Cutting the Cost of Record Reviews for IME Business- LezDo TechMed’s Streamlined Impact

The IME firm faced challenges with a high expenditure of in-house record reviews. They also had problems in scaling up their business with the existing in-house operations, maintaining efficiency with a growing caseload. Seeking a solution to streamline their processes and enhance productivity, the firm turned to LezDo TechMed.

Escalating Costs and Scalability Issues

The client specializing in workers’ compensation cases, was facing significant escalation in costs for in-house medical record reviews. The firm, already handling a large number of cases per month, was struggling to manage the expenditure with growing volume of medical records, reports, and paper works.

Key issues included:

High Administrative Costs

Maintaining an in-house team of record reviewers was affecting the budgeting of the client. They were spending approximately $25,000 per month on salaries, benefits, and training for a team that could not keep up with the increasing caseload.

Inefficient Case Handling

The entire team spent significant time organizing and reviewing medical records, leading to slow case preparation and delays in IME report generation.

Slow Turnaround Times

The average time the client was spending to process a case and submit the final report with the in-house team was 30 days, affecting their ability to meet client expectations in workers’ comp cases where timely evaluations are critical.

Limited Scalability

Due to budget limitations, the firm was unable to hire additional review staff to handle the growing workload, and expanding their workforce was not a viable solution.

To scale up the business and continue to meet the demands of their clients, the firm needed a real solution that could address their operational inefficiencies and increase ROI without requiring a significant increase in expenditure.

LezDo TechMed’s Bundled Approach

To address these challenges, LezDo TechMed provided a tailored solution with a bundled service of medical chronologies and narrative summaries, precisely tailored to the complexities of their workers’ compensation cases. CaseDrive, our case management tool was also integrated as per the client needs.

Key elements of the solution we provided were as follows:

Structured Medical Chronologies

Our expert medical record review team provided clear and concise medical chronologies that allowed the client team to quickly assess the facts of their cases and focus on evaluation. With our hyperlinked medical chronologies, the client team was able to easily navigate through the medical chronologies, speeding up their report delivery.

Customized Narrative Summaries

LezDo TechMed delivered professionally drafted, case-specific medical narrative summaries that included medical histories, pre-existing conditions, and causation details, ensuring a comprehensive and standardized report.

Automation with CaseDrive

With CaseDrive, our case management tool, we could automate the case management tasks of the client, including case tracking, real time updates, document uploads, sharing. CaseDrive helped the firm efficiently manage their increased caseload with ease.

Cost Savings and Operational Efficiency

Prior to the collaboration, the client firm was spending approximately $25,000 per month to maintain a small in-house team of medical record reviewers, summarizing reports, and managing case workflows. This expenditure was significant, especially considering their budget constraints.

After outsourcing the record review and summary preparation to us, the firm could cut these operational costs by 41%. Specifically, they were able to reduce their administrative costs by approximately $10,000 per month.

Key factors contributing to these savings included:

• Elimination of the need for in-house operations for record reviewers, who previously spent several hours per case organizing medical records.
• Availing bundled record review services from us, along with flexible billing cycles, the client could cut down the cost.
• Reduced need for administrative staff to manage document flow and case tracking, with the automation provided by CaseDrive. They were able to allocate the in-house team to focus on the administrative tasks.
• The decline in manual processes allowed the firm to reallocate resources toward higher-value activities, like case review and evaluation, enhancing their revenue-generating capabilities.

Increased Case Capacity

Before working with LezDo TechMed, the firm processed an average of 200 cases per month and as struggling to keep up with this volume due to inefficient processes. After collaborating with us:

• They could attain an increased case volume of 60%, from 200 cases per month to 320 cases per month, without the need to hire additional administrative staff.
• The turnaround time of medical chronology and medical summaries they generated decreased by 35%, from 7 days per case to 4.5 days.

Enhanced Client Relationships & Revenue Growth

The scalability enabled by our services strengthened the firm’s relationships with their clients, contributing to significant revenue growth

• Key metrics reported that the client satisfaction of the firm improved by 42%.
• Faster turnaround times and more accurate, comprehensive reports led to stronger relationships with law firms and insurance companies.
• Revenue of the client was reported to hike 6 folds in the first six months after integrating our services.
• The firm is now able to handle a significantly larger caseload and take on more complex cases, which leads to increased business opportunities.
• The firm is able to tie up with higher-value clients, including large insurance carriers.

Conclusion

LezDo TechMed’s bundled medical chronology and narrative summary services, along with the case management automation CaseDrive, enabled the client to overcome their operational challenges and scale their business operations efficiently.

Key Metrics in a Nutshell

• 41% reduction in administrative costs (saving $10,000 per month)
• 60% increase in case volume (200 to 320 cases/month)
• 35% reduction in turnaround time (from 7 days to 4.5 days per case)
• 50% more cases handled per physician
• 6 folds increase in revenue
• 42% improvement in client satisfaction

By outsourcing medical chronologies and report summarization, the client had achieved significant cost savings, faster turnaround times, and higher case volume, all without expanding their in-house team.

With the achieved scalability, the firm was able to drive revenue growth, handling more complex cases, improving client satisfaction, and securing their position in the industry.