Inventurus increased collections per provider by over 40% and reduced days in ar by over 20% for physician group of leading pediatric hospital

Customer Profile:
A leading pediatric hospital owned multi-specialty physician group based in the Midwest, this customer has 200+ physicians and manages over 700,000 outpatient visits per year. With over 100 years of service, the hospital has been rated one of the top pediatric hospitals in the country, has 500 + beds and over $1 Billion in revenue.

Customer issues:
Maintain collections during growth phase
The Customer was growing rapidly, but faced declining collections as the billing office was unable to adequately manage the increased physician business.

Emr implementation
The Customer was starting an EMR implementation and wanted to move their best billing office staff to the EMR rollout. The Customer needed to backfill the reallocated staff without significantly increasing costs.

Inventurus Solution
Dedicated delivery center Inventurus created a Dedicated Delivery Team that specialized in identifying and implementing best practices for Revenue Cycle Management. The Inventurus solution also included defined service levels and metrics to measure performance.

Streamlined workflow Inventurus streamlined the processes and workflow to help track and manage collections faster:

• 48 hour turnaround time for working rejections, denials and other issues - often completing these tasks within 24 hours.
• Defined AR follow-up calendars for various payor groups including 25 days for commercial payors to ensure AR was worked quickly to avoid lost revenue due to timely filing limits.
• 48 hour turnaround time for posting cash and denials, ensuring prompt resolution of denials and cleaner AR for expedited follow up.

Customer benefits:
Increased collections per provider by 44%
With additional focus on working AR > 90 days and preventing rejections and denials, Inventurus was able to increase Collections per Provider significantly. The Collections per Provider per month grew by 44% from 2010 to 2011.

Reduced days in ar by 24%
With the increase in collections, Days in AR fell consistently from 2010 to 2011. The Customer had 34 Days in AR in 2010 which fell to an impressive 26 Days in 2011 after working with Inventurus.

Reduced cost to collect by 35%
Leveraging Inventurus’ delivery facilities in the United States and in India, the Customer was able to save 35% in Revenue Cycle expenses.

Reduced rejections and denials
Inventurus and the Customer worked closely to track rejections and denials, identify root causes, and implement an appropriate prevention plan. This effort included training front office staff, improving workflow for medical records/information requests, and revising claim edits on the billing system.

Enabling scale/growth
The dedicated Inventurus Delivery Center helped the Customer grow while keeping costs under control. It allowed them to add new physicians without having to increase resources at the Billing Office.