A mid-west imaging center employed two strategies to survive the regulatory and reimbursement-rate vicissitudes plaguing healthcare providers. The plan worked and the center grew.
The first implementation to their business was to out-source their billing to a company that specialized in imaging centers. Being familiar with the coding, supporting documents and anecdotal notes needed to expeditiously process claims and collect the first time, the new billing entity reduced denials and in some cases increased actual reimbursements based on previously mis-coded claims. Unfortunately the time delay for payment was still beyond the cash flow needs of the facility.
Enter Xynergy Healthcare Capital (XYN). Through its accelerated receivables funding program, the center was paid weekly for its claims from that week, and received a large payment for the receivables it had open when the factoring account was initially funded. Accuracy of billing does not necessarily bring the payments when they are needed. Factoring works very well for that purpose.
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