Healthcare Financial Resources (HFRI)

BACKGROUND

Introduce your business and what you do there.

I’m the VP of revenue cycle management at a treatment center. We cater to adolescents’ behavioral health and offer a 35-day program.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Healthcare Financial Resources (HFRI)?

We didn’t have the expertise to speak to insurance to overturn some of the errors and denials that we were facing. We turned to HFRI to provide that expertise.

SOLUTION

What was the scope of their involvement?

We sent HFRI all of the information that we had on our clients. After that, their team started contacting insurance companies, writing appeal letters, and delving into AB-1455 policies to help us get our money back. They also spoke to the higher-ups within the healthcare industry to enable us to get our revenue more quickly. 

We’re currently looking to implement a new system. HFRI is now helping us clean out our older accounts so that we wouldn’t have to bring them into our new system, which we’re hoping to deploy by the end of the year. 

What is the team composition?

I have about five people working with me at the moment. We have a project manager who, along with the rest of the team, addresses the same problem of calling insurance companies.

How did you come to work with Healthcare Financial Resources (HFRI)?

I’ve been working with Peter (CEO) for the last 20 years. He’s been instrumental in helping me become successful in my career, so when his company integrated with HFR,  I chose to go with that company as well. 

How much have you invested with them?

We’ve turned over about $400,000. It’s reasonably less than what we were paying a previous company, which charged 25% of whatever amount they collected for us. 

What is the status of this engagement?

We started working together in September 2021 and our partnership is ongoing on an as-needed basis. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

My main metric is the turnaround time or how long it takes HFRI to collect on our over-a-year accounts. I want to be able to show this data to our CEO and CFO so that we could decide whether to bring the team into doing accounts receivable recovery for a 60-day period rather than on a yearly basis. 

Thus far into the project, HFRI has been very thorough and highly professional. If I need to get a certain piece of information or need something written off, they go over the accounts in-depth. We find their team very easy to work with.  

How did Healthcare Financial Resources (HFRI) perform from a project management standpoint?

I meet with the team weekly and they provide me with an agenda two days prior to give me time to prepare. This is a perfect arrangement and allows me to give a report to our executive team. 

We communicate via email but HFRI also has a secure site where I can safely upload or download documents.

What did you find most impressive about them?

HFRI has been in this industry for so long, and we appreciate having someone with their expertise come in and understand our needs. It has made it a lot easier for me since I don’t have to spend a lot of time explaining what we want them to do. 

Are there any areas they could improve?

No, they have been so good to work with and are a fresh breath of air for our company. 

Do you have any advice for potential customers?

HFRI takes a lot of the work off of your shoulders, so my advice is to be diligent and really work with them. They’re always on their toes about meetings, so be sure to have everything that they ask of you at the ready as well. This way, they’ll be able to turn everything around in a timely manner.