Case Study

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How Myndshft helped a national specialty pharmacy grow

case study

The Problem

Our client was grappling with flat revenue growth caused by process inefficiencies and referral accuracy problems that significantly slowed their speed to therapy, and led to a large volume of denials. As a result, they were leaking revenue and unable to grow market share.

The Challenges

They doubled the number of people assigned to tackle all the manual tasks. They employed traditional process improvement strategies. They evaluated partnerships with legacy industry vendors, and even evaluated whether to build their own solution. But none of those options provided them precisely what they needed: real-time medical and pharmacy benefits verification data for the majority of U.S. covered lives.

Why Myndshft

With Myndshft, our client is able to directly connect to over 700 payers, representing 93% of the U.S. covered population. So they can seamlessly integrate real-time medical and pharmacy benefits data into their existing workflow and IT infrastructure.

 

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The Results

Within just 6 months of implementing Myndshft, our client experienced remarkable improvements.

Since implementing Myndshft, collections have increased by 21.8% and monthly collection volume has grown 22%

Before Myndshft, the total turnaround time for a typical patient and provider experience was nearly 12 hours. With Myndshft that experience has been shaved to just 50 minutes; a 93% improvement.

 

 

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93%

Improvement in Turnaround Time

21.8%

Increased Collections

33%

Decreased Labor Cost

30%

Decreased Operational Costs

25%

Decreased Required Staffing

As a direct result of partnering with Myndshft, our client also significantly reduced costs and improved productivity.

  • The total labor cost required for each new patient decreased by 33%.
  • Other operational costs associated with each new prescription decreased by 30%.
  • Required staffing was also reduced by 25%