How Myndshft helped a national specialty pharmacy grow
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.
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.
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%