Snapshot of Client Success
At Panacea, we take pride in providing the best revenue cycle management
and healthcare business solutions for substance abuse & mental health programs, hospital systems
and laboratories. Our case studies provide a snapshot of some of our client’s success stories.
Southern California treatment program gains insight
from Panacea’s Free Assessment
Hope By The Sea is a private, Joint Commission Accredited drug addiction treatment center located in San Juan Capistrano, California. The organization currently has over 60 beds
With revenue goals not being consistently met and unsure where all the issues may be, Hope By The Sea took advantage of Panacea Healthcare Service’s free billing assessment which evaluates core areas of a client’s billing process including:
-Days in A/R
-Claim Acceptance Rates
After an extensive assessment Using a comprehensive claims management approach, Panacea Healthcare confirmed a series of issues that would cause erroneous denials and prevent consistent reimbursements. The billing assessment team
reviewed approximately 30-50 claims previously paid or denied over the past 90-120 days. After uncovering the issues, Panacea assisted Hope By the Sea with developing a new approach on billing & collection protocols.
Despite the prior reviews by Hope By the Sea’s internal teams and by another third party billing & collection firms, Panacea Healthcare Services were able to meet the needs of this provider.
The Final Outcome:
Hope By the Sea was truly impressed with Panacea’s assessment of the revenue cycle related issues and the ability to develop a successful new plan of action. After the initial success of the billing assessment , Hope By The Sea expanded the relationship with Panacea by contracting with them to take on all billing & collection efforts. Since developing a partnership, Panacea has consistently delivered positive revenue growth and continues to assist Hope By the Sea with meeting reimbursement goals. The revenue improvements were enhanced by the exponential value of process improvements identified by Panacea. As a true partner, Panacea communicated with the client to present solutions to revenue cycle challenges. The team provided detailed reporting and root cause analysis that identified process defects. By working with Panacea Healthcare Services, Hope By The Sea was able to increase their revenue and continue with expansion goals. And to think…It all starting with a free assessment
Panacea helps 300 bed treatment center uncover over $900K of underpayments
A private, substance abuse & mental health treatment organization with treatment centers located in Arizona, Texas, Florida and California. The organization currently has over 300 beds and $3.5 million in monthly revenue
The treatment center partnered with Panacea Healthcare Services to ensure they were capturing all reimbursement. Though there was an internal billing team in place, they still felt that private insurance carriers, in particular, Aetna were severely underpaying the claims. They suspected there was an opportunity to optimize reimbursement.
Using a comprehensive claims management approach along with forensic billing strategies, Panacea Healthcare Services confirmed underpayments coming from various insurance carriers. The denial management team reviewed all claims previously paid or denied over the past 90-120 days. The expert team identified previously undetected underpayments due to clinical documentation coding conflicts and improper payments, then worked with payers to reclaim those funds. Within 30 days of contract signature and implementation, Panacea was able to uncover more than $900K in additional reimbursements for the provider. Approximately 32% of the underpay-ments were denials. Despite the prior reviews by the prover’s internal teams and by another third party billing & collection firms, Panacea Healthcare Services were able to recover additional payments. The opportunity to work with the provider expanded and Panacea began to also manage new denials and eventually took over the entire revenue cycle management operation. The expert team at Panacea were able to leverage payer relationships and a deep knowledge of denial management to achieve successful results.
The Final Outcome:
The behavioral healthcare client was amazed when the Panacea team delivered more than $900K in lost revenue within at little over 30 days. After this initial success of recovering lost revenue, the client expanded the relationship to include billing and collections for the entire organization. Since developing a partnership, Panacea has consistently delivered positive revenue growth and continues to capture underpayments that would have otherwise been lost.
The revenue improvements were enhanced by the exponential value of process improvements identified by Panacea. As a true partner, Panacea communicated with the client to present solutions to revenue cycle challenges. The team provided detailed reporting and root cause analysis that identified process defects. This intelligent analytical insight drove process improvements for prevention and also reduced aged accounts receivable, bad debt, and denial write-offs. By working with Panacea Healthcare Services, this treatment center was able to increase their revenue and expand their services to assist more in need of substance abuse recovery.
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