New research shows Greenway Revenue Services clients achieve significant financial improvements
Revenue cycle management (RCM) is a critical component of financial stability for healthcare practices. Efficient billing processes can mean the difference between smooth operations and costly disruptions. At Greenway Health, we partner with practices through Greenway Revenue Services (GRS) to help them optimize their billing and collections processes, resulting in measurable financial improvements. Our recent analysis reveals how practices leveraging GRS have seen substantial gains in their key performance indicators (KPIs), driving both operational and financial excellence.
Key Financial Metrics That Matter to Your Practice
1. 15-Day Reduction in Days in A/R
Reducing Days in A/R is crucial to improving cash flow and ensuring consistent revenue for any healthcare practice. GRS clients experienced an average reduction of 15 days in their Days in A/R, with specialties like Primary Care, Podiatry, and Neurology leading the way. Practices utilizing GRS Comprehensive, our full suite of revenue cycle management services, saw the greatest improvements, benefiting from tailored best practices and in-depth management. Shorter Days in A/R directly translate to faster payments and improved financial health, giving practices the opportunity to reinvest in patient care.
2. $70.43 Increase in Collections per Visit
Across all GRS clients, there was an average increase of $70.43 in collections per visit. Smaller practices often face challenges when it comes to collections, but GRS is helping even the smallest clinics make strides. Practices with one to two providers experienced an increase of $82.80 per visit, on average, demonstrating that financial success isn’t just reserved for larger groups. GRS’s comprehensive revenue cycle solutions help practices of all sizes improve collections, driving profitability and growth.
3. Significant Growth in Total Collections
GRS clients, on average, experienced a 15% increase in total collections, amounting to $74.71 million in additional revenue. GRS Comprehensive clients, who engage with the full suite of services, saw even more remarkable results, with a 35% increase in total collections and an average gain of $938,199 per client. These metrics highlight the financial benefits of comprehensive revenue cycle management, particularly for specialties with complex billing needs like Cardiology, Neurology, and Tribal Health.
The Power of Long-Term Partnerships
Long-term partnerships with GRS yield even greater financial benefits. Practices that have partnered with GRS for over a year consistently outperform those with shorter engagements. Clients who have worked with GRS for more than a year reduced Days in A/R by 21 days on average—demonstrating how sustained collaboration and ongoing process refinement drive even greater financial success.
What sets GRS apart is its ability to act as an extension of each practice. From tackling complex billing challenges to providing continuous support, GRS tailors solutions to meet the unique needs of healthcare providers. GRS Revenue Cycle Managers work closely with clients, optimizing processes and identifying new opportunities for improvement.
Transforming Your Revenue Cycle Performance
By partnering with GRS, practices can improve their revenue cycle performance through data-driven strategies focused on denial prevention, timely claims submission, and accurate payment posting. This proactive approach leads to faster payments, reduced overhead costs, and improved financial outcomes, enabling practices to focus more on delivering quality patient care.
To see a graphical breakdown of these key metrics and more, check out our GRS Client Metrics Infographic.
