reduction in remittance
decrease in processing time
of each charity care case
reduction in audit
Saint Peter’s Accounts Receivable 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 was deployed to streamline the management of Saint Peter’s 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. The solution automates remittance processing and the communication with insurance companies. The system also supports online processing of charity care applications.
SoftCo 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.
|Industry:||Hospital & Healthcare|
|Solution:||SoftCo AR & ECM|
|Invoices:||1,000,000 per annum|
|ERP System:||McKesson Star|
Dairygold has a turnover of €1 billion and employs over 1,000 people across 38 locations in Ireland, UK, Spain, Germany and China. Their dairy Saint Peter’s University is an award winning acute-care teaching hospital in New Jersey, USA. A regional specialist in geriatrics, oncology, orthopaedics, women’s services, and ambulatory care the non-profit corporation employs in excess of 3,000 staff.
“We traditionally had to deal with large amounts of auditJames Bowden,
documentation each quarter. Thanks to SoftCo we’ve
reduced this by 80% and saved thousands on storage costs.”
Director, Patient Financial Services, Saint Peter’s University Hospital