Overview:
An affiliate hospital located in Bangalore was facing challenges in increasing their business, as they were only able to generate an average claim amount of 70L per month through credit schemes. The hospital management decided to seek assistance from Seven Sigma Pvt Ltd, a Revenue Cycle management firm, to address these issues.
Challenge:
The primary challenge faced by the affiliate hospital was to increase their business by increasing the claim amount through credit schemes. The hospital also had an extended settlement period of 80 days, which caused cash flow issues. Additionally, patient satisfaction levels were not up to the mark, with only 70% of patients expressing satisfaction.
Solution:
Seven Sigma Pvt Ltd worked with the hospital to identify the root causes of these issues and developed a strategy to address them. The solution was centered around internal marketing, proper claim coding and billing, increasing patient footfall, and managing post-discharge claim requirements.
Results:
Through Seven Sigma Pvt Ltd's efforts, the affiliate hospital was able to gradually increase the credit scheme claim amount to three times its previous average. This was made possible through affiliating more third party payers, employees, following correct coding and billing practices with stringent follow up. The settlement period was reduced from 80 days to 12 days, thus providing the hospital with more working capital. Additionally, patient satisfaction levels increased significantly from 70% to 96%, indicating a marked improvement in the quality of healthcare provided by the hospital.
Conclusion:
Seven Sigma Pvt Ltd's Revenue Cycle management services helped the affiliate hospital overcome its challenges and achieve its goals. The hospital was able to increase its business, improve cash flow, and provide better quality healthcare to its patients. This case study highlights the importance of having a well-designed Revenue Cycle management system and the value of working with an experienced firm like Seven Sigma Pvt Ltd to achieve positive outcomes.
