For HealthLeaders' Revenue Cycle Technology Week, we followed up with the CFO of Advocare to see how its revenue cycle technology is performing one year later.
Improving net collection rates and overall revenue cycle management processes is top of mind for revenue cycle leaders and adding in new solutions and automation to streamline those operations has been a must for many organizations.
In September 2022, Todd Mallon, CFO of Advocare, one of Pennsylvania and New Jersey's largest independently physician-owned and physician–governed multi-specialty medical organizations, implemented new technology to streamline the health system's revenue cycle management operations.
A year later, HealthLeaders caught up with Mallon to see how it’s revenue cycle technology is performing.
At the time, after implementing new technology from eClinicalWorks to help with its revenue cycle management operations, Advocare saw a 99% net collection ratio. As the industry standard ratio for net collections is 95%, Advocare was operating well above average and experiencing the positive effects of that change across all of its care centers.
But how have operations changed in the last year?
“Our net collection ratio remains over 99% even as we grew to over 700 providers and 160 care centers,” said Mallon.
But, Mallon says, part of the system’s continued success is thanks to even more new technology.
Advocare added in healow Payment Services this year, allowing patients to pay their bills online or by text.
“Patients don’t have to log into their portal to view and pay their balance, which has significantly increased our collections rate. It seamlessly integrates into the EHR, putting everything we need in one place,” Mallon said.
This means that Advocare is able to keep up payment collections and cash flow even as it continues to grow.
Mallon says they have had a positive ROI for all new technology they have implemented, giving the system the confidence to invest in even more new technology in the future.
Aside from the near perfect net collection ratio, Mallon said having a true partnership with your technology vendor is key. For Mallon, having that partnership has improved its revenue cycle communication and allows for constant collaboration.
“The team is available whenever we need them, which has been vital as we’ve brought on more providers and opened more care centers. No matter the situation, they are willing to help us make changes to our system and achieve greater efficiency. This has been key to our continued success,” Mallon said.
Amanda Norris is the Associate Content Manager of Finance, Payer, Revenue Cycle, and Strategy for HealthLeaders.
In September 2022, Advocare implemented new technology to streamline the health system's revenue cycle management operations.
This week, HealthLeaders caught up with its CFO to see if it’s revenue cycle technology proved a ROI.