In the beginning of 2019, Coronis partnered with a billing company to provide operational support. The billing company was struggling to scale and meet the needs of their clients. Managing attrition was also a big concern as they were unable to find qualified and experienced billing and coding staff in their area. Client AR was at an all time high and they simple did not have the manpower to keep up. Understandably, the company received a tremendous amount of pressure from clients to improve cash and decrease AR. All things combined made for a perfect storm and the billing company had to make changes and call in support in order to not only please clients but remain in business.
Coronis partnered with the company to provide additional resources and consult on operational processes. By working with Coronis, they saw immediate improvement in cash. For example, one client was collecting on average $188,000 a month in 2018 down $2,000 a month from 2017. To start, Coronis worked to convert old practices into modern, streamlined processes. In addition, we attacked AR aggressively and held onto AR longer in an effort to fight for appeals. Coronis also handled resubmissions when working patient A/R, finding insurance and updating details to get claims paid. A short three months later, cash was up to $265,000-$300,000 a month with the average on the higher end.
As a result of partnering with Coronis, the billing company's relationship with their clients improved as did their revenue. In addition, they were able to reduce operational costs and scale their business to bring on new clients and speed up their onboarding process.
To learn more about partnering with Coronis, click here to schedule a call with our channel partnership consultants.