Multi-Location Dermatology Practice Improves Cash Flow, Gains Greater Control Over Billing Process and Boost Financial Results with Integrated Solution
Tired of struggling with archaic healthcare IT systems and a slow and unresponsive billing service, Universal Dermatology sought out a revenue cycle partner to help the growing practice boost financial results. In addition to streamlining their billing process, Universal Dermatology wanted a user-friendly, intuitive interface that provided visibility into accounts, billing, and revenue performance and the ability to create customized reports and dashboards.
Lack of Control, Transparency and Integration Drives the Need for Change
Lack of Revenue Cycle Visibility
Unable to create their own reports and dashboards in their current system, Universal Dermatology lacked visibility into the metrics and KPI’s necessary to make informed business decisions. The practice had little if any insight into their financial, administrative and clinical performance.
Lack of Financial Control
Under their current billing company, managing cash flow was nearly impossible. System errors and lack of communication with their billing company often resulted in late disbursements, making it difficult to keep up with payroll.
Lack of Integration
Universal Dermatology desperately needed to boost workflow efficiency in the practice and gain control over the practice’s revenue cycle performance. Not having a bi-directional bridge between their EHR and PM systems was costing her staff time and money – adding unnecessary paperwork and additional data entry tasks for their front desk staff.
“The most important result of moving to CareCloud is that we have taken control of our practice.”
Sara Pione, Practice Manager
Faster Payments, Fewer Denials
Cash flow has improved tremendously for Universal Dermatology, with payments now coming directly to the practice every single day. With CareCloud, the practice has not only cut the time it takes to submit claims, they’re also getting more paid too. Now, only 4% of the practice’s claims are denied, a figure in line with top-performing practices. In addition, the practice now has a Revenue Realization Rate of 93%.
More Visibility and Financial Control
Lack of transparency had been a major problem for Universal Dermatology, but the practice didn’t realize just how severe it was until they implemented CareCloud. Universal Dermatology realized that the billing company’s procedures they had been following for two years had resulted in a lack of payment from insurance companies. Working with CareCloud, the practice has implemented a new process and now has the visibility to identify and prevent future issues.
Opening New Offices and Adding New Services
Working with the CareCloud software and team has played a critical role in positioning Universal Dermatology for growth. In fact, Universal Dermatology is opening its largest office in 2016. And because the practice is operating much more efficiently, they are expanding services by bringing on a Mohs specialist for surgeries twice a month instead of referring patients elsewhere.