OrthoNY’s 70-provider orthopedic group streamlined patient billing to generate $860,000 in additional revenue with Millennia. OrthoNY is a premier 70-provider orthopedic group serving upstate New York in the Albany, Schenectady and Saratoga areas. With a mission to preserve active lifestyles through personalized bone and joint care, the practice applies the latest state-of-the-art technology. With MRI and x-ray facilities and onsite physical therapy, OrthoNY ensures patients can receive all their treatment in one convenient place. Starting back in 2014, OrthoNY has grown through mergers and acquisitions, with more than 177,000 patient visits and 25,000 surgeries per year. As the practice grew, so did the demand and complexity of patient billing and A/R recovery processes. With patient A/R, phone calls, and billing questions at all-time highs, OrthoNY realized that either outsourcing or hiring an entire in-house team to manage patient billing would be necessary to scale. That’s why they turned to Millennia to streamline their patient billing processes. OrthoNY implemented a comprehensive approach to patient billing that includes an in-house policy of 100% copay payment at the time of service and partnered with Millennia to handle patient education regarding out-of-pocket costs as well as all patient billing services from day one of patient responsibility. “We’ve seen a significant increase in our patient receipts,” says the Director of Patient Financial Services for OrthoNY. “Millennia exceeded our goal of bringing in $700,000 annually. Millennia generated $860,000 of additional revenue in less than a year.” The staff has become significantly more productive as Millennia has allowed them to move resources away from patient billing questions and patient A/R management to other areas of the practice such as insurance A/R and follow-up. Phone call volume was a big source of frustration for the staff as they were pulled away from more important tasks. “We have a round-robin queue to manage phone call volume and we used to have 11 people answering phones every day all week and now only 2-3 people have to be in the queue each day,” says the Director of Patient Financial Services. “The Millennia team is like an extension of our staff. We’d have to hire 10 more people to effectively manage the patient billing and A/R recovery process. They’ve been a great partner for us.” In addition to a 50% decrease in patient phone call volume, Senior Director of Revenue Cycle Management, Lisa O’Connell notes that one of the most valuable impacts to the staff has been the decreased time spent on preparing statements and managing patient billing and past-due collections. “Our patient statements are now fully automated. Millennia handles returned mail, address verification, inbound patient phone calls, patient payments, and patient payment posting into our PMS. It’s a seamless process that has not only saved a ton of staff time but over $96,000 in statement costs as well.” Patients now know their financial responsibility sooner, and Millennia makes it easy for patients to pay with flexible options including a custom OrthoNY-branded online patient billing portal. The Director of Patient Financial Services adds that going back to the old way of patient billing is not an option. “The Millennia team is like an extension of our staff. We’d have to hire 10 more people to effectively manage the patient billing and A/R recovery process. They’ve been a great partner for us.” Since their partnership kicked off in 2014, OrthoNY has continued to grow and Millennia has been there every step of the way. Millennia has helped OrthoNY deliver a great experience while improving their overall patient payment rate to 72%. They’ve also continued to help with cost savings of $134,000 on statements and an estimated $220,000 in staff saving through leveraging Millennia’s Concierge team. Learn how Millennia can help you increase revenue! Request a Consultation
