Creating a Revenue Cycle Tailwind at Magnolia Regional Health Center
I was thrilled to see the recognition our customer, Magnolia Regional Health Center, received this month in a HealthLeaders cover story about finding hidden dollars. Deonne Henry, the hospital’s vice president of revenue cycle, is one of the highlighted examples of success in the article—justifiably—because in the revenue cycle, reduced costs, increased productivity and getting paid timely and fully for services provided starts at the front end and more than ever is dependent on an outstanding patient financial experience.
In 2016 we partnered with MRHC, a 200-bed hospital, to provide a holistic solution to help its front-end staff inform patients about medical costs, accurately estimate the patient portion of the bill, complete the patient registration process, automate insurance verification, confirm benefit coverage based on the specific services order and reduce insurance claim denials.
Deonne reviews some of their preliminary results in this video, and over the course of our ongoing partnership with MRHC, the hospital:
- Began a point of service (POS) collections program in 2017, capturing additional $1m, and $1.2m in 2018
- Reduced net days in A/R from 58 to 46
- Reduced front-end denials by 50%
- Grew cash-on-hand days from 85 to 99
- Grew total profit margin from -7.8% to 3.4%
- Dropped average wait times from 9 minutes with 9 FTEs to 4 minutes with 5 FTEs
Magnolia is a great example of how hospitals can transform their revenue cycle from a financial headwind into a tailwind by fixing the root causes at the front end. We love it when our clients win!
Enjoy the full HeathLeaders cover story: Finding Hidden Dollars in Your Hospital (Without Reducing Labor)