Case study: Increasing cash collections
A behavioral health revenue cycle service provider was faced with an increasing AR balance to manage and short on income to hire additional staff to work the receivables. Their clients were wanting more cash collections and pressuring them to do more with existing resources.
The service provider contacted SkyCom Healthcare to discuss how we could inject a seamless overflow collection team in place to assist with decreasing cash collections. SkyCom assembled a team of 5 agents for a proof of concept. Workflows were designed, access to proprietary systems was established, and five hours of intensive system and process training was conducted during a rather quick implementation timeline.
After 60 days of developing and incubating the proof of concept, SkyCom was able to completely stand on its own and manage client AR balances to the level of client success and more. With an additional 20 agents added to the original pilot, the service provider was able to shift their business model from a full Revenue Cycle operation to an Account Management model. This change allowed them to focus solely on managing their client accounts, and rely on SkyCom to perform the actual collections and medical record documentation work. As cash collections increased by 20% the service provider was able to take on more work, thereby increasing their company revenues and become ripe for an eventual acquisition with a very large Revenue Cycle service provider.