Life is Like Accounting, Everything Must be Balanced
As an experienced orthopedic Practice Administrator, Susan knew that something had to change in her back office processes. Frustrated and overwhelmed with late payments, mounting pile of denials and extended time to collect outstanding accounts receivable, she was ready to focus on finding solutions. In particular, she needed help with coding and billing.
Here’s the story
Susan’s seasoned staff provided outstanding clinical care while handling a full patient schedule. There was no extra time to carve out from the patient experience to respond to denials or claim issues. What quickly became evident was the need for a more comprehensive practice management application and the right professional services to support the medical coding and billing process. Susan’s trusted (outsourced) Accountant recommended that she call ebix, Inc. Her Accountant underscored the financial and industry expertise with ebix, Inc. was exactly what she needed to turn her revenue cycle management toward a profitable future.
Building the bottom line
Initial analysis and benchmarking helped the team of ebix, Inc. identify three opportunities to immediately improve the practice’s efficiency. The first step was to transition Dr. Osbourne orthopedic practice to ebix, Inc. hosted practice management services. Implementing their process with an easy to use Document Retrieval System was a relatively easy task once their data was converted. The digital migration eliminated the need for IT support and maintenance.
The second objective was to enhance the coding and billing process, claim scrubbing and deploying a 90-day patient collections strategy. Set up was completed in two weeks, data was converted, and Dr. Osbourne’s practice was on its way to increased reimbursement with faster collections.
Additionally, ebix, Inc. went to work on updating the Dr. Osbourne’s credentialing information that had prevented proper payment with certain payers. Claims are now being billed on a timely basis, follow-up is current and a more predictable cash flow has returned.
The dramatic reduction in accounts receivable is just one-way ebix, Inc. worked to improve Dr. Osbourne’s finances. Before working with ebix, Inc., reimbursements were inconsistent and sometimes non-existent and ebix, Inc. efficiently cleaned up old accounts receivable and improved the payment process without the expense of hiring additional staff. The move to the ebix-hosted services has contributed to increased revenue, improved coding accuracy and better collections all around.
Monthly reporting has also contributed to improvements. The support of receiving detailed performance analysis has help to improve how Susan manages the practice finances. Regularly scheduled reporting provides Susan with a monthly recap of the billing cycle results.
Dr. Osbourne has also experienced some improvements! He now enjoys his time away from the office, for family and golf, without the stress of falling behind and the aggravation of catching up. With ebix professional services, he is confident that the back office processing and electronic claims capability is constantly working to help him move his practice forward.
Just like Accounting, everything was balanced.