Achieving a 99.6% Revenue Collection Rate with Remit AI

The Challenge

Blueprint Smiles, a prominent dental support organization (DSO) with 6 locations, has continued its journey towards operational excellence. While they achieved a notable 96% revenue collection rate historically, their ambition didn't stop there. With a mindset geared towards continuous improvement, they sought to capitalize further on the technological advancements offered by Remit AI.

The Opportunity 

In pursuit of optimizing their revenue management and operational efficiency, Blueprint Smiles aimed to further leverage Remit AI's capabilities. Their objective was twofold: to increase the timeliness of posting and to streamline the payment methods, transitioning more towards Electronic Funds Transfer (EFT) and away from traditional checks.

Strategic Implementation

The following key improvements were observed since April 2023:

• Shift in Payment Methods - EFT vs. Checks: As a result of digitizing the EOB / ERA flow across all payers and achieving daily automatic bank reconciliation on Remit AI platform, Blueprint and Zentist were able to shift the majority of the payment method for collections from checks to EFT, from 32.5% on EFT in April 2023 to 93.8% on EFT in November 2023. 

• Timeliness of Posting: As the Bluesprint Smiles RCM team expanded Remit AI usage across all of their posting efforts in June / July 2023, the timeliness of posting has improved by 57% in the last 5 months. It used to take around 93 hours to fully complete posting of payments received daily in the bank accounts in June/July versus less than 40 hours in November 2023. This has massively improved timely patient ledger updates that impact communication of remaining balances and statements.

CEO's Perspective: A Continual Journey Towards Excellence

"The journey with Remit AI has been nothing short of game-changing for us. The great outcome that we have all been excited about is the ultimate improvement in our collection ratio; Collection ratio was always around 96% historically, but with Remit AI we’re reading 99.6% in the last several months. Our move towards a more digital and efficient remittance and payment posting process in RCM has not only improved our financial performance but also allowed us to service our patients better when it comes to communications on payments."

^{Dipesh Patel, CEO of Blueprint Smiles}

The Outcome: A New Era of Technological Prowess in Healthcare

The integration of Remit AI into Blueprint Smiles’ operations has solidified their position as a leader in technological adoption in the dental healthcare sector. The remarkable growth in key financial metrics is a clear indicator of the benefits of Remit AI.

Continued Evolution: Setting New Benchmarks

Blueprint Smiles, with the support of Remit AI, continues to redefine the standards of operational efficiency and financial management in the dental industry. Their commitment to embracing technological solutions has paved the way for other organizations to follow.