Revenue Cycle Solution for Healthcare Company

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 leading healthcare provider to help pilot a comprehensive assessment about certain improvements that could be made in the future. Specifically, we used value stream mapping (VSM) and conducted workshops with the company based on the business challenges that our process excellence team identified. That team is comprised of not only specialists in Lean Six Sigma, but also analytics and process automation as well.

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 leading healthcare provider to help pilot a comprehensive assessment about certain improvements that could be made in the future. Specifically, we used value stream mapping (VSM) and conducted workshops with the company based on the business challenges that our process excellence team identified. That team is comprised of not only specialists in Lean Six Sigma, but also analytics and process automation as well.

APPROACH.

In an effort to help this healthcare provider better manage performance, we introduced a new custom performance scorecard for the business’ sales staff. From there, the team also worked hard to develop a template for the sales personnel to use that would ensure complete claims documentation. We also designed a new sales education program, as well.

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 – introducing measurement systems for key metrics and control measures, both of which guaranteed the stability and the sustainability of the improved metrics 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 our recommendations and the identified improvements, including an enhanced workflow, standardized order procedures for the sales team and new key metrics measurement systems, the client was able to dramatically expand its business – all WITHOUT the same being true of their required resources and cost.