Monarch Healthcare Management has 41 communities across Minnesota, AL, IL, MC, SNF and serves over 600 residents. As all Eldermark customers do, Monarch participates in routine client business review meetings with our customer success managers and leadership team. In a recent review meeting, Angie Mastin, Director of Operations, shared that she has achieved significant financial and operational improvements through the activation of ElderSmarts.
ElderSmarts customers typically find that 20%-30% of existing residents are consistently receiving services exceeding the package outlined in their service agreement. Shortly after activation, Monarch's team effectively utilized ElderSmarts to enhance their clinical and administrative operations. Upon activation, ElderSmarts identified a significant amount of un-captured revenue, to the tune of $270,000 dating back to January of 2024, directly related to un-billed daily rates for elderly waiver residents.
After ElderSmarts helped Angie's team uncover $270,000 in un-billed services, they were able to retroactively go back and charge residents for their missed fees. There were no questions asked – it was money they owed and were never charged.
This recovery is just one of many success stories highlighting ElderSmarts' capability in precise billing and revenue management, showcasing its potential for immediate financial impact. By leveraging real-time reporting and analytics, Monarch’s accounts receivable (AR) team and administrators can now proactively identify and address billing discrepancies in real-time, so this doesn’t happen again.
“It’s so nice now that the administrators can now look at the error codes in ElderSmarts and focus on the missing daily rate.”
ElderSmarts’ Analytics as a Service and recurring client business reviews enabled Monarch to reduce bad debt write-offs. By addressing issues as they occur, Monarch has drastically improved its financial health and maintained stability.
ElderSmarts is a comprehensive analytics solution and consultative service, part of the Eldermark software suite. ElderSmarts is known to simplify operations, enhance care delivery, and advance financial outcomes for healthcare operators. The various dashboards provide vital insights for billing accuracy, labor management, and real-time analytics, helping facilities like Monarch achieve strategic operational improvements.
To put the cherry on top, it’s also user friendly for a smooth and easy experience. Analytics are fed to users through daily “morning newspapers” and are also available through “news feed” view for simple and quick accessibility. ElderSmarts does not require any implementation process, and although we offer training, most customers never need it due to the ease of use. “The administrators are singing praises about it because it’s so easy to just go into ElderSmarts and look at where are we fluctuating, how we can improve.”
Monarch's satisfaction reflects ElderSmarts' mission to revolutionize healthcare management, supporting organizations in achieving their strategic objectives. As Monarch continues to leverage ElderSmarts' evolving content sets across multiple systems, the partnership promises even greater capabilities and improvements in the future.
Learn more about ElderSmarts here or reach out to our sales team at sales@eldermark.com to see how you can quickly increase revenue capture at your organization too!