Massachusetts hospital saves $2 millionA recently released case study from Craneware showed that Beverly Hospital in Massachusetts managed to save $2 million in cash flow over the course of the year, proving to be a model for other hospitals around the country.

The hospital was aware that it needed to make changes to its revenue cycle in order to save money and form a more seamless process.

Beverly Hospital implemented software solutions to deliver the cost savings to the facility, identifying invalid claims before submitting them to Medicare or other companies.

“By not having the burden of editing claims,  researching and investigating new, unpublished edits and resubmitting denied claims, I was able to save over $100,000 a year in labor costs alone,” said Marsha Raim, director of patient accounts at Northeast Hospital Corporation.

The hospital also reduced its total days in accounts receivable by up to three days, which resulted in the $2 million in cash savings.

Another Massachusetts hospital also saved money by going green recently. Beth Israel Deaconess Medical Center in Boston has saved close to $1 million since 2010.
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