Case Study | Growth Opportunity
Long-Term Client Relationship Pays Huge Dividends
1999 – Present
Background
In 1999 the physician owner of an otolaryngology practice, was feeling desperate. His office was struggling with a new practice management system. Claims weren’t going out and cashflow was drying up. A perfect storm.
The Currence Solution
The Physician called Currence for help. Over the next few months, the Currence team worked closely with his staff to get the bills out on time and collect old receivables. As money started flowing again, the doctor no longer suffered through sleepness nights.
Once the crisis passed, Currence assumed direct responsibility for all billing and collection. Over time, Currence also assisted with practice management, EMR implementation, training, credentialing, and financial analytics and reporting, in addition to RCM.
“Partnering with Currence,” he said, “was the best business decision I made in 20 years of practice.”
Freed from running the business end of his practice, the physician was able to devote more of his time to patient care and new growth opportunity. Over the next 18 years, he quadrupled his practice by expanding his services, attracting new patients and adding physicians. As his business grew, so did its profitability and value, sparking the interest of private equity investors.
Process
Crisis Intervention. Currence worked with in-house staff to clean up billing process.
Comprehensive RCM. Currence took over all billing and collections.
Steady Growth. Freed from running his business, the physician saw more patients and grew his practice.
Result: Increased Profitability and Valuation
Result
Aquisition by Private Equity. In 2018, a private equity investor bought the practice, thus securing the financial future of the seller and his partners. Currence is now providing RCM consulting services to the new entity and evaluting further opportunities for continued growth.
Years with Currence
%
Increase in Practice Size
Exponential