Vascular Lab Case Study

“I can now plan for the future. Working with SMFS has been profitable and informative.”

The Situation

The first step was to analyze the practice’s current financial status.

The owner of a vascular ultrasound imaging practice with five locations in New Jersey and Southeastern Pennsylvania was disturbed with his financial results from his third party billing company. He and his staff were working hard but the results were not reflecting their efforts. His concerns were not unlike many practices that hire inexperienced billing companies or employ in-house billing employees:

Denials were not tracked and disputed.
His “Days on Books” were on a steady incline.
The month-end reports were indecipherable and inadequate for planning purposes.
His questions and concerns were not answered responsively and often by inexperienced staff.
He felt his small-to-medium sized practice was a low priority to his billing company.

Billing Transition to Sterling

When he contacted Sterling Medical Financial Services in 2006, the first step was to analyze the practice’s current financial status. Sterling’s Kevin Ryan, CPA, thoroughly reviewed not only the current finances but had meaningful discussions with the owner to set expectations for Sterling and to gain an understanding of the practice’s desires, challenges and future growth plans.

Payments by Insurer Sterling Medical Financial Services immediately assumed billing responsibility and diligently managed the receivables from claims submission through collections, tracked and worked denials, and was available daily by phone to the owner. Sterling provided month-end reports based on an agreed upon metrics that would assess both the company’s and Sterling’s performance. These reports include written reports and charts for the following:

Estimated Revenue for Practice and individual Providers
Procedure Code Analysis
Revenue Estimates vs. Actual
Charges and Payments by Insurer
Collections by Practice and each Office
Location Results
Practice Summary Report
Receivables Aging
Days of Revenue Outstanding
Referrals

Sterling Billing Results

Objectives were quickly attained.

Objectives were quickly attained, giving the owner more insight into his company’s performance, management of his receivables and a solid grasp of their future earnings. Days on Books were reduced by approximately 18.9% with the first 3 months.

Scheduling Transition to Sterling

Days on Books were reduced by approximately 18.9% with the first 3 months.

Shortly after engaging Sterling for their billing services, the vascular imaging practice turned over 80% of their patient scheduling to Sterling. The owner is confident that Sterling treats his patients with the same professionalism that he enjoys. It also frees him up for other important activities or the occasional vacation. Additionally, Sterling implemented appointment confirmation calls that have significantly reduced no-shows and cancellations. This process has also proven to be effective in confirming insurance coverage, speeding the pre-cert process, and referral issues at the point of contact rather than after the fact, resulting in more efficient patient service, management of receivables, and improved relations of referring physicians.

A Brighter Future with Improved Results