Using Value Stream Mapping to Create a Better Revenue Cycle Solution for a Top Healthcare Provider

Healthcare

THE CHALLENGE.

Recently, Pegasus One was engaged by a healthcare provider to help do a comprehensive of improvements that could be made in the future. Specifically, we used value stream mapping (VSM) paired with workshops for the company to address the business challenges identified by our tream of process excellence experts comprising of Lean Six Sigma, Business Analytics and automation experts

Using Value Stream Mapping to Create a Better Revenue Cycle Solution for a Top Healthcare Provider

Healthcare

THE CHALLENGE.

Recently, Pegasus One was engaged by a healthcare provider to help do a comprehensive of improvements that could be made in the future. Specifically, we used value stream mapping (VSM) paired with workshops for the company to address the business challenges identified by our tream of process excellence experts comprising of Lean Six Sigma, Business Analytics and automation experts

APPROACH.

In an effort to help this healthcare provider better manage performance, a custom performance scorecard was devised for the business’ sales staff. From there, the team also developed a template that would ensure complete claims documentation by the sales personnel. We also developed a new sales team learning program.

Additionally, Pegasus One enhanced the client’s claims system in a variety of ways. This included a step that our own team identified as vital – key metrics and control measurement system which guaranteed the long-term sustainability and stability of the improved performance moving forward.

RESULTS.

Our new revenue cycle solution helped the client achieve a number of benefits, like:

  • Faster collection times: The client enjoyed a massive 33% reduction in the time to collect on the average claim.
  • Quicker finalization: Likewise, the client saw an impressive 18% increase in first-time finalization.
  • Higher claims: Our solution helped the client increase billed claims value.

VALUE.

After implementing the recommendations and identified improvements (enhanced workflow, ordering procedures for sales department and key metrics measurement), the client successfully expanded its business – while lowering their required resources and cost.