Prior to starting Signature Performance 15 years ago, I saw how important the implications of healthcare administrative functions were becoming and their impact on care delivery cost and overall success in healthcare. However, progress in the financial management aspect of the business was not keeping up with advances and capabilities on the clinical side. Overall, healthcare administration was an inefficient and ineffective process with functions operating in isolation, even though they impacted many other elements of the enterprise.
The more I worked within the industry I saw firsthand that the solution to improvement and healthcare cost reduction was to streamline execution powered by talented, highly engaged people. A cohesive solution would reduce administrative healthcare costs by assimilating steps to remove redundancy, reduce denials and rework, as well as improve coding and documentation.
I was confident bringing all revenue cycle functions under one umbrella would streamline the process, reduce cost and significantly improve performance. When healthcare systems and facilities outsource revenue cycle functions, they find themselves working with multiple vendors that are not integrated. This creates process inefficiencies and financial outcomes that are not optimized. For example, information not captured at registration negatively impacts ability to acquire payment based on missing details, such as patient demographic information. According to the Healthcare Financial Management Association (HFMA) 48% of insurance information collected at registration is inaccurate or incomplete.
We took a different approach. At Signature we analyzed siloed practices and saw the inherent flaws and resulting inefficiencies. We integrated tools, technologies, automations, best practices and industry expertise to build a multi-step revenue cycle process that was streamlined and cohesive. Our intent was to redefine a partitioned process to improve financial compliance, performance and outcomes. Signature’s foundation is based on pioneering this new industry concept – a forward thinking method of executing and managing healthcare administration that delivers positive client results.
As we started Signature Performance with this integrated approach, we contracted with a client that had 29 facilities (hospitals, outpatient offices, and surgery centers). Within two years of operating with our Signature Approach, we reduced costs 30% and performance doubled for their system. Our ongoing success and growth are centered around our ability to always move the needle enough to make it worthwhile and have a measurable impact by doing things a better way.
By providing an end-to-end solution, we create a full partnership that offers us transparency into the full revenue cycle process. From this vantage point we are able to identify areas of opportunity and improve performance. Contracting with multiple vendors makes it difficult for a healthcare organization to see across the full continuum. In addition, the constant demand of increasing administrative costs to recover revenue makes it difficult to operate efficiently and diverts funds away from clinical improvements. Working with one partner provides scale and accountability within a holistic approach.
Our driving mission at Signature Performance is Improve the health of our clients’ business and making the lives of the people we work with better. Signature exists to meet the needs of our clients – to create a valued partnership. Through our work we build trust and knowledge, so we are positioned to react to future challenges. As clients have grown with us, we’ve continued to serve them through service enhancement or by creating new services and solutions to react to changes in their business.
During our 15-year journey, we’ve made a big impact for our clients and our Associates. Today we employ nearly 1,000 Associates. We are back to back winners of the Modern Healthcare Top 150 Award. In the last year, we administered and fully processed over a billion dollars of healthcare claims, trained thousands of providers on clinical documentation, helped providers/payers reduce healthcare administration costs and can say collectively we are making a positive difference.
Rising healthcare costs is a pivotal issue for the industry, and the ability to deliver quality care with positive outcomes is critical. We want to make sure we are entering markets where we can support our mission of improving the health of our clients’ business. As a private company we have a focus on our long-term impact on the healthcare industry and our team of experts works tirelessly each day to create value, serve clients and grow our business.
Allen Fredrickson is the Chief Executive Officer and President of Signature Performance Inc., in Omaha, NE. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.