Case Study: Steadman Clinic
Physician practices must improve organizational efficiency to compete in this era of reduced reimbursement and escalating administrative costs. While there are numerous routes to preserve operating margins, partnering for non-core capabilities may make sense. Specifically, organizations can find that partnering with a revenue cycle outsourcing firm can improve financial performance and reduce the administrative complexities of regulatory compliance and IT upgrades.
The Steadman Clinic is one practice that was looking for this kind of partnership. The world renowned orthopedic clinic is located in Vail and Frisco, Colorado, and specializes in the diagnosis and treatment of sports-related injuries for recreational and professional athletes. The 11-physician practice is supported by a 100-person clinical and administrative team and is recognized for its surgery and rehabilitation of all joints including hips, knees, and shoulders, as well as hand, spine, foot, and ankle injuries.
In November 2013, The Steadman Clinic partnered with Guidehouse’s physician revenue cycle outsourcing team to improve operational efficiency, reduce administrative costs, and improve revenues. Physicians benefited from Guidehouse’s proprietary webbased analytics system, VitalStats, which presents real-time, customizable business intelligence, and allows physicians to focus on care rather than collections.
The team analyzed Steadman’s key revenue cycle performance metrics, including average days in accounts receivable and payment per wRVU, to confirm performance improvement opportunities existed. An end-t o-end revenue cycle management solution was implemented: claims submission, payment processing, denials and appeals management, patient-interfacing support, A/R and bad debt management.