Revenue Transformation (Hospitals and Medical Groups)
Health systems are challenged today more than any time in history to improve efficiencies and increase net revenue, and they are being asked to do that in a way that maintains or lowers cost, and maintains or improves patient and other stakeholder satisfaction.
“Claro reviewed our operations and helped us add over $10M in additional net revenue (representing a 4% increase in annual net revenue for our organization), which basically flows to the bottom line. They truly partnered with us and were great to work with. We heard positive feedback throughout the health system from both clinic and finance operations, and from people at all levels.”
– John Goodnow, CEO, Benefis Health System
“Claro helped us achieve an 82% reduction in provider enrollment-related write-offs, and an 82% increase in point-of-service collections, as well as a 4.1% annualized improvement in total cash posted.”
– Terry Olinger, President, Acute Care Group, Benefis Health System
“The Claro team worked with us to help improve physician engagement and increase transparency across clinical, operational and financial reporting. They also helped us achieve 60 pre-defined milestones and improve our cash received for services performed. It was a very successful project in every way.”
– Dr. Greg Tierney, President of Benefis Medical Group
“The results of our partnership with Claro exceeded our financial targets and created ownership and a sense of accountability across the organization. Claro focused on our needs and brought the resources and expertise to create and implement the best solutions for our organization. What differentiates Claro from other revenue cycle consulting firms I have worked with is their ability to collaborate and engage staff.”
– Forrest Ehlinger, CFO, Benefis Health System
Every health system, no matter its size or geographic region, has opportunities to improve processes, system usage, metrics/reporting, prioritization, workflow and other key operational components to improve its annual net revenue.
The health system revenue process flows through highly complex interrelated and interconnected horizontal and vertical channels, often with hundreds of handoffs and key points where deficiencies can occur.
To put the opportunity in perspective, the reason even high-performing health systems can still add millions of dollars to their annual net revenue is the sequential and exponential impact of process breakdowns.
The following chart mathematically illustrates how even high-performing individual departments can potentially mask the breakdowns that compound over the process timeline and ultimately reduce financial results.
This does not mean hospitals and health systems are only performing at 54 percent efficiency. It does mean, however, that even if each department is functioning at 95 percent accuracy, the hospital/health system is only functioning somewhere between 54 percent and 95 percent efficiency overall.
Our Revenue Transformation Solutions
Our Claro revenue transformation solutions are designed to be scaled and tailored to meet the specific needs of each hospital or health system. We do deep analytics during the assessment and consider the nuances of each organization enabling us to collaboratively partner with our hospitals and health systems to help them achieve significant, meaningful and measurable results.
Below are some example net revenue project results: