Workers' Compensation Program Case Study
Convergent Helps Hospital Reduce Accounts Receivalbe by More Than 25 Days
The Challenge
This non-profit, 500-bed community hospital is located in the eastern United States. Although it had made great efforts to manage Workers’ Compensation and motor vehicle accident accounts, the corporate director of revenue cycle ultimately decided to seek outside help. Not only would this help quickly bring in revenue from these difficult accounts, but it would also free patient account representatives to focus on generating revenue from managed care and government-involved payers.
After considering other vendors, the director of patient financial services chose Convergent as its revenue cycle outsourcing partner. Convergent offered highly competitive rates, proven success collecting Workers’ Compensation and motor vehicle accident claims, robust tools for easy access to account information and a reputation for providing valuable education to hospital billing staff as a complimentary service.
The Solution
Convergent immediately placed an experienced professional on site to gather the information needed to effectively collect on these accounts. We understand that cash flow and improved revenue are absolutely critical to the viability of any healthcare organization. Our primary focus is always to help our client partners improve their financial position from the very start of the relationship.
Convergent’s support team simplified the reassignment of accounts, creating a seamless transition to outsourcing and allowing hospital staff to continue working with minimal disruption as Convergent applied its legal bench-strength to difficult accounts.
Convergent included education services in the solution and regularly conducted workshops for the hospital’s billing staff, helping to raise their effectiveness and morale. These complimentary workshops targeted specific healthcare reimbursement issues that challenged the team of billers, providing the legal and regulatory information they needed to see faster, more positive results on the claims they managed.
The Results
For more than four years, Convergent helped the hospital collect its Workers’ Compensation and motor vehicle accident accounts. In that time, days in accounts receivable for these accounts dropped substantially, from roughly 64 days to approximately 38 days.
“We attribute such a low number [of days] to the people and processes that Convergent brought to bear on the challenge of working these claims,”
Revenue Cycle Director, Eastern Health System
