Saint Peter's University Hospital
Solution: AR eInvoicing
Non-profit healthcare institution, Saint Peter’s University Hospital (Saint Peter's) is located in New Brunswick, New Jersey. Saint Peter's has been serving the healthcare needs of central New Jersey for more than a century. Saint Peter's implemented SoftCo AR solutions across the hospital.
Saint Peter’s AR team were managing a complex series of back-and-forth manual paper interactions with a host of insurers. It had no centralized view of insurance company remittance forms or of financial documents throughout the entire AR process which was causing revenue cycle problems. In addition, its charity care application process was manual and time-consuming and required automation.
SoftCo provided Saint Peter's with SoftCo AR solutions to streamline the management of its patients’ financial information, secure prompt payment for patient services, cut charity care processing times by 50%, save on storage costs, and improve its bottom line. Patient financial information is scanned once received and is instantly available to relevant employees. SoftCo Remit automates remittance processing and the communication with insurance companies. The system also supports online processing of charity care applications.
SoftCo AR has enabled efficient cost recovery at Saint Peter's, improved cash flow, and reduced the processing time of each charity care case from 45 to 20 minutes. It has also reduced the production of Saint Peter's quarterly audit documentation by 80% and eliminated thousands of dollars of expensive storage.
“With the SoftCo system, we've increased reimbursements and we've reduced costs - and that's good for our bottom line.”
James Bowden, Saint Peter's
A typical insurance company remittance is a document of up to 200 pages which summarizes individual payments for hundreds of patients. SoftCo Remit replaced an unwieldy paper process. Having all "financial" patient records at hand has dramatically improved the process.