When Medicare and Medicare Advantage patients started to increase at Beverly (Mass.) Hospital, part of Northeast Health System, the hospital knew it had to make changes to its revenue cycle to save money and create a more seamless process, according to a case study from Craneware.
Over the course of a year, Beverly Hospital initiated software solutions that were able to identify invalid claims prior to submitting them to Medicare or other payors. Consequently, Beverly Hospital reduced its total days in accounts receivable by up to three days, which translated into $2 million in cash flow savings.
The streamlined claims compliance process also significantly decreased the overall number of denied Medicare claims and brought labor costs down by roughly $100,000.
Over the course of a year, Beverly Hospital initiated software solutions that were able to identify invalid claims prior to submitting them to Medicare or other payors. Consequently, Beverly Hospital reduced its total days in accounts receivable by up to three days, which translated into $2 million in cash flow savings.
The streamlined claims compliance process also significantly decreased the overall number of denied Medicare claims and brought labor costs down by roughly $100,000.
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