Project Overview:
The Nobility Medical Project commenced in August 2023 with the objective of recovering the clogged Old AR. The revenue that was deemed lost by the client. This comprehensive project was managed by a dedicated team of 6 AR representatives who coordinated with Insurances, Provider and staff and focused on addressing old accounts receivable (AR), and ensuring accurate payment posting.
The Project
The total 90+ AR balance was $6.1 million. The primary challenge encountered was the prevalence of aging AR from 2020. Leveraging special appeal tactics, our team successfully recovered 22% of the total AR.
Let’s have a look at statistics indicating the actual balance by year.
Process Improvements:
Navigating current denials posed unique challenges due to inaccurate coding and outdated claim submissions. By providing expert advice and solutions, we collaborated with the client to rectify these issues, resulting in improved claims processing efficiency and accelerated payments.
The Nobility Project exemplifies the importance of proactive intervention and strategic solutions in optimizing revenue cycle management processes developed by our team. As the graph signifies, total recovered amount is $1,342,000 which is 22% of the total old AR and was deemed lost by client but by diligently identifying and addressing challenges, our team successfully improved operational efficiency, accelerated payments, and enhanced the overall financial health of the medical facility and that too with the mere expense of total 10% of the recovered amount. Through collaboration and expertise, we empowered the client to navigate complex RCM challenges effectively, positioning them for sustained success in the ever-evolving healthcare landscape.