Case Study
UST's optimization delivers $1.2M revenue boost and $2M in savings for leading healthtech firm
OUR CLIENT
Our client is a leading revenue cycle management (RCM) technology firm, servicing 60% of U.S. hospitals and thousands of private practices, pharmacies, and labs. Their extensive product portfolio, which includes over 30 solutions, covers a wide range of functions throughout the care continuum, such as estimates, billing, claims, and clearinghouse services.
THE CHALLENGE
Overcoming fragmentation and resource overutilization
When our client approached UST, they faced significant service backlogs. A history of acquisitions had resulted in fragmented teams across sales, product development, technical support, and implementation. This fragmentation led to an overutilization of resources, with utilization rates hovering around 110-120%, far above the standard 85%. Despite these high rates, they struggled to meet client service demands efficiently. The client sought an architected solution to streamline processes and enhance service delivery.
THE TRANSFORMATION
Establishing a scalable foundation with provider-centric system optimization
UST's comprehensive approach aimed at establishing a robust foundation for future growth in healthcare technology. Our strategies included:
- In-depth process analysis: We conducted a thorough assessment of the client's operations, identifying pain points and opportunities for process improvement.
- Team optimization: We restructured teams to align with business goals, breaking down silos and fostering collaboration, while adhering to industry best practices.
- Technology enablement: We leveraged RCM technology to streamline processes, improve efficiency, and enhance the overall customer experience.
- Data-driven insights: We utilized data analytics to inform decision-making and measure performance.
Leveraging expertise in clinical, revenue cycle, and operational domains, we designed new systems that balanced utilization rates and focused on improving service to providers. This restructuring included creating a hierarchy of tasks based on complexity and identifying opportunities to enhance client access while sharing risks. We also tackled internal challenges related to organizational changes and backlog management.
THE IMPACT
Revenue growth and operational excellence achieved through strategic process optimization
By implementing these strategic initiatives, UST helped the client achieve significant improvements in their revenue cycle management processes:
- Improved operational efficiency: Reduced service backlogs and optimized resource utilization.
- Enhanced customer satisfaction: Delivered improved service levels and increased client satisfaction.
- Foundation for future growth: Established a scalable and adaptable operating model to support continued expansion.
UST's process optimization efforts led to substantial financial gains for the client. Over a year, these improvements generated $1.2 million in net new revenue and $2 million in annual savings. Additionally, the increased speed of implementation is expected to result in a 5-10% long-term efficiency gain, with projected new revenue of $8.5 million.
Unlock your potential for revenue growth and operational excellence with UST’s expertise. Contact us to learn how we can transform your revenue cycle management and drive substantial financial gains for your organization.