MyWellbeing Cuts Claim Denials by 85% with Arrow

Executive Summary

MyWellbeing, a rapidly growing therapy practice with over 650 therapists across 6 states, faced significant challenges in their billing processes. These issues resulted in slow payments, high denial rates, and administrative burdens that were hindering their growth and impacting therapist satisfaction. By implementing Arrow's innovative billing solution, MyWellbeing achieved a dramatic turnaround in their revenue cycle management. The partnership led to an 85% reduction in claim denials, a 60% faster revenue cycle, and enhanced financial analytics capabilities. This case study explores how Arrow's technology-driven approach transformed MyWellbeing's financial operations, allowing them to focus on their core mission of connecting therapy-seekers with quality therapists.

About MyWellBeing

Founded by therapists and New Yorkers, MyWellbeing is more than just a therapy practice – it's a mission-driven platform dedicated to improving mental health access and care. With a network of over 650 therapists spanning 6 states, MyWellbeing has established itself as a leader in personalized therapy matching.

The company's unique approach stems from personal experiences and a deep understanding of the challenges faced by both therapists and clients. By fostering trust and leveraging technology, MyWellbeing has revolutionized the therapist-finding process, making it more efficient, personalized, and effective.

MyWellbeing's commitment to quality care extends beyond the initial match. They provide ongoing support to both therapists and clients, ensuring a positive therapeutic journey. This holistic approach has positioned MyWellBeing as a trusted name in the mental health industry, with a rapidly growing client base and an ever-expanding network of skilled therapists.

Challenge

MyWellbeing faced critical challenges in their billing processes. These challenges were not just administrative headaches; they were threatening MyWellbeing's core mission. The time and resources devoted to billing issues were detracting from the company's ability to innovate on its care model, support its therapists, and provide the best possible experience for clients. It became clear that a radical change in their billing approach was necessary to sustain growth and maintain their commitment to quality care. These challenges were:

1. High Claim Denial Rates:

   • Approximately 30% of claims were being denied on first submission, far above industry standards.

   • Each denial required manual review and resubmission, creating a backlog of unpaid claims.

   • The high denial rate led to significant delays in payment, sometimes extending to months.

   • Administrative staff were overwhelmed, spending countless hours on appeals and resubmissions.
     
     

2. Inefficient Billing Processes:

   • Reliance on manual data entry for claim submission increased the risk of errors.

   • Staff lacked real-time visibility into claim status, leading to delayed follow-ups and missed deadlines.

   • The billing team struggled to keep up with the growing volume of claims as the practice expanded.

   • Inconsistent coding practices across the therapist network contributed to denials and payment delays.
     
     

3. Delayed Payments Affecting Cash Flow:

   • The average days in accounts receivable (AR) had ballooned to 45 days, well above the desired 30-day benchmark.

   • Delayed cash flow was hindering MyWellbeing ambitious growth plans, including expansion into new states.

   • Therapists were experiencing financial stress due to inconsistent and delayed payments.

   • The finance team struggled with accurate budgeting and forecasting due to unpredictable payment timelines.
     
     

4. Limited Financial Visibility:

   • Lack of comprehensive financial reporting made it difficult to identify trends in denials or payment delays.

   • The finance team couldn't provide therapists with timely, accurate financial reports, leading to frustration.

   • Without detailed analytics, MyWellbeing struggled to make data-driven decisions about resource allocation and growth strategies.

Solution

Recognizing the need for a comprehensive overhaul of their billing processes, MyWellbeing made the strategic decision to partner with Arrow. This partnership was chosen not just for Arrow's technological capabilities, but for their alignment with MyWellbeing's mission-driven approach to healthcare.

Arrow’s technology offers automation and streamlines the revenue cycle management, ensuring that MyWellbeing can focus on what it excels at without worrying about billing strategies or ensuring payments are received on time.

Arrow's comprehensive solution addresses MyWellbeing's billing challenges through a multi-faceted approach. The system employs AI-powered claim scrubbing to reduce errors and denials, while providing real-time updates on payer rules. Automated revenue cycle management streamlines the entire process from charge capture to payment posting, integrating with major payers for faster transactions. Real-time analytics and reporting offer instant visibility into claim statuses and key performance indicators, enabling data-driven decision-making. Additionally, the intelligent denial management feature automates categorization and provides guided workflows for efficient appeal processes. This integrated solution significantly reduces administrative burden, improves accuracy, and accelerates the entire revenue cycle.

Results

After working with Arrow for 3 months, MyWellbeing saw the following results:

• 85% reduction in claim denial rates: Arrow reduced claim denials to ensure optimal first-pass claim acceptance rates and reduced rework and appeals later on in the process. 

• 60% faster revenue cycle. Average days in AR decreased from 45 to 18 day. This improved cash flow allowed for investment in growth initiatives for MyWellBeing. 

• Enhanced reporting and analytics: Ability to identify top denial reasons and address root causes. Improved forecasting accuracy, with revenue predictions now within 5% of actual

"Arrow has revolutionized our billing process at MyWellbeing. We've seen a dramatic decrease in denials and a significant speed-up in our revenue cycle. This allows us and our therapists to focus more on providing quality care rather than chasing payments."

Are you a healthcare provider looking to streamline your billing processes and improve your revenue cycle? Contact Arrow today to learn how our solutions can transform your practice.