Case Study | Analytics

Financial Analytics Fuels Revenue Growth

 

2017 – Present

Background

In 2017 a retina specialist, who was generally pleased with his collections, contacted Currence because he thought he could do better.

The Currence Solution

Currence monitored his accounts receivable by running monthly analytics.  Using custom designed software, Currence provided a clear and up-to-date financial snapshot of his practice including:

  • Copay collection rate
  • The most profitable CPT codes
  • Which insurance companies paid the best
  • Which paid the worst, and
  • How long they took to pay

Not only did he find Currence’s analytics easy to use and understand, they were convenient.  Without logging into his practice management system or referring to paper reports, he had 24/7 access by phone.

 

Process

With this new perspective of his business finances, he quickly noticed gaps in his billing and collections process.  With Currence’s support, he retrained his staff to fill them.  As a result:

 

  • Claims were processed more quickly and with greater accuracy
  • First pass claim rate improved dramatically
  • There were fewer denials and appeals
  • Copay collections increased tenfold, and
  • Overall collections increased about 10%

Result

With stronger and steadier cashflow, he was able to invest more time and money into patient care, which helped his business grow.

Bonus Benefit

Without spending an extra dime, he effectively acquired a built-in insurance policy.  Should anything go wrong with his internal billing proces, Currence will pick up the slack, so billing and collections will continue without interruption.

Years with Currence

%

Increase in Collections

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