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:
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 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.