Summary of Findings:
Switching to just the Claimocity accelerated charge capture, a native component of the full-service end-to-end mobile practice management and billing app, resulted in a 9% increase in time efficiency and 11% increase in revenue efficiency for an Internal Medicine hospitalist group in Florida. This equated to an extra half hour per day per provider and an extra 41K for the practice over 2 months.
Specialty: Internist Group (Internal Medicine Practice)
Practice Name: Withheld Pending Publication Approval
Practice Location: Florida
Practice Size: 6 Physicians and 3 Mid-Level Providers
Primary Case Study Category: Revenue Efficiency
Secondary Case Study Category: Specialty – Hospitalist
Comprehensive look at the aggregate effect of the full Claimocity platform on time management, workflow, and revenue efficiency. Rather than measuring features individually we carefully created a before and after evaluation with the full Claimocity package as the isolated variable to measure what improvements the software package would have on hospitalists.
The hospitalist group used as a subject of this case study was a new customer (at the time of the study) who agreed to undergo an initial 60 day evaluation of the impact that our native mobile charge capture had on their daily allocation of time commitments as well as overall revenue efficiency.
The expectations within the Hospitalist group included a 1-2% improvement in time efficiency and a similar improvement in revenue efficiency. The internal expectations and hypothesis of the Claimocity case study team was significantly higher with a 5% improvement in time efficiency and a 6-7% improvement in revenue efficiency.
- Change in Time Efficiency: For the purposes of this case study, the change in time efficiency is defined by the change in time expenditures due to the new charge capture process when compared against the baseline numbers of the original software.
- Change in Revenue Efficiency: Similarly, the change in revenue efficiency is defined by the change in total revenue compared against the original baseline average total revenue.
- Efficiency: Both time and revenue efficiency in general refer to our internal definitions of a provider’s or practice’s current revenue over maximum possible revenue. It is a percentage used to evaluate how close a physician or group is to the best case scenario and provide a qualitative and quantitative understanding of the room for growth and optimization. Our internal definition is
To isolate the mobile charge capture as a variable, we kept the rest of their current software and billing service the same, switching only their stand alone charge capture software for the Claimocity accelerated charge capture portion of our software, which we separated from the rest of our end-to-end billing and smart features for the first 60 days. We also built in 30 days of implementation and integration before the actual evaluation began in order to minimize the impact of any learning curve or initial unfamiliarity with the new system. First we created the baseline numbers that would be used to compare the new efficiency levels against. We did this by evaluating their revenue and A/R for the prior 120 days to create an average for the revenue category. To measure time efficiency, we used tracking in the mobile charge capture software to track when it was opened and completed in order to measure the time spent on this part of the billing process. At the end of the day each doctor underwent an exit interview with the billing team to touch on each encounter and create context for the day and the software usage in order to verify the information collected as accurate.
- Time efficiency increased 9%.
- Time efficiency was 4% higher than hypothesized and 7-8% higher than the practice expected.
- The time efficiency increase translated to an extra 30 minutes a day per provider on average just from streamlining the charge capture process.
- Revenue efficiency jumped 11%.
- Revenue efficiency was 4-5% higher than hypothesized and a full 10% higher than the practice expected.
- The revenue efficiency increased translated to a $41,515 jump in total revenue for practice for the 60 day period.