Case Study: Revenue Cycle Assessment Finds Revenue Leakage for Health System
Client Background
A for-profit, five-hospital corporate health system based in the Midwest.
The Situation
The health care system had purchased three financially distressed hospitals in the Midwest. The client’s mission was to turn around the hospitals’ overall financials. Moss Adams was engaged to identify opportunities in the revenue cycle to evaluate their account receivables (AR), improve their cash collections, and help minimize revenue leakage.
The Solution & Results
Moss Adams was able to complete a full-scope operational revenue cycle assessment including patient access, medical records, billing and collections, and account resolution.
As a result, Moss Adams was able to identify over $18.2 million in current AR that was not being collected, increasing net revenue. On top of that, Moss Adams made recommendations for ongoing future annual increases that were estimated to yield an additional $5 million–$6 million.
In addition, Moss Adams worked to apply system analytics to pinpoint operational deficiencies and cash collections opportunities. The firm provided work lists for areas of concentration and prioritized accounts for resolution activity. Recommendations were also provided to remediate issues such as authorizations not obtained for services or treatments, unbilled claims, health information management coding errors, underpayments from payers, and appealing denials.
Moss Adams helped this organization with a thorough deep dive assessing their revenue cycle operations and providing guidance to improve cash collections.
We’re Here to Help
For more information on revenue cycle services to fit your organization’s needs, please contact your Moss Adams professional.