Marwood works with healthcare providers to optimize financial and operational performance. This includes revenue enhancement, cost reduction, and operational transformation activities.
Our team provides insights and strategies from hundreds of engagements and has worked with best-in-class providers nationally. With deep subject matter expertise and experience across a wide range of provider institutions, Marwood professionals have helped institutions:
- Optimize operating margins through revenue enhancement, cash acceleration and cost reduction efforts
- Improve Revenue Cycle Management functions and accounts receivables management through implementing efficient workflow practices
- Improve workflows, accuracy, and receivables by optimizing Billing system functions
- Increase efficiency and accuracy through vendor evaluation, selection, enablement, and management
Optimization
Integrations
Cost Reduction
Transformation
See How Marwood Transformed a National Laboratory Services Provider’s Revenue Cycle…
Marwood Case Study
Engagement Purpose
A laboratory provider engaged Marwood for operational consulting services. Marwood assessed existing revenue cycle management (RCM) capabilities and practices, identifying key areas for improvement. Marwood provided actionable insights across operational spheres, including financial processes and controls, billing practices and lab information management systems. Over the 13-month engagement Marwood assisted the Client in realizing significant improvement in multiple key areas of original concern.
Marwood Analysis
- Reviewed organizational structure, staffing and technological capabilities and overall RCM infrastructure to gain thorough understanding of the Client’s existing capabilities
- Evaluated opportunities for improvement by evaluating and benchmarking key financial and operational performance metrics
- Provided actionable recommendations for improvement and assisted the Client in implementation and integration with existing capabilities and processes
Key Findings
Marwood addressed issues with the Client’s billing system that resulted in a $100M+ acceleration in collections in Q1-2021 alone, and a 90% reduction in unbilled accessions. In addition, Marwood targeted the Client’s largest error category and developed a new clinical process to manage ‘unmapped payor’ errors, resulting in a reduction from ~48K to <500 errors within initial 60 days of the engagement. Marwood also significantly drove down accounts receivable (AR) aging, reducing the overall AR by 40% over 7 months.
