Challenged with cash flow issues, decreasing revenue and increasing accounts receivables, Berenson Oncology approached SYNERGEN Health for a no-cost, no-obligation benchmarking assessment of its revenue cycle processes.
Case Studies
SYNERGEN Health Increases Berenson Oncology Revenue by 15% within 120 Days
Overview
- Private practice in West Hollywood – CA
- Specialty: Hematology/Oncology
- 20+ years experience in research related to multiple myeloma and other blood cancers
- Clients’ Revenue per year > $4.2M
Implementation
- Daily benefits verification
- Daily claims submission
- Follow up date based collection follow ups
- Box system for document management
- Cash flow forecasting reports
- Weekly progress reports
- Monthly Revenue analysis report
- Quarterly Drug analysis
- Best Practices recommendations
- PQRS initiative
- Real-time Analytics reports(Doctrix)
- Weekly drug cost analysis
Challenges
- Coding and Documentation
- Reimbursements for unclassified drugs
- Increasing days in A/R
- Poor Visibility into RCM processes
- Cash flow forecasting
- Poor Customer service
Results
- Improvement in 90+ Insurance AR
- Consistent cash flow with forecast reports
- Improvement in days in A/R
- Better working capital management
- Best in class & compliant business processes
- 100% transparency into RCM processes
- 3% increase in the reimbursement ratio after transitioning to SGH
- First time payment rates were improved to 98% – 99%
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