Client Overview:
A small orthopedic practice in Michigan struggled with cash flow issues due to slow payments and high accounts receivable (AR) days.
Challenges Faced:
– AR Days exceeding 50, causing a significant cash flow problem
– High number of delayed claims
– Manual follow-ups with insurance companies created operational inefficiencies
PhysiAssist’s Plan of Action:
– Automated AR Management: Implemented an automated AR tracking system to reduce manual
oversight and ensure faster updates.
– Claims Follow-up Optimization: Integrated real-time payer communication to reduce delays in
follow-ups, ensuring faster claim status updates.
– Streamlined Billing Process: Worked with the practice to standardize their billing cycles, eliminating
inconsistencies and reducing errors.
– Regular Reconciliation: We conducted regular reconciliations of AR accounts to ensure that any
discrepancies were addressed promptly.
Results:
– Reduced AR Days from 50 to 35
– Improved cash flow with faster reimbursement cycles
– Enhanced claim follow-up process, reducing operational bottlenecks