PwC helps a health system create sustainable revenue cycle performance.
The state’s largest not-for-profit health system was dealing with a variety of challenges. Faced with increasing regulatory pressures, decreasing hospital reimbursement, and ongoing resource shortages, the health system singled out its aging (and backlogged) accounts receivable (A/R) as a focal point for improved financial performance. The organization asked us to conduct an assessment of its current operating state and internal processes to make its account follow-up methodologies more efficient and effective.
Using virtual private network technologies, our Virtual Business Office (VBO) served as an extension of the organization’s own business office without requiring additional infrastructure. In addition to helping resolve a significant number of outstanding accounts, we helped complete a monthly A/R lag analysis to pinpoint and quantify opportunities for improvement in both collections/liquidity and the overall revenue cycle.
The health system’s revenue cycle is significantly more efficient. Recovery efforts have also resulted in a significant return on investment for the health system. Since 2008, we have helped them recover more than $43M in aged accounts receivable.
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