NewswireToday - /newswire/ -
Secaucus, NJ, United States, 2006/11/16 - WFS Services, Inc., a privately owned Healthcare Revenue Cycle Management company, was just granted the “Best Practice in Technology” award by the New York Enterprise Report - WFS-Services.com.
WFS Services, Inc. was named the winner of the prestigious 2006 “Best in Practice” award for Technology. The 2006 Small Business Best Practice Awards are competitive honors given to New York metro-area small businesses who show the “ability to use their best practices to generate competitive advantages, revenue profits and/or long term value”, according the New York Enterprise Report (NYER).
WFS Services, Inc. was awarded “Best Practice in Technology” for its development of a Patient Web Portal (Help-4-U.com) and deployment of state of the art telephone switching and software.
WFS Services, Inc. has been providing Business Office out-sourcing and Revenue Cycle Management services to hospitals, physicians and other healthcare providers for nearly 20 years. As part of its Business Office out-sourcing service, WFS sends statements to patients and provides toll-free 800 numbers. Each 800 number is answered at WFS with the name of the health care provider so the patient is unaware they are speaking with an outsource firm.
The company often handles more than 1,000 calls a day and wanted to make sure that its “hold” time did not exceed 30 seconds and that its “abandon” rate was less than 5%. To do this, WFS Services implemented two new pieces of technology: the Help-4-U.com website and new telephone switch hardware and software.
The technological improvements have paid off in a big way. Since the implementation of the Help-4-U website, credit card payments have tripled, and the dollars collected have more than doubled for WFS clients.
WFS has also seen that the efficient response to those inquiries allowed it to reallocate internal resources to perform other revenue generating activities. Customer service reps are now used to manage paper correspondence and more aggressively follow up insurance inquiries. This resulted in an average 5% increase in revenue per client.
The telephone system improvements have yielded similar results. The new capabilities allow the company to expand its scope of services. Revenues from one client doubled in 2005.
The Enterprise Report states: ‘ “A major issue for doctors offices is collections, and they’ve done a great job on automating this process,” remarks Jennifer Walzer, founder of a national online data backup company. Adds Ramon Ray, editor and publisher of Smallbiztechnology.com, “I liked the [combination of the] complexity of the overall solution [and] the simplicity for the clients. The results speak for themselves — using technology to provide better service for patients and more efficiency and higher payments to health care providers.” ‘
About WFS Services, Inc.
WFS Services, Inc. (wfs-services.com) was founded in 1988 and is based in Secaucus, NJ. As a provider of Business Office out-sourcing and Revenue Cycle Management Services, WFS has played a major role in helping Healthcare Providers maintain their financial footing while enhancing their relationships with their patients.