The good news was that a healthcare organization was in rapid-growth mode, acquiring a large number of healthcare providers over a short time period. The bad news was that many of these new acquisitions were noticing falling revenue. The organzation recognized this as a dangerous trend across the enterprise, and that it was related to its revenue cycle practices. But they didn’t know what they were doing wrong or how to enact changes to boost performance. That’s why they hired Protiviti.
Just two weeks into its six-week contract, Protiviti found where the various breakdowns and bottlenecks were occurring, and why. It was a matter of existing revenue cycle processes not being able to keep up with the rapid growth of the organization. Operations had grown much more complex with growth, but staffers were still trying to operate as they had when the organization was much smaller. The Protiviti project lead was appointed interim leader of revenue cycle and immediately established a new structure. Improved processes were introduced in patient access, credentialing, billing, and invoicing. Then staffers were brought in from Robert Half who could better implement the new processes. With the changes in place, dramatic improvements were seen in less than half the time projected: The insurance rejection rate decreased from 11% to 5%, and accounts receivable dropped by 9% providing much needed cash-on-hand for this growing organization.