BHM was recently approached to work with an organization that was experiencing a number of collection related problems. These problems were leading to organization wide issues as they contributed to a significant cash flow problem.
“Upon our first look at the organization we estimated that there were millions of dollars in current uncollected revenue:” said Mr. Johnson, financial expert analyst for BHM. The first step of working with this organization was to conduct a detailed analysis of multiple departments to identify areas for improvement.
After working to help the organization develop and correct tracking methods BHM analysts made specific recommendations based on their findings. The analysts identified multiple areas for improvement and proposed a detailed review to complete the contact to payment revenue cycle. This healthcare financial analysis was specifically designed by the analysts to analyze systems and procedures that collect information in the key areas of: first contact, scheduling, documentation, billing, and payment.
Within the first three months of working with BHM consultants, this organization recouped a total of $800,000.00 in lost revenue. These resulting improvements of the organization had the added benefit of helping them to reduce cash flow problems which they were previously experiencing.
The new processes and procedures being put into place by BHM continue to ensure that billing and coding are optimized and that collections are current and correct. The organization continues to experience a dramatic increase in revenue due to the implemented changes.