KentuckyOne Health Medical Group was in the midst of a revenue cycle “perfect storm.” With 200 locations serving 500,000 patients in Kentucky and southern Indiana, the health system was implementing an electronic health record (EHR) at the same time as an unfavorable payer mix shift. And KentuckyOne Health was growing — fast.
That rapid growth was putting pressure on KentuckyOne Health’s revenue cycle. To combat this, its parent company, Catholic Health Initiatives, partnered with MedSynergies — an Optum® company — to help optimize back-office functions and find efficiencies to turn losses around and continue growing and focusing on patients. These efforts generated immediate results.
The team streamlined revenue cycle and practice management processes using best practices from its two-state region. It then applied efficiencies to practices system-wide. For example, practice staff made appointments for patients referred to a specialist, verified benefits, and secured pre-authorizations. KentuckyOne Health saw a 45 percent reduction in pre-authorization denials in the first eight months.
“During the transition, the team turned things around and moved the revenue cycle forward,” said Rhonda Hale, KentuckyOne Health finance vice president. “This is one example of the staff’s personal ownership of this process, which helped us handle uninsured patients, as well as make payments for those with high out-of-pocket deductibles go more smoothly.”
Optimizing revenue cycle processes has allowed KentuckyOne Health to:
- Increase net patient service revenue by $3 million
- Improve accounts receivable days by 30%
- Boost time-of-service collections by $1.4 million
- Realize $1.1 million in additional meaningful use revenue from providers
“We are on a totally different path than we were two years ago,” Hale said. “We needed every employee, leader and physician across KentuckyOne to invest to make it all work.” She attributes much of their success to the collaboration with Optum.
To read more about how KentuckyOne Health transformed its revenue cycle to increase revenue while continuing to deliver quality patient care, download the case study.
About the Author:
She directs the development of content that spotlights the role of data analytics in healthcare – specifically the transition to value-based care, risk management and population health management. She brings to her role more than 20 years of experience developing B2B and B2C integrated marketing campaigns for companies including ThreeWire, Eliance and 3M. Leslie attended the University of Minnesota and graduated from Wellington College with a BS in International Business & Communication.