The Impact of Claimocity on Total Revenue as Function of Performance Per Encounter
Switching to Claimocity increased the average performance per encounter revenue by 22.07% over three years, generating hundreds of thousands in additional annual net revenue.
Purpose: 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. 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.
Hypothesis: 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.
Basis: 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.
Details: 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.
Summary of Findings: The findings were internally conclusive and significant. 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 similar increase in total net revenue. Switching to Claimocity generated an over 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.
The Impact of Claimocity on Total Revenue as a Function of Found Claims
Switching to Claimocity reduced the rate of lost/missing claims by 2.4% in year one for a group already using mobile charge capture, generating a 3.76% increase in net revenue.
Purpose: The purpose of this longitudinal study was to determine the significant measurable impact if any, that the accelerated mobile charge capture portion of the Claimocity RCM side software has on the total bottom-line net revenue of an established hospitalist group already using mobile charge capture and electronic billing. Essentially we wanted to take a group that was already using a mobile charge capture-based revenue cycle management software and having them keep everything else the same, including the practice management portion, make a simple change to the Claimocity RCM side software from the option they were using.
Hypothesis: The general hypothesis here was that Claimocity would significantly improve the number of found claims, including missed, wrong, or incomplete, and therefore increase the total net revenue of even a group with just that portion of the billing enhancements alone.
Basis: The basis for this hypothesis is our belief that there is a significant discrepancy between the standard mobile charge capture billing component 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 accelerated/enhanced smart mobile charge capture developed exclusively for Hospitalists.
Details: This study was conducted over a single year period utilizing a single hospitalist group comprised of over ten 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), had been using mobile charge capture for more than 3 years already, and rated themselves a 9/10 in comfort and efficiency in this category.
Summary of Findings: The findings were internally conclusive and significant. In year one, with no other changes to the practice except the accelerated mobile charge capture aspect of the revenue cycle management portion of the software used, the number of total payable claims rose by 2.4% from found claims, correlating with a 3.76% increase in total net revenue. Switching to Claimocity for revenue cycle management (excluding PM functionalities) generated a 3.76% increase in total revenue as a function of a 2.4% increase in found claims.
Update: The study has been extended and is now nearing the end of year 2. Findings will be updated as they become available.
Using Claimocity for 90 days increased the average TPVI scores of Hospitalists by an 87.5% including feelings of confidence, efficiency, and and comfort level with claim values, access to physician performance insights, the charge capture process, coding tools and accuracy, and commensurate reductions in charge lag, concern about missing charges, and confusion about the billing process.
Purpose: The purpose of this cross-sectional study was to quantify and then compare the intangible qualitative values achieved within a few months of using Claimocity against those achieved using any of our competitor’s software for a much longer time span.
Hypothesis: Our hypothesis was that by day 90 of daily usage, Claimocity users would report a higher overall TPVI score average than the TPVI score average achieved using any of our top three competitors software for between 1-3 years.
Basis: This study and index were originally created as a means of evaluating customer satisfaction with various components of the software for internal review to generate resource allocation parameters for developer focus. In other words, we wanted to know where our customers were the happiest and conversely where we should allocate our time and energy to generate improvements.
Details: To quantify the difference between the old software and the new, we used TPVI, an internal customer satisfaction rating scale designed to eliminate bias since the basis was not to promote but evaluate with integrity, which would allow us to mathematically compare the ratings from the prior PM/RCM software to the ratings for Claimocity. TVPI stands for Total Perceived Value Index and has proven incredibly effective and at quantitatively evaluating the qualitative values of our software. In this instance, the cross-section consisted of a sample of 15 new customers selected at random out of a group of 72 prospects. Each candidate met the criteria of having been with one of our top three competitors for between one and three years and never having used or seen Claimocity in action. The average time frame spent using the previous software was 2.7 years.
TPVI: When evaluating TPVI we use evaluative levels of self-reported confidence, efficiency, and comfort with regards to various elements of billing, practice management, user experience, and software functions. This study was conducted over a 90 day period utilizing hospitalist groups comprised of over fifteen physicians and mid-level NPPs (non-physician providers) that have remained the same over the course of the experiment. These practices are all considered established (5-10 years of practice), and the members of the practice agreed to take TPVI scores before they were informed they would be switching software. The group practice managers were excluded from the study because they were already aware they would be transitioning and we wanted to reduce the bias.
Findings: The findings were internally conclusive and significant. The TPVI scores showed a remarkable difference, averaging 87.5% higher after 90 days of using the new software than they had at the peak point of use with the old.
Here are some of the TPVI individual averages that members of the groups reported:
- 89.5% reduction in worry about missing charges
- 81% more confidence that claims would be paid
- 78% more confidence in coding accuracy
- 87% more confidence in the effectiveness of the coding tools
- 84% more confidence in billing accuracy
- 89% higher level of comfort with the charge capture process
- 77.5% higher level of comfort with software usage
- 88% increase in comfort with feature layout and design
- 62% increase in understanding of the revenue cycle process
- 95% increase in feelings of efficiency in daily performance
- 82% higher access to physician performance insights
- 71% higher awareness of monthly financials metrics
- 92% confidence that revenue would increase
Overall, at day 90 of use, Hospitalists using Claimocity reported an 87.5% average increase in reported TPVI averaged across all categories.
Claimocity reduced the admin burden of billing to 9 seconds per patient per day, a 92% decrease from the national average of 1.89 minutes and the industry best by nearly a full minute.
Purpose: To establish that the Claimocity software had a measurable impact on the time per patient per day cost of billing work as a process, and determine what the average time cost per patient is with Claimocity.
Basis: The administrative burdens of billing on Doctors are extremely heavy, and the opportunity cost of that lost time is significant and we believe unnecessary. By optimizing the work process through a combination of UX software design, intuitive functionality, AI-driven machine learning and smart software enhancements, and the most robust medical billing support staff working behind the scenes, we believe that we can significantly reduce the time cost of billing down to well under the national average of 1.89 minutes per patient per day.
Hypothesis: We hypothesize that our smart software and incredible functionality will significantly increase administrative billing efficiency, driving down work process time costs to under 20 seconds per patient per day, without any associated loss of accuracy measured as an increase in lost claims or diminished net revenue.
Details: For this cross-sample based experiment we used three groups of five randomly selected existing Claimocity customers who were established hospitalist groups (5-10 years of full operation). The first five groups were selected from groups using the software for between 3-6 months. The next five were selected from a group that had been using the software for 6-12 months. And the last group had been using the software for over one full year. This was done to see if the length of use affected the billing time cost and to ensure we had multiple subsets from among our customer base for greater authenticity. Each group was tracked across a ten-week span, and the top two and bottom two weeks were eliminated from the findings to focus more on the middle of the bell curve.
Summary of Findings: The time study revealed that the Claimocity software reduced the administrative burden of the billing work process time cost to 3 minutes per 20 patients on average, which is an average of nine seconds per patient, or a 92.06% decrease. The time study revealed that there was no significant difference between the groups based on time spent using the software, just 2% on average which equates to less than one-fourth of a second.