In a world where the evolution of technology is at its peak, medical science is also experiencing innumerable advances. Quality improvement in healthcare means a systematic approach by a healthcare organization that monitors, assesses and improves the standards of quality healthcare.
Any healthcare organization can exert some control over internal dynamics, such as provider productivity, patient volume and fees for services. However, it is an arduous task to influence external factors such as patient payments or claim reviews from insurance companies. RCM plays an important role especially for hospital-based physician specialties, due to the complexities of billing and revenue collection.
Svast Healthcare Technologies is one of the leading end-to-end revenue cycle management organizations trusted by independent physician practices. offer solutions to access the financial health and well-being of the practice in a practice evaluation.
The company’s mission is to improve the financial performance of independent practitioners by delivering personalized service through best-in-class people, processes, and technology.
In an interview with Insights Care, the team of Svast Healthcare Technologies sheds light on the company’s journey as a trusted RCM organization in the healthcare niche.
Please brief our audience about Svast Healthcare Technologies and how it is currently positioned as a trusted revenue cycle management organization.
Our services include New Practice Set-up, Growth Marketing, Credentialing, Coding, Billing, Denial Management, Account Receivable Management, Quality Reporting, Practice Staffing, and Book-Keeping.
Independent practices trust us because they can get all their needs taken care of in one place, and our team works as an extension of their practice to find out ways to improve the financial performance of practices and patient experiences. We consider our client’s business as our business.
Tell us more about your offerings, through which you have ascertained your stronghold within the industry.
Our stronghold and consistent results are because we combine deep RCM knowledge of our staff with Six Sigma Quality Processes and use multiple Technology Tools across the RCM workflow combined with the power of Data Analytics. Our fee is the most competitive in the industry for the vast scope we cover for our clients.
Due to limited resources and time, such a unique combination of Knowledge, Quality, Technology, and Data Analytics is very hard for independent private practices to develop in-house.
Knowledge + Process + Technology + Analytics also enables us to deliver results and improve private practice revenue by up to 15% on a sustained basis. As a result, our clients pay us only a part of what we add in revenue for their practices. Therefore, it is a solid win-win proposition that gives us a stronghold in the industry.
What are the biggest challenges you faced during the foundational years of the company? What are the most important lessons you have learned in your career so far?
During the foundational years, the biggest challenge was finding the right team members that had the RCM knowledge and mindset of continuous learning and improvement. The second challenge was to run lean operations to keep funds for marketing to win new clients. As we picked up some steam, the third challenge was to form a culture and Svast way of doing things that channel everyone’s energy towards a common goal.
From an entrepreneurship standpoint, the biggest lesson we learned was that we had limited resources – capital and time and we needed to use them very prudently. Hence, we initially kept our focus on a few specialties and selected geographical areas instead of spreading ourselves thin. That helped us play for our strength, win clients and perform better. And then we slowly expanded to other areas.
COVID-19 proved to be the biggest disruptor since the Dot-com bubble. What tactics did you apply at your company to continue its operations and growth?
We offered financial flexibility either through discounting or delay in payment to our client at the time of COVID. Due to the loss of a few clients, we had to furlough a few employees to manage the costs. We negotiated a lease to end early for the office space and adopted the model for an entire team to work from home. We kept a channel of communication open with our employees about the financial performance of our clients. We increased the marketing spend. Due to these measures, nine months after COVID started, we were on a growth path again.
What would be your advice to budding entrepreneurs who aspire to be revenue cycle management services providers in the industry?
Focus on a certain market or a niche, do not try to be everything for everyone. For example, focus to target clients in a particular specialty or a particular geographical area. Invest in digital marketing for lead generation and growth. Invest in employee learning and development.
How do you envision scaling your company’s operations and offerings in 2022 and beyond?
We are adding about 50 new clients every year. We have a very strong marketing, sales, and onboarding engine that helps us onboard so many clients and set up the right RCM process for them. To continue to scale, the team knowledge needs to grow, so we are investing in the training of our employees like AAPC certification, Six Sigma certification, PM/EMR system training, and leadership training. To manage many clients and to improve our productivity and quality, we are also investing in our processes, automation, use of technology, and data analytics.
We have recently added Practice Staffing services. Using this service, practices can lean on us to hire staff that works in their practice location, but we provide the benefits and HR management. This takes away a big pain to find and offers good benefits to employees that every independent practice wants but cannot afford. We see this has a major expansion area.
Please give us a few testimonials of your clients/customers and awards/recognitions that accurately highlight your company’s position in the market.
“Just wanted to say THANK YOU. We started, I believe, formally around 02 Feb 22 (2/2/22). If you believe in this kind of stuff, Angel Numbers: Number 222 symbolizes faith and harmony. It heralds a new era in your life and ushers in fresh possibilities. Every aspect of your life should be in harmony with one another. And although just over one month, I appreciate you and your team and am grateful to have ‘stumbled’ across you all”
Physician, Pulmonary and Critical Care Practice
“My first impression was that I felt secure. The onboarding experience was exceptional. You helped us organize better. We had a point of contact and an IT contact introduced to us via video conference. I genuinely feel confident in the billing company. Your pricing is beyond fair. The quality of service is exceptional. I have to say that we cannot do this without you. We are not going anywhere!!”
Practice Manager, Internal Medicine
