Summary:
Collectly, a technology startup, has achieved significant success in improving patient collections for its medical group partners. On average, Collectly’s customers have experienced a 75% increase in patient collections and have reduced the “days sales outstanding” from 60-90 days to just 12 days.
Key Points:
The following are the key points from the article:
– Collectly is a technology startup that focuses on improving patient collections for medical group partners.
– The company has been able to achieve impressive results, with its customers experiencing a 75% increase in patient collections.
– Additionally, Collectly has helped its partners reduce the “days sales outstanding” metric from an average of 60-90 days to just 12 days.
– The success of Collectly can be attributed to its innovative technology and data-driven approach.
– By leveraging automation and analytics, Collectly streamlines the patient collections process and identifies the most effective strategies for maximizing revenue.
– The reduction in “days sales outstanding” is particularly significant, as it indicates a faster turnaround time for collecting payments and improved cash flow for medical group partners.
– Collectly’s success highlights the importance of technology in optimizing revenue cycles and improving financial performance in the healthcare industry.
Hot Take:
Collectly’s ability to significantly increase patient collections and reduce the “days sales outstanding” metric demonstrates the power of technology in improving financial outcomes for healthcare providers. By leveraging automation and data analytics, Collectly has been able to streamline the collections process and identify effective strategies for maximizing revenue. This success story highlights the potential for technology startups to drive positive change in the healthcare industry.
Conclusion:
Collectly’s success in improving patient collections and reducing the “days sales outstanding” metric showcases the value of technology in optimizing revenue cycles for medical group partners. With its innovative approach and data-driven strategies, Collectly has demonstrated the potential for technology startups to make a significant impact in the healthcare industry. By leveraging automation and analytics, healthcare providers can improve financial performance and enhance patient collections, ultimately leading to improved cash flow and operational efficiency.
Original article: https://techcrunch.com/2023/07/20/collectly-healthcare-bills-fintech/
