Process, Analytics, and Trust Makes Legacy AR Project a “Walk in the Park”
MedAssist transitioned over 20,000 legacy accounts totaling $23.7 million in two months. Proprietary analytics and revenue cycle experience, kept the trajectory of cash flow into the hospital at or above the projected levels each month. Senior management used this projection to forecast cash and allocate appropriate reserves. A key to the success of this project was the establishment of trust which allowed the client to focus on their EHR implementation with confidence their legacy AR was generating cash.
After just four months of propensity to pay scoring and segmentation, the new process improved the account resolution process and collected $584,340 in incremental cash. There was also a reduction in bad debt write-off as well as a reduction to the number of patients reaching bad debt. Over the course of 18 months the Premier Health and MedAssist partnership improved cash collections by a combined total of $2.63 million, accelerated the account resolution process, and maintained the high level of patient satisfaction Premier patients have come to expect.
Aspen Valley Hospital increases days cash on hand from 73 to 426.
The number of net days in accounts receivable for AVH has dramatically reduced since contract execution. During the clean-up of accounts, we reduced AVH’s number of net days in accounts receivable while decreasing the number of write-offs. While focusing on receivables initiatives, we increased AVH’s number of days for cash on hand while minimizing the number of write-offs.