Several years ago, Capital Women’s Care (CWC), an obstetrics and gynecology group in the Maryland, Virginia and Washington, D.C. areas, was facing a challenge with regards to their revenue cycle. According to Debbie Redd, CWC’s President and CEO, the practice’s revenue cycle was “not functioning to its full potential,” hindering the company’s ability to grow.
In a recently-published article from Healthcare Finance News, Redd details how the practice overhauled their revenue cycle management system by streamlining the internal front-end financial processes and outsourcing back-end billing efforts.
According to Redd, the choice to outsource was a “practical alternative to keeping things in-house,” as it allowed the practice to “rely on an expert whose sole business is revenue cycle management” while freeing up time for the practice to “focus on expanding… and supporting providers in high-quality clinical care for patients.”
Overall, Redd concludes that outsourcing back-end processes both stabilized CWC’s financial operations and built a foundation of support for the company’s expansion.
“Before we began outsourcing our backend processes, our days in A/R were over 100,” writes Redd. “Now we consistently see rates of less than 20. We also have about a 99 percent collection rate.”
Additionally, Redd notes that the strong changes made to the front- and back-end of the revenue cycle make the organization “more attractive to new providers and potential partners.”
“Providers come to us seeking membership because they see how we effectively manage both the clinical and business sides of the practice. This has allowed us to expand our business and prepare for the coming changes in healthcare.”
Read the entire article on Healthcare Finance News.
Nearterm provides healthcare revenue cycle management consulting (RCM) services for hospitals, medical clinics, and physician practices. Our RCM services are designed to provide clients with practical solutions and assist them toward strengthened financial positions.