Retina Consultants of America, a Webster Equity Partners venture, initially acquired five surgical ophthalmological practices and eight locations in early 2020.
With over 1,000,000 annual patient visits, and over 180 physicians in more than 165 locations, Retina is the largest retina care provider in the nation.
Data Services played a small role in a larger horizontal financial integration of five physician’s groups across multiple disciplines, including Cash to Accrual, Budget, Forecast, Consolidation, Revenue Recognition, Physicians’ Compensation, and Net Working Capital.
To achieve ASC-606 compliance, the recently developed MSO required an encounter-level solution providing the most accurate revenue model available.
The organization joined three different patient management systems (PMS) and over 15 million discrete encounter details, with an average growth of 9% per month.
The team’s original model accumulated these transactions, with unique and complex rules for each practice, in iterative monthly spreadsheets. Due to the complexity of aggregating analysis over time and the monthly growth, the models quickly outpaced spreadsheet capabilities.
Once the final model was complete, it required 5-7 consultants and 8-10 business days each month to execute. This Excel-based model was extremely slow, prone to crashing, and side-lined FP&A specialists while their machines ‘computed’ for hours a day when computing the next month’s revenue.
E78’s healthcare revenue recognition expertise provided the knowledge necessary for the Data Services team to fully assess the mechanics of the original spreadsheet-based model and gaps and inefficiencies.
The results were unparalleled performance and accuracy, allowing a close process in less than 4 hours, including data validation. This cross-functional effort leveraged FP&A knowledge and cloud-scale computing, achieving previously unachievable insights. The solution was more efficient, and the ability to compute data at scale allowed for larger payer sample sizes to generate more accurate payer rate baseline metrics.
Microsoft’s industry-leading Power BI analysis and reporting tools allowed analysts to develop complex revenue analyses with drag-and-drop simplicity, enabling a future self-service user experience.
Do you have a technology and/or business challenge? Contact the E78 Data services team by filling out our form here