Working closely with the hospital, SoftCo developed a tailored process management system that has transformed the efficiency of the AR function. A remittance processing solution that handles both electronic and paper-based payments automatically captures, archives and posts payments to the hospital information system. Supporting patient financial information is scanned at the point of registration.
Lengthy paperwork for charity care applications has been replaced with an online system that has cut application processing time in half. And a sophisticated medical records scanning solution for archiving fetal monitor strips is set to show full ROI in less than two years, by eliminating thousands of feet of expensive storage space.
Having all "financial" patient records at hand has dramatically improved the ability of the hospital's business office to provide supporting documentation demanded by the insurance payers. This means Saint Peter's University Hospital can recover more of its costs, more efficiently, improving cash flows, while faster processing of charity care applications also improves efficiency.
"The SoftCo Charity Care system has decreased our application processing time from 45 to 20 minutes and eliminated all hardcopy filing requirements," explains James Bowden, Director of Patient Financial Services for Saint Peter's University Hospital. He says the time needed to produce documentation for quarterly state audits has fallen, too. "That process, which used to take five days, has been cut down to one day, thanks to the SoftCo Audit Program. With this system we have in place we've increased reimbursements and we've reduced costs - and that's good for our bottom line. The SoftCo system that we have installed here is very positive to the financial well being of our institution."
Kelly Taber Patient Accounts Manager Services