A large, multi-specialty medical group and health system on the West Coast was on the brink of a financial crisis due to its poorly managed accounts receivable process. With a rapidly shrinking staff, the health system lost control of its account receivables and had little hope of containing the issue.
The only way for it to stay afloat was to find a strategic partner with extensive revenue cycle management experience to implement a solution quickly. Luckily, Vee Healthtek stepped in with expertise in AR and cutting-edge technology, effectively addressing the problem at hand and helping the health system regain financial stability within a tight turnaround timeframe.
Within just 15 days of the contract being signed, Vee Healthtek mobilized a team to address the accounts receivable problem. We assigned dedicated payer specialists to examine global trends and payment patterns, uncovering significant inefficiencies and discrepancies that had gone unnoticed. This comprehensive analysis revealed a staggering $5 million worth of invoices that had been incorrectly processed by payers, resulting in substantial financial losses for the client.
Leveraging our advanced capabilities in medical coding, we implemented strategic solutions to address the critical issues we identified. Our team worked tirelessly to streamline the health system’s denial management processes, which reduced the backlog and accelerated revenue recovery.
Additionally, we provided extensive feedback and detailed analyses on the client’s front-end coding team, equipping them with the knowledge and tools needed to prevent future denials and ensure coding accuracy. This proactive approach not only resolved immediate challenges but also laid a solid foundation for long-term financial stability and operational efficiency for the client.
Vee Healthtek’s prompt AR solution had a significant effect on the client, which ultimately prevented it from facing potential financial ruin. In just eight months, our team increased collections by $8 million, which helped to alleviate the immediate financial strain and provided vital resources for ongoing operations and growth initiatives.
Our efforts had a remarkable impact on accounts receivable aging. Invoices over 120 days were slashed from $16 million to just $3 million, demonstrating our advanced ability to expedite revenue recovery and minimize outstanding balances. Additionally, the average AR days were reigned in to a much more manageable 40 days, significantly reducing the time between billing and payment. These reductions not only enhanced cash flow but also improved the client’s financial health and stability.
Impressed by the tangible and measurable results achieved within a short timeframe, the health system extended its contract with Vee Healthtek to encompass its entire AR process. This reflects our clients’ trust and confidence in our capabilities and reinforces our commitment to delivering exceptional outcomes and lasting value to our clients.
