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HEALTHCARE

Accelerating Transaction Capacity for Healthcare Company Without Additional Cost

The Challenge

A major health products and services company faced a common industry challenge: a grossly inefficient revenue cycle. It took the company anywhere from 110 to 120 days to collect the payment on an order. While the company needed to accelerate the revenue cycle and collect payments sooner, it also saw an opportunity to upgrade its processes to complete more transactions without adding capacity. The company wanted a transformational approach that could improve two key metrics—the time to collect payments and first-time finalization. It asked Cognizant to analyze the entire process and design an efficient healthcare RCM solution.

Our Approach

Cognizant piloted a comprehensive assessment using value stream mapping (VSM) and conducted workshops with the company based on the business challenges our process excellence team—comprising specialists in Lean Six Sigma, analytics and process automation—identified as vital.

To manage performance, we introduced a performance scorecard for the sales staff. We also developed a template for the sales personnel to ensure complete claims documentation and designed a new sales education program. In addition, we enhanced the claims system, introducing measurement systems for key metrics and control measures to ensure the stability and sustainability of the improved metrics.

Improved Operating Efficiency for Business Growth

Our recommendations, and the improvements we implemented, included an enhanced workflow, standardized order procedures for the sales team and new key metrics measurement systems. With the upgraded processes, the company was able to expand its business without additional resources and costs.

29%

reduction in time to collect

12%

increase in first-time finalization

Increased

billed claims value to $3.7 million

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