Overview
SCALE was tasked with a ‘blank slate’ mandate for one of its clients. The Company was stable, had no debt and a positive cash balance, was cash flow positive and growing, but was looking for outside guidance on how to further improve its business and operations.
Key Initiatives
- RCM Performance
- Business Development Program
- Site Oversight Program
Platform Strategy - Execution
SCALE reviewed the business and identified three key initiatives as well as subsequent initiatives and general strategic recommendations.
- Reduce RCM Cost
- Prepared detailed site-by-site analysis of billing fees, measured as a percent of collections and per visit.
- Presented a case to the two largest vendors for reduced fees.
- Manage Billing Vendors
- Developed customized billing vendor dashboard showing key metrics such as days to bill, denial rate, down-code rate by Site.
- Incorporated dashboard into monthly vendor meetings and pressed vendors to improve weak-performing sites.
- Medium Term Billing Strategy
- Compared vendor performance using customized dashboards.
- Presented rational for in-house alternative. The Company is exploring potential billing company purchase.
- Business Development Program
- Identified a candidate who was eventually hired as a Business Development Associate, saving the Company monthly and referral fees.
- M & A Program
- Developed a list of 200+ targets based on key criteria.
- Used network of MDs and management to develop warm outreach to each target.
- Site Oversight
- Created an oversight program for ‘start-up’ and ‘turnaround site’.
- Measured the ‘levers’ that determine profitability and advised which ones needed to be adjusted for each Site.
Platform Strategy - Results
- Cost Savings
- Secured meaningful cost savings from several vendors totaling approximately $1M.
- Culture of accountability with billing vendors, moving toward consolidating with best and cheapest vendor. Continue to discuss in-sourcing options.
- Established Roadmap for Growth
- Developed marketing collateral and list of targets based on key demographics.
- Reached out to several hundred select clients in select states during the first full month of roll-out.
- Initiated conversations with multiple acquisition targets.
- Site Performance Improvement
- Improved performance at underperforming sites, reducing monthly losses.