RCM Outsourcing Done Right: MyImaginity's Global Approach to Healthcare Billing Efficiency

Managing a healthcare practice comes with countless complexities, especially when billing inefficiencies, high accounts receivable (A/R) aging, and frequent claim denials disrupt financial performance. Without streamlined reporting and proactive management, these challenges can lead to revenue leakage and operational bottlenecks. Our client, a local healthcare practice, faced several challenges, including:

• Inefficient billing processes leading to revenue leakage.
• High accounts receivable (A/R) aging.
• Frequent claim denials and rejections.
• Inconsistent and delayed reporting.
• Inadequate support for practice management and office maintenance.

Faced with these hurdles, the healthcare practice turned to MyImaginity for a solution—leveraging Revenue Cycle Management Services (RCM) to optimize medical billing solutions, reduce A/R aging, improve collection rates and enhance financial efficiency.

MyImaginity partnered with the healthcare practice to offer Revenue Cycle Management Services including Medical Billing, Practice Management, PHI Management, Collections & Claims Management as well as education on improving billing workflow and reducing claim denials in small practices. MyImaginity implemented the following strategies:

1. Efficient Billing and Revenue Cycle Management:

• Implemented HIPAA-compliant billing. Increased collections by 15-20%.
• Improved Accounts Receivable recovery by decreasing aging of A/R to 60 days or less.
• Healthcare claim denial management helped reduced denials and rejections to less than 5%.
• Converted 25-30% of old outstanding into payments.

2. Comprehensive Practice Management:

• Provided appointment scheduling, approvals & coverage verification, patient registration, medical coding, and charges entry.
• Ensured timely delivery with a 12-hour turnaround time on billing and posting.

3. Customer-Centric Approach:

• Delivered customized solutions tailored to specific requirements.
• Generated pre-formatted, customized reports for clients.
• Focused on building strong client relationships through superior service delivery and a global delivery model.

4. Global Delivery Capabilities:

• Leveraged network of associates established globally; providing strategic augmentation with development centers in the USA and India.
• Ensured data security with HIPAA compliance, and client-specific security measures.

5. Quality Assurance and Data Security:

• Ensured total quality management for healthcare compliance solutions.
• Implemented RCM audit and reporting tools.

The implementation of MyImaginity services led to significant improvements in the healthcare practice's revenue cycle management:

• Increased overall collections by 20%.
• Reduced A/R aging to an average of 45 days.
• Achieved a 98% resolution rate for claim denials.
• Improved reporting accuracy and timeliness, providing clients with actionable insights.
• Enhanced customer satisfaction with 24/7 support and comprehensive solutions.

MyImaginity's expertise in RCM outsourcing for clinics, Practice management support, Medical coding and charge entry, Insurance Verification Check Services along with RCM audit and reporting tools, RCM KPIs and benchmarks transformed the client's operations, resulting in improved financial performance and operational efficiency. With a commitment to Secure PHI management, and leveraging upon our offshore medical billing support, global healthcare delivery model and robust Healthcare data analytics, MyImaginity continues to be a premier partner for healthcare providers seeking medical billing support and revenue optimization.