OrthoVirginia Ranks in Top 10% Nationally with 94% Epic Self-Pay Net Collection Ratio After Improving Patient Pay Revenue Cycle With more than 150 orthopedic specialists in over 35 locations, OrthoVirginia is Virginia’s largest provider of orthopedic medicine and one of the top five largest orthopedic specialty practices in the country. OrthoVirginia is the official orthopedic and sports medicine provider for the NFL’s Washington Commanders, college athletics programs at George Mason University, University of Richmond, and Liberty University, and dozens of youth and community athletics programs. Like many orthopedic practices, OrthoVirginia’s patient revenue has steadily increased over the last several years and is currently 35% of their total revenue, making effective patient revenue collection critical to their overall financial performance. OrthoVirginia Seeks To Improve Patient Collections OrthoVirginia was doing an excellent job at collecting patient responsibility prior to treatment but was faced with the challenge of addressing two goals with their existing staff: Improve front-end processes to reduce denials and other delays in payments from insurance Collect more self-pay, post-adjudication patient revenue While the strategy for collecting post-adjudication patient balances, was effective – resulting in performance above the industry standards for Epic’s Self-Pay Net Collection Ratio – there remained approximately $20 million in patient balances that were not collected resulting in bad debt. OrthoVirginia’s Objectives Optimize Investment in Epic: OrthoVirginia wanted a partner with Epic experience to maximize utilization of Epic and drive adoption of Epic MyChart. Control Cost to Collect: OrthoVirginia wanted a solution that would not increase the incremental cost to collect while increasing their patient revenue collection rate. Reduce Bad Debt Exposure: OrthoVirginia was doing well, but wanted to increase the percentage of revenue collected and decrease the revenue that was going to collections. Partner with Understanding of Orthopedics Practices: OrthoVirginia wanted a partner with expertise in patient payments and experience with orthopedic practices. Millennia Patient Payment Solution for OrthoVirginia The key stakeholders at OrthoVirginia were impressed by how Millennia’s solution augmented their digital strategy and the technology they had already deployed. “OrthoVirginia has made a significant investment in our Epic instance and is working to increase patient adoption of the MyChart portal. It was important to implement a solution that works with Epic and augments the functionality that is already available within Epic,” says Justin Ferrell, MHA, Executive Director at OrthoVirginia. Millennia’s solution addressed OrthoVirginia’s need to tackle both an improvement in denials management and patient payment collection without adding staff. Millennia’s Concierge team manages all inbound and outbound patient payment communications, which allowed OrthoVirginia to redeploy their internal resources to other areas such as denials management and collecting prepayments. Additionally, OrthoVirginia is very excited about the positive patient satisfaction survey results and appreciates that Millennia not only drives financial performance, but also creates a positive patient experience that reflects OrthoVirginia’s commitment to delivering patient-centered care. “Millennia took into account our investment in Epic, our desire to redeploy an internal team to other revenue cycle initiatives, and our need to control costs. Millennia Patient Payment Solution took our patient pay revenue cycle performance from good to great in a very short time,” says Ferrell. “Millennia understood the needs of multiple stakeholders across our organization and has delivered a solution that quickly improved our patient self-pay revenue collection rate and created an immediate positive financial impact for OrthoVirginia.”Justin Ferrell, MHA, Executive Director at OrthoVirginia Results & Key Outcomes Millennia implemented the Patient Payment Solution in less than 45 days. The solution immediately started making an impact, with exceptional results in the first three months. The collection rate for patient self-pay is up 12% Bad debt exposure has been reduced by 19% OrthoVirginia is in the top 10% for Epic’s self-pay collection ratio OrthoVirginia expects a 7-figure revenue increase Learn More About Millennia's Solutions for Orthopedics Explore Our Solution
