Could There Be More Revenue in the Revenue You’re Already Generating?
Healthcare organizations invest heavily in people, technology and revenue-cycle processes. Yet even well-run organizations can have opportunities for additional collections, fewer denials, improved A/R performance or more efficient staffing.
ProfitMax works with Twenty Four Seven Consultancy (TFSC), a healthcare revenue-cycle organization that helps hospitals, physician groups and other medical organizations identify and capture opportunities that may be difficult to uncover internally.
The objective isn’t to replace your existing RCM team, technology or partners.
It’s to help them perform even better.
What Can the Opportunity Look Like?
Based on TFSC’s experience with client organizations, opportunities identified and addressed have included:
6-20%
Improvement in net revenue
TFSC client experience
20-35%
Reduction in denials
Often within approximately 90 days
15-25%
Increase in net collections
Results vary by organization
Low 50s to high 30s
A/R days
Dependent on current performance and opportunity
* Results vary by organization and depend upon its existing performance, data, payer mix and opportunities identified
Start With the Data
Before recommending anything, TFSC can begin with a complimentary analysis of 6–12 months of your revenue-cycle data to identify and quantify where opportunities may exist, including aging A/R, 90- and 120+-day balances, denials, underpayments, collections and staffing or capacity issues.
The analysis is designed to answer practical questions:
- Where may collectible revenue be getting lost or delayed?
- Are denials creating avoidable leakage?
- Are there opportunities to improve A/R performance?
- Are staffing constraints affecting collections or productivity?
- Where could additional specialized expertise produce measurable financial value?
The result is a detailed analysis that gives you and your leadership team a clearer picture of whether an opportunity actually exists and where it may be concentrated.
Strengthening the Team You Already Have
TFSC works alongside existing revenue-cycle leadership, staff and technology – including organizations using Epic and other established platforms.
Depending upon what the analysis identifies, support can include revenue enhancement, denial reduction, A/R improvement and additional RCM staffing capacity.
TFSC provides dedicated, degreed revenue-cycle professionals, allowing organizations to add experienced capacity where needed without necessarily adding permanent internal FTEs.
This is not an outsourcing-first model. The starting point is understanding where additional expertise or capacity could make the existing operation stronger.
Typically at approximately
$2,500/month
per dedicated FTE
A Different Way to Think About Staffing
When revenue-cycle departments are understaffed, the obvious solution is often to recruit another employee. But salary is only part of the actual cost of adding an FTE.
TFSC’s FTE Advantage provides dedicated, degreed RCM professionals on a flexible, month-to-month basis, typically at approximately $2,500 per month per dedicated FTE.
This can be particularly useful when an organization is dealing with vacancies, backlogs, growth, turnover or a specialized need that doesn’t necessarily justify another permanent position.
Typically at approximately
$2,500/month
per dedicated FTE
Healthcare Advisors Are Welcome
Healthcare consultants, financial advisors and other professionals who work with medical organizations are welcome in discussions with ProfitMax and TFSC.
Our approach is collaborative and inclusive. The objective is not to interfere with an advisor’s existing relationship with the organization, but to determine whether TFSC’s specialized capabilities could complement the work already being done.
When appropriate, I welcome the opportunity to work with an organization’s existing advisors and leadership team.
Why ProfitMax Is Involved
I don’t run a revenue-cycle company, and I don’t pretend to.
My role is to recognize when a specialized resource may be able to create financial value, bring the right people together and help determine whether the opportunity warrants further exploration.
With my background in healthcare, managed care and employee benefits, I understand that healthcare organizations don’t need another vendor making broad promises. They need to know what the opportunity is, how it was identified, what would be required to address it, and whether the economics make sense.
That is the conversation I want to help facilitate.
Is It Worth Taking a Look?
If you’re responsible for the financial or revenue-cycle performance of a healthcare organization – or advise organizations that are – I’m happy to arrange an exploratory conversation with TFSC.
The objective is simply to determine whether there may be an opportunity worth investigating.