Revenue
Wellspring+Stockamp’s Revenue Solution provides the most comprehensive revenue improvement solution in the healthcare industry. Working collaboratively with clients, we redesign the revenue cycle as a single, integrated process and establish a high-performance work culture. These fundamental changes ensure that results are sustained over the long term.
What Set Us ApartWellspring+Stockamp implements a proven revenue solution that has delivered unparalleled results for more than 100 clients. Our track record of success and depth of experience is significantly greater than any other firm in the industry.
Our methods and tools are constantly evolving to set new standards as the healthcare industry changes. As a result, our clients benefit from a solution that includes leading practices that have been developed, tested, and refined through hundreds of successful engagements.
Finally, we partner with clients to implement our solution, working side by side with hospital staff to coach and train them for success. This fosters a fundamental change in the work culture, which ensures that results are not only sustainable but continue to improve long after the engagement is concluded.
A Comprehensive ApproachThe typical revenue cycle includes hundreds of steps that span across dozens of departments. In this complex environment, revenue leakage occurs as a result of process breakdowns and lapses in communication.
Our solution addresses these issues by integrating hundreds of disparate revenue cycle-related processes, encompassing all patient access, service delivery, and revenue realization steps. We implement a comprehensive, technology-enabled solution that:
- restructures the business processes,
- trains and teaches staff
- optimizes the use of enabling technology,
- uses proprietary tools to focus implementation activities, and
- supports long-term sustainability.
Our solution enhances revenues through efforts such as charge capture, strategic pricing, managed care contracting, and improved clinical documentation, ensuring that clients receive full and accurate reimbursement for services provided. We accelerate cash flow by analyzing current accounts receivable in detail to minimize unbilled accounts, billed work-in- process, and aged accounts.
Unmatched ResultsWellspring+Stockamp’s revenue cycle solution creates a level of efficiency previously considered unattainable. Sustainability and permanence are the hallmarks of the solution.
Benefits begin to flow rapidly and we consistently meet or exceed benefit projections. Clients typically achieve a recurring, annual bottom line impact of 3% to 6% of net patient revenue and realize a five year return on investment of 6:1 to 10:1.
In addition, our solution typically generates a one-time cash flow acceleration through a reduction in accounts receivable days of 10% to 15% or more.
Ultimately, our solution dramatically improves patient and physician satisfaction while providing an outstanding experience for staff, allowing hospitals and health systems to further advance their missions.