Claimocity Case Study
Impact of Revenue per Encounter on Total Revenue
Switching to Claimocity software significantly boosted total revenue by enhancing performance per encounter, even for practices already operating efficiently.
Summary of Findings
With no other changes to the practice except the software used, the performance per encounter average value rose 22.07% from the start date to the end date, resulting in a significant increase in total net revenue. Switching to Claimocity generated just under a one-fifth increase in total revenue as a function of performance per encounter over 3 years for a practice that felt they were running at optimal revenue efficiency. Focusing on revenue per encounter was highly effective at raising overall bottom line financial growth even on practices operating efficiently.
Participant Details
Specialty: Hospitalist Group (Internal Medicine Practice)
Practice Name: Pending Approval
Practice Location: Nevada
Practice Size: 8 Physicians and Mid Levels
Primary Case Study Category: Revenue Efficiency
Secondary Case Study Category: Specialty – Internal Medicine
Study Summary
The purpose of this study was to determine the significant measurable impact (if any) of the Claimocity software on the total bottom-line net revenue of an established hospitalist group who felt they were already maximizing revenue and achieving high performance per encounter benchmarks specific to their practice type.
Evaluative Situation
The basis for this hypothesis is our belief that there is a significant discrepancy between the internal perception of revenue maximization within a hospitalist group that is currently using software designed for doctors (as a whole group) and the actual potential for revenue growth possible when utilizing our artificial intelligence enhanced smart software developed exclusively for Hospitalists.
Essentially we wanted to take a hospitalist group that felt like they were running a tight ship and performing at a high level, then while having them keep everything else the same, make a simple change to the Claimocity software from the option they were using and measure the impact on revenue.
Expectations
The hypothesis was that Claimocity would improve the performance per encounter by 5%-10% resulting in a significant increase to the total net revenue of the group despite survey data showing internal feelings that there was very little room for financial improvement.
Process
This study was conducted over a three-year period utilizing a volunteer hospitalist group comprised of over eight physicians and mid-level NPPs (non-physician providers) that have remained the same over the course of the experiment. This practice was established (5-10 years of practice) and in a survey, rated themselves as 9/10 in overall efficiency (considered well-run) and within 5% of assumed revenue maximization using their established/existing PM and RCM software and methodology.
RESULTS
- Performance per encounter rose 22.07% over 3 years.
- Total revenue rose by roughly 20% over that same span.