The Challenge
MBC, a California-based provider of revenue cycle services for multispecialty physician groups, faced challenges with managing strong profits margins while growing by more than 30% year-over-year. One expense that generated very little return on investment (ROI) but kept growing each month was the cost of patient statements. MBC was spending thousands of dollars a month on mailed patient statements and yet only 40% of the recipients paid their bills.
MBC needed to reduce their monthly direct mail costs while maintaining at least a 40% payment rate.
In less than 3 months Raxia:
Decreased Patient Billing Costs by
80%
Increased Patient Payment Rate by
30%
The Solution
After searching for a solution that would reduce their statement costs and integrate with more than 7 different EHR/ PM systems, MBC selected Raxia to automate patient billing and outreach.
Within 90 days, Raxia’s AI platform was able to consolidate all patient billing functions and supplement MBC’s outreach and patient collection efforts with intelligent digital outreach to met MBC’s KPIs.
Raxia Improved Patient Payment Rates by 30%.
Backed by Raxia’s proprietary AI engine that uses millions of data points to understand which set of messages will maximize patient engagement, MBC’s collection rate increased to 70%.
Raxia Lowered Material Costs by 80%.
By lowering material costs and using Raxia to deliver the right message, at the right time, MBC was able to significantly scale their patient billing operations while simultaneously reducing costs as their business grew.
They send less paper, no longer call patients, and all data processing has been automated.
About Raxia
For growing RCM/MCBs who want to improve their profit margins, Raxia offers AI to automate patient financial engagement and the associated data processing workflows that occur between EHR systems.
Raxia AI integrates with any EHR to automate all patient billing tasks to decrease the time, effort, and expense associated with patient billing. RCM/MCBs see a 30 to 40% point increase in collection rates and improved patient satisfaction.
