Revenue Cycle Partnership Improve Performance on Key Measures
Baylor St. Luke’s Medical Group • Houston
Baylor St. Luke's Medical Group (BSLMG) had used an outsourced revenue cycle management company and was very dissatisfied with their performance. Key indicators were poor and trending in the wrong direction. Days in A/R were over 90 days and the percentage of aged A/R over 120 days was well over 60%. Practices, physicians and patients were all complaining about the services and results. BSLMG leadership was looking for a partner vendor who could be up and running within 60 days and that was more closely aligned with its business requirements.
With more than 20 years of experience, Meridian Medical Management has a long history of partnering with independent medical groups and academic medical centers. Meridian‘s revenue cycle services support revenue enhancement through its approach combining technology, analytics, and lean processes to improve the billing function for its customers.
Meridian’s experience and strong customer references for improving the revenue cycle in other medical groups helped quickly establish trust between the organizations and served as a primary factor in BSLMG’s decision to turn to Meridian.
Another factor in BSLMG’s choice was Meridian’s approach to revenue acceleration which focused on improving key indicators through the use of better data and reporting, reducing denials and utilizing their fully-trained and experienced staff.
The largest impact for BSLMG has been around increased transparency. Since beginning its work with Meridian, BSLMG has an unprecedented view into their revenue cycle. A monthly review of performance metrics keeps the teams focused on the same targets, highlighting successes and pinpointing opportunities for further enhancements. Workflows have been enhanced to improve efficiency. Key indicators have improved across the board.
- Days in A/R has improved from 90+ days to under 30 days
- Aged A/R % over 120 days has improved from 60%+ to under 25%
BSLMG plans to expand its relationship to include financial dashboards through PrecisionBI, Meridian’s business analytics platform. This will provide a deeper look into its data to determine the root causes of issues and build strategies to monitor trends and activities. They are also planning to expand the use of Meridian’s services by onboarding 100 more providers.
Contact us to learn more: • 855.499.9333 • www.m3meridian.com