Case Study 1-09788
IET developed a simplified, robust revenue cycle process to improve consistency and reduce the monthly variance between accounts payable and accounts receivable by 50% yielding $500k in year over year savings.
A healthcare provider with over 500 locations in 32 states. IET worked in the hospice division, a top 5 provider with over 100 markets nationwide.
IET performed a series of interviews with key resources that play integral roles in the hospice revenue cycle. IET used this information along with process observations to create a current state process map that was placed on a linear timescale. This allowed the team to visualize the extraneous amount of information that is being transferred between different departments and the uneven distribution of workload along the timescale. The pure complexity of the current process was overwhelming and did not allow for consistent results.
IET was able to engineer out all unnecessary sub processes that did not add value or quality to the revenue cycle, more evenly distribute the workload along the timescale and also better align key resources to specific job functions. This simplified, more robust process was coupled with new electronic tools to enhance the speed, quality and security of the data exchange. Moving forward, IET was able to setup critical measurements of the revenue cycle process to ensure sustainability.
At the end of the project, IET was able to confidently predict a reduction in monetary variance of more than 50% or $500k.