Twenty-five of the 26 practices under Greene Health Partners (GHP) are now able to bill for all services effectively, calculate return on investment easily and are pulling in money faster after implementing a streamlined revenue cycle management solution.
AdvancedMD's revenue cycle software changed GHP's workflow by keeping charge entry processes within the practices, and reducing the cycle to four days from the day of service. GHP's cycle was two weeks with its old billing company, according to Howard Drenth, director of physician practices for GHP. As a one-time increase, $80,000 has already come in at an accelerated rate.
Before GHP implemented the new software, the physicians were using multiple billing systems. Each carrier couldn't handle multiple remit addresses for one tax ID number and one even had $200,000 that went to the wrong remit address.
By choosing a single vendor for software and billing alone, GHP was able to drive down costs by about $200,000. AdvancedMD also is a web-based application so there is no server or computers to purchase or set up and start-up costs are very reasonable.
"AdvancedMD has created a very consistent streamlined revenue cycle," Drenth said.
The software has helped GHP to increases revenue per visit, measure the ROI of the software and allows physicians to double check to see if they've billed for all their services.
"We're an enterprise customer, and AdvancedMD provides the flexibility that I was looking for," Drenth said. "We set up each practice independently and they can determine practice-specific settings, the way it looks and functions, and yet it allows me at the end of the day to pull all that information to a summary level to help us manage," said Drenth.