Successful Payment Posting And Reconciliation Leads to Improved Cashflow for National Wound Care Chain
Our client is a major wound care group with over 600 clinics across 30 states. Their specialty is advanced treatment for patients with chronic wounds, including hyperbaric oxygen therapy, pressure relief, tissuegrowing therapies, negative pressure wound therapy, and more. With an extensive database of clinical information, they support and partner on research to improve wound treatments. The group enlisted our assistance with coding after a previous coding partner was unable to meet compliance requirements, resulting in coding denials and revenue losses. We successfully took over coding for 18 clinics, realizing additional revenue and reducing coding-related denials. Due to our consistent and high-quality work, the client started sharing various other billing challenges.
Payment Posting Challenges Leading To Delayed Month-End Closing And Inflated A/R
One of their continued challenges was the inconsistent work provided by their existing outsourced partner on payment posting and reconciliation. They saw inflated suspense account posting due to failing to find missing EOBs. Payment reconciliation issues led to delays in their month-end closing and mismatched monthly revenue reporting. Incorrect denial postings resulted in inflated outstanding balances in their A/R.
Suspense Accounts Cleaned Up, Denial Posting, and Payment Reconciliation From Previous Partner
The client director was nervous about changing their posting process and transitioning to a new team from their previous partner. To address this, we built a team of eCW posting experts to evaluate their existing payment and reconciliation processes and addressed their existing challenges upfront. Our staff also provided immediate support to take over their previous partner’s suspense account clean-up, denial posting, and reconciliation work. We also data mapped various suspense accounts from eCW and separated them by payer. Our team collected EOBs from payers over the phone and through portals to clean up suspense account balances. By resolving challenges encountered with their previous partner, we built trust with the client team until they felt comfortable handing off the full scope of their payment posting work. Working with the client’s payments team, we implemented changes in the posting and reconciliation process using our knowledge and expertise with eCW. Our team successfully transitioned 100% payment posting work after the month-end closing.
Successful Payment Posting & Reconciliation Results in Improved Cash Collections
The client saw up to a 95% reduction in suspense accounts posting per month, resulting in correct cash collections reporting. They now have a structured payment reconciliation process with timely end-of-month closing. Pressure wound therapy, and more. With an extensive database of clinical information, they support and partner on research to improve wound treatments. Having accurate denials posting led to regular follow-ups and appeals, which helped to improve cash collections. With successful transitions of coding, payment posting, and prior authorization workflows to our team, the group is looking to partner with us on revenue recovery to revamp their A/R and denials processes.
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Are you seeing inflated A/R or difficulty in accurately reporting monthly revenues due to issues with your payment posting process? See how one national wound care group was able to achieve timely payment reconciliation process and improve cash flow using third party support.
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