New Year, New Opportunities

Jim Matthews RCM & Healthcare Financial Management Consultant
Jim Matthews, Principal, Nearterm Corporation

In 2016, Nearterm was part of many client success stories from all over the country. We helped an 850 bed facility in the Southeastern United States reduce un-coded DNFB from $50 million to $2 million through interim leadership and coding support. A California client with a point-of-service collection goal of $25 million surpassed it to reach a record of $37 million. This same client also sustained first pass yield at 96% through process innovation, reorganization, training and other transformational initiatives designed and facilitated by a Nearterm professional (the case study, “Managing Receivables Through Patient Access Ingenuity,” is available on request). At a private 196 bed hospital in the Midwest, our Interim Revenue Cycle Leader and team drastically reduced AR days. These are just a few of our wins in 2016!

Nearterm also implemented several internal improvements in 2016, all aimed at client service excellence. For example, we upgraded PCR, introduced new talent acquisition and assessment protocol, redesigned training and continuing education incentives for professional staff and introduced a new cutting edge encoder for use by HIM staff as they assist clients with audit and coding services.

It’s all part of the mission commitment every Nearterm professional embraces each and every day:

Our mission is to translate employee ownership into unparalleled service distinction resulting in the mutual long term success of our client organizations, our company and the people involved.

We have aggressive plans for 2017, beginning with the Vision Summit we held in January, and participation in the Healthcare CFO Summit later in the year that will further our journey. We look forward to working with our clients this year in the spirit of our mission.

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Use a Cash Acceleration Team to Optimize RCM

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There are many explanations for sluggish cash performance and obviously, understanding causes may be useful in preventing recurrence. Meantime, you have a backlog and the objective is to get caught up. That’s where a Cash Acceleration Team can be helpful.

What is a Cash Acceleration Team? It is a highly customized temporary external resource allocation of seasoned professionals with the right credentials, experience, and skillset to help you get current on your collections and stay there. A team might include Coders, AR Specialists, Billers, Collectors, and Auditors, among others. The size of the team depends mostly on volume, the scope of work and how quickly the organization wants to capture an expressed opportunity but other factors may come into play as the team is customized and designed. Team resources can work remotely or at your facility or some combination.  Successful teams are closely managed and can redirect focus as project demand dictates.

Nearterm can work with you to build just the right team. We’re experts in Revenue Cycle Management (RCM) and our Cash Acceleration Teams are a proven solution for helping your facility achieve its cash collection targets faster and with less effort.

Posted By: nearterm-admin