeted for improvements such as CPT mismatch, incorrect DOS, missing or incorrect insurance information or benefits.
Group Achieves 28% Increase in Collections and 64% Reduction in Write-Offs
During the initial year, the results were tabulated and evaluated. The organization successfully achieved the following:
AGED AR REIMBURSEMENTS
Additional reimbursements from aged A/R >120 days was 53.3%
DENIALS ADDRESSED
90% (within 5 Days)
INCREASE COLLECTIONS
+27.9% (within 12 Months)
IMPROVED AR
Year-over-year improvement of:
60+ A/R was 29.5%
120+ A/R was 58%
REDUCED WRITE-OFFS
-64% (within 12 Months)
MAXIMIZED AR RECOVERY
A/R recovery was maximized through high dollar recovery identification only possible through the proprietary authorization determination engine
With the success demonstrated by our ARDM solution, the organization initiated an ongoing engagement with us to handle their A/R process from beginning to end. Coupled with our prior authorization solution, and post-service insurance discovery for uncollectible accounts, the organization has seen significant return to the bottom line for their investment.
If you are looking to achieve similar results at your organization, contact us at www.infinx.com/request-a-demo.
Have you implemented smart technology like artificial intelligence, predictive analytics and RPA to optimize your revenue recovery? See how a national radiology group’s cash flow improved by equipping their revenue cycle team with our A/R and denials solution.
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