According to Mark Beilstein, Revenue Cycle Systems Director at King’s Daughters Medical Center, it was time to put their entire revenue cycle on the same path. Hospital billing and professional billing existed on disparate systems which did not communicate. This disconnect was proving to be a considerable obstacle. KDMC sought a consolidated EDI solution for the revenue cycle that would fully integrate with the provider’s Epic HIS and realize improved functionality around claim reconciliation and other RCM efficiencies. After a thorough review of numerous EDI vendors, the longstanding community hospital found an experienced and nimble partner in Healthcare IP.
“We’ve seen an overall reduction of claims in inventory of 3% because we implemented Healthcare IP, and that translates into about a half-a-day for our health system in A/R.” – Mark Beilstein, King’s Daughters Medical Center, System Director, Revenue Cycle
Just two months after a successful, ahead-of-schedule implementation, things are already looking up for King’s Daughters Medical Center. Cutting RCM vendor expenses almost in half through consolidating to a single vendor was a welcome and immediate gain. Improvements in cash flow over the first 60 days post go-live offered more reason for encouragement. March 2018’s cash was 104% of the previous average, while April 2018’s cash continued the incremental increase at 108% of the aforementioned average. Receiving kudos from KDMC’s CFO with regard to Net Days in A/R heading in the right direction further underscored the positive momentum.
That half-a-day initial improvement in A/R is significant when you consider a day equates to roughly 4.1 million dollars on the hospital side and around $600,000 on the professional side in gross revenue. That translates to approximately one million dollars a day in net revenue. So, KDMC has already realized a savings of half-a-million dollars through a reduction in A/R days alone.
About Healthcare IP:
Healthcare IP is a leader in healthcare technology solutions and services focused on the revenue cycle management objectives of each client. H.IP is a collaborative partner to some of the country’s top healthcare providers, from individual hospitals and physician groups to major integrated health systems and academic medical centers. The company’s proprietary SCALE® technology delivers custom integrated solutions proven to improve operational efficiencies and financial performance. From all-payer clearinghouse services to workflow automation and deep analytic insight, SCALE® is continually improving client performance. Led by innovators with executive experience at industry-shaping HIT companies and large health systems, H.IP brings expertise, value and a well-rounded perspective to every client relationship. Corporate offices in Oklahoma City, Oklahoma and regional offices in Tampa, Florida and Charlotte, North Carolina.