Summary of Findings:
A common concern among new clients is what level of initial revenue dip to expect when switching from their current billing, A/R, and/or charge capture software to the all-in-one Claimocity solution. This study follows a single practitioner through the process and finds that instead of seeing a dip, the move from a stand alone legacy software to a full-service option generated a 28% increase in monthly revenue. As a powerful secondary benefit, this case study exposes that moving from a one dimensional billing system to an intelligent end-to-end process uncovers and triages any live claims stuck in bottlenecks within the former A/R process, converting them to additional total revenue. In this case study an extra 52k was uncovered and converted.
Specialty: Pain Management
Practice Name: Dr. Jeffrey Hodgson
Practice Location: California
Practice Size: Solo Practice
Primary Case Study Category: Revenue Efficiency
Secondary Case Study Category: Specialty – Pain Management
This case study evaluates the legitimacy of common customer expectations that switching software, namely from a legacy charge capture and billing service to a single all-in-one software, while beneficial in the long term, creates an initial dip in total revenue from switching A/R processes (services/software/companies).
Case study tracking Dr. Hodgson, a solo pain management specialist operating independently in northern California, during his switch from a legacy charge capture and separate billing service to the end-to-end full-service Claimocity billing software.
Initial surveyed expectations included a significant initial dip in revenue. Concerns included losses of unpaid claims and the associated revenue of a percentage of charges still in the A/R process.
The process for this case study is very straight forward since it is a simple comparison of pre-change revenue numbers vs post-change revenue figures. A comprehensive A/R audit is a part of every new customer transition to the Claimocity software and involves a comprehensive analysis through the billing and operations team as well as through a series of QA/QC checks and measures. The depth and thoroughness of the audit enables a very comprehensive analysis of the revenue cycle prior to the switch that can be compared directly to the revenue totals generated in the first 30 days, creating the benchmark for comparison to the former revenue total numbers.
- Revenue jumped 28% in month one (the first 30 days).
- The A/R audit found 19K and 32K in live claims stuck in the A/R process, adding 51K in additional total revenue.