Case Study: Optimized Revenue
83% of Account Receivables Closed in Less than 60 Days
83% of Account Receivables Closed in Less than 60 Days
- Branched off from a larger medical group that experienced management and billing issues prior to breaking up.
- Newly formed medical group needed efficient, cost-effective medical billing and coding services to grow with the organization.
- Medical group sought to avoid common problems experienced at the previous organization.
- Advanced Medical Imaging of Iowa selected Professional Management, Inc. (PMI) to handle medical billing and coding needs.
- Initially PMI had audited the original, large medical group’s operations and discovered numerous issues with billing and coding practices.
- After discovering the issues with the medical group’s management, clinicians broke off to form smaller practices. One called on PMI to ensure efficient medical coding and billing protocol was implemented.
- Medical group was able to pay doctor salaries with all collections from PMI’s services, rather than take out accounts receivable loans like the larger medical practice was forced to do.
- PMI also provided coding guidance to improve claims successes and shortened turnaround times.
- Improved Accounts Receivable – 83 percent of the practice’s accounts receivables are closed within 60 days.
- Improved Collection Ratio – Problems were addressed promptly by PMI which reduced collection expenses and write-offs and greatly increased collections.
- Results – The partnership has been so successful that it has continued for 10 years. In addition to the outstanding financial results, the medical group appreciates the personalized approach taken by PMI when dealing with difficult cases.
- Branched off from a larger medical group that experienced management and billing issues prior to breaking up.
- Newly formed medical group needed efficient, cost-effective medical billing and coding services to grow with the organization.
- Medical group sought to avoid common problems experienced at the previous organization.
- Improved Accounts Receivable – 83 percent of the practice’s accounts receivables are closed within 60 days.
- Improved Collection Ratio – Problems were addressed promptly by PMI which reduced collection expenses and write-offs and greatly increased collections.
- Results – The partnership has been so successful that it has continued for 10 years. In addition to the outstanding financial results, the medical group appreciates the personalized approach taken by PMI when dealing with difficult cases.