The CFO of a hospital located in a metropolitan urban community, owned by a large multi-state healthcare system, determined that there was not only an inherent conflict with its former Revenue Cycle Management vendor – the vendor managed self-pay early-out and bad debt collections – but also, that the vendor was leaving active self-pay revenue, on the table. Moreover, the CFO felt the vendor’s lack of technological sophistication inhibited recoveries and provided underwhelming reporting.
The CFO sought a partner that not only focused exclusively on active self-pay recovery processes, but also one capable of improving liquidation rates, reducing collection agency vendor costs, enhancing the patient experience, and improving internal operating efficiencies. The CFO saw the link between innovating an age old process and improved results for his hospital.
The CFO chose CaptureNet. Within 18 months, CaptureNet increased the hospital’s liquidation rate to an average of 32% above historical rates from the previous vendor – an extra $500,000 to the hospital’s bottom line – while streamlining processes that doubled the PFS department’s internal operating efficiency.