ACV is now getting paid 27% faster than in Year 1
The industry standard for measuring how quickly your billing staff is getting your money in is called ‘Days AR’. It is essentially a recording of how many days on average it takes your staff to get a claim paid. The fewer the number of days, the better, and 42 days is considered very good for a complicated revenue cycle, such as is seen in OBL.
Anything below 42 is excellent. You can see that the average days AR was 52 in Year 1. Through process and diligence, TBS was able to reduce that number to an impressive 38 days. Due to the work we are doing, ACV is now getting paid 27% faster than in Year 1.
ACV saw tremendous growth during the first year of our engagement. Usually, revenue struggles to keep up with such growth in charges as the billing process gets overwhelming. That wasn’t the case with ACV and TBS. Not only was TBS able to handle this exceptional growth, but our attention to detail and constantly improving processes allowed us to increase revenues at a rate 28% higher than the charges grew.
Our partnership with ACV has provided the following results:
- Increased payments by 28% more than charges
- Decreased Days AR by 27%
- The TBS team is now bringing in more money, are we are bringing it in faster
- Full insight into the revenue cycle - uncovering opportunities and efficiencies
- Recommendations on which procedures to perform in hospital vs. in OBL, what procedures are more profitable, if charges are at appropriate levels and more
- Strategic guidance and interpreting patient data, allowing ACV to make informed business decisions