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Boosting Revenue Through Accounts Receivable Improvement
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March 27, 2024
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A leading Midwest nonprofit healthcare provider engaged FTI Consulting to provide third-party accounts receivable (“A/R”) clean-up and resolution for aged debit balance inventory to assist with overall organizational cash performance.
Our Impact
- FTI Consulting decreased the $68.2 million of A/R to $14.9 million in 11 months and resolved 78.2% of dollars assigned through payment, adjustment or transfer to patient responsibility.
- Our team accelerated cash flow and increased net revenue by reducing the burden of aged A/R from the client’s portfolio.
- We collected $11.9 million against referrals assigned, achieving a 17.4% net collection ratio.
- Our cash collection efforts resulted in the client realizing a 27-to-one return on investment.
Our Role
- FTI Consulting worked in real-time in the client’s Epic-based patient accounting system to remediate third-party debit A/R and resolve outstanding credit balance accounts.
- The team identified and categorized systemic revenue cycle root causes for non-payment and provided recommendations to prevent these issues from re-occurring.
- We followed up with third-party payers to remediate outstanding A/R, performed claim submission activities in accordance with the standard operating procedure framework developed with the client, posted adjustments in the client’s Epic-based patient accounting system when identified, transferred accounts to self-pay status after insurance balances were resolved and reported key performance metrics.
Published
March 27, 2024
Key Contacts
Senior Managing Director, Leader of Healthcare Managed Services