1. Client Situation: A California Family Medicine Practice faced a significant backlog in accounts receivable (A/R) due to delayed claim submissions, leading to A/R days exceeding 60 and straining cash flow.
2. Overall Market Situation: Healthcare regulatory changes and shifting customer preferences towards subscription-based services impacted billing and privacy standards, requiring practices to adapt for compliance and efficiency.
3. Practice Challenges: Reliance on traditional billing processes and inefficiencies in existing systems, despite having experienced teams, affected profitability and necessitated strategic adaptation to remain financially sustainable.
1. The physician aimed to revamp the A/R process to enhance revenue cycle efficiency and maximize collections, recognizing its importance to the practice’s financial health.
2. Goals included streamlining billing operations, reducing claim submission delays, and expediting payment collection to minimize revenue leakage and cash flow challenges.
3. The ultimate objective was to create a robust revenue cycle for improved profitability and financial sustainability, enabling growth in a complex healthcare landscape.
