Innovo is a different kind of consulting firm. In a recent project, the partners sold, staffed, supported and did most of the work. This approach gave me confidence that the project would be set up and supported with our best interests in mind with a great result.
At Innovo, our healthcare experts help our clients improve all aspects of their revenue cycle by quickly assessing overall performance and implementing targeted improvement opportunities. We have helped clients optimize their EHR, reduce days in accounts receivable, and improve the overall health of their revenue cycle.
We review the entire revenue cycle, from patient scheduling to account resolution. We focus on improving workflow efficiency and effectiveness for all phases of the revenue cycle. Due to our methodology, we can quickly diagnose issues, prioritize improvement opportunities, and construct a realistic implementation plan.
Key Accomplishments
- Provided revenue cycle leadership during transition to a new EHR and establishment of a Central Business Office, resulting in a smooth implementation with minimal impact on cash flow and business operations. In preparation for go-live, cash collections improved 11.7% and accounts receivable days were reduced over 24%.
- Led a comprehensive revenue cycle redesign effort at a $2 billion integrated healthcare organization that reduced days in AR by 39%, increased days cash on hand by 40%, and increased revenue per adjusted admission by 28%
- Directed go-live readiness activities, provided interim revenue cycle leadership, and led a comprehensive revenue cycle redesign initiative for one of the largest public hospital systems in the country, reducing days in AR and increased cash collections by more than 20%
- Provided interim revenue cycle leadership and facilitated a comprehensive revenue cycle improvement initiative at a safety-net hospital system, achieving $10 million in improvements and reduced days in AR by 23% for hospital billing and 37% for physician billing
- Realized $5 million improved cash flow for a $25 million hospital by reducing accounts receivable days from 115 days to 65 days
- Implemented best practice policies and procedures and streamlined scheduling processes that reduced scheduling time by 25% for a 90-physician multispecialty group practice (work was completed in preparation of an EMR implementation)
- Led a rapid assessment project that identified an opportunity to improve accounts receivable days by 30% for a transportation company
- Improved days in AR by 53% for a $100 million treatment facility
- Read about how Innovo helped a client protect its cash flow throughout its Cerner Millenium implementation.