At Scio Management Solutions, we work with more than 3,000 providers representing nearly every medical specialty. We have particular expertise assisting cancer-related providers with the highly complex and challenging aspects of oncology revenue cycle. Today, we’d like to share our experience with a well-respected medical oncology practice – one that had achieved a favorable reputation in the community but still had room to improve!
We began working with the Florida-based practice in 2015, when we took on revenue cycle management in its entirety – from insurance verification and payments, to referrals and authorizations.
Steps To Success
When we partner with a healthcare organization of any kind, we first identify overarching goals. In this case, the practice wanted to:
Reduce accounts receivable aging to less than 30 days
Increase collectible debt while decreasing write-offs and adjustments
Streamline the revenue cycle process to facilitate greater cash resources to support expansion plans
Our team applied lean six sigma project management methods to improve the practice’s business systems at every level, enhancing its overall financial performance. Working with Scio enabled major growth: the practice doubled the number of doctors on staff, opened additional locations, and added new services that contributed additional revenue.
Want to know more about how we helped this practice dramatically grow patient volume, revenue growth and achieve “best practice” status for all aspects of their balance sheet? Then download the case study today.
Comments