Easing The Pain of Medical Billing
The healthcare industry has forever been plagued with inconsistent billing practices; a surgery costing upwards of $100,000.00 in California may cost less than $10,000.00 in Washington. The absence of medical billing standards forces hospitals to generate bills based on seemingly arbitrary numbers, making it a challenge to accurately project cost and revenue. Our client was struggling with managing inconsistencies in billing, inaccurate revenue forecasting and slow growth of their network. Executive leadership determined that the best way forward would be investing in IT and building a financial modeling tool to more accurately plan their future.
Ideally, this new tool would not only support operation initiatives but would also provide consistency in billing practices and offer cost transparency to insurance companies and patients. The client put the bid out to several consulting companies and eventually chose a firm to guide them through an assessment, development and plan implementation. Not long after being retained, it was clear that the firm did not have the expertise to effectively execute the project. WideNet was brought in complete the development and implementation of the modeling platform.
WideNet selected a senior IT consultant with over fifteen years of experience to hire the right team and manage the project. Within a week, our consultant and his team of 25 started development. Using historical data and statistical modeling, his team was able to create a tool that accurately projected costs, revenue and provided other meaningful data points to executive leadership.
The project lasted a year and a half and was completed once the platform was fully integrated into the client’s business and IT processes. WideNet provided full support until the client determined that they no longer required assistance.
The client has been able to accurately forecast revenue and plan their growth trajectory. Over the past year, they have expanded their network to include hospitals from Washington to Southern California. Our client chose to invest in their IT capability, that decision has paved their path to growth and success. This modeling tool has also significantly improved their billing process, reducing the time it takes to generate a bill and receive payment in full.