MyMedical Ltd faced a daunting challenge. They operated three walk-in clinics on behalf of Laya healthcare, Ireland's second-largest private health insurer. Their problem? Paper-based medical claims.
Submitting paper claims by mail was time-consuming, caused delays and risked losing important documents. Reconciling payments manually was resource-intensive and error-prone, without real-time transparency complicated financial tracking.
It was clear that the system needed urgent modernisation, and MyMedical partnered with MedoSync, to implement Navigator, a product that streamlines the claims procedure for providers, guaranteeing swift payment of claims and optimised reimbursements.
The case study focuses on how MedoSync's Navigator streamlined processes, boosted cash flow, and improved patient care.
Navigator Accelerates Reimbursement
A standout feature of the Navigator system is the real-time error correction capability, which means that errors in claims are identified by MedoSync before submission to insurers, enabling immediate corrections. This agility ensures swift reimbursement, eliminating the waiting period for claims to be rejected and reworked, a stark contrast to the previous situation where claims would often linger until they were rejected during the remittance process. The team can also submit claims closer to payment deadlines due to the digital submission process, eliminating the need for scanning into insurer IT systems. This streamlined approach has reduced processing time, resulting in a shorter payment cycle and bolstered cash flow.
Overall, these enhancements have positively impacted MyMedical's cash flow, providing quicker access to funds and enhancing operational efficiency through real-time claim management.
Accelerated Claim Processing Yields Tangible Benefits
Streamlined processes have significantly reduced claim processing time, resulting in a shorter payment cycle and ultimately contributing to improved cash flow for the organisation.