The Orthopedic Institute of Pennsylvania (OIP) is a long-standing healthcare provider committed to exceptional care that puts the needs of patients and their families first. OIP physicians specialize in a variety of fields including sports medicine, physical therapy, hip, knee and spine care and most recently, pain management and podiatry.

Need

OIP employs more than 30 physicians and 325 employees across seven locations throughout Pennsylvania to support the care provided to its patient base. OIP’s Chief Executive Officer oversees the organization’s support of over 175,000 patient encounters annually.

Joining in 2017, the CEO helped guide OIP through accelerated growth and diversification into new patient offerings. This growth also strained current processes and revealed   that team members were spending too much time on manual processes and he began to reevaluate OIP’s vendors and relationships to help his team work more efficiently.

“We weren’t taking advantage of the relationship we had with PNC. We had our standard accounts but hadn’t considered how we could benefit from expanding our relationship,” said OIP’s CEO.

So, we met with PNC to discuss areas of opportunity to streamline payment processing which was causing employees to spend too much time processing payments, taking them away from their patient's care.

Solution

The PNC team leveraged the bank’s expertise in healthcare finance solutions to present a specialized lockbox solution for OIP’s payment processing needs and implement a centralized process for receivables. The Lockbox solved a long-term need for OIP and further supported their changing needs during the COVID-19 pandemic. OIP had to alter many of their standard procedures given the limited number of patient interactions. Additionally, PNC is assisting OIP with financing for real estate transactions as the company looks to continue its expansion into new locations.  The practice has also added new treatment specialties, physicians and partner organizations in recent months.

“[PNC banking solutions] have streamlined our process and allowed our employees to use their skillsets to help patients rather than manual inputs,” OIP’s CEO said. “It really opened our eyes.”

And when times got even tougher, PNC was there to help OIP apply for and receive emergency assistance through the Paycheck Protection Program.

2020 was a challenging time for so many, [PPP] was a lifesaver for this organization. The PNC partnership has helped us tremendously. Now that we have this relationship forged, we can be very prescriptive with what we need.
— CEO, The Orthopedic Institute of Pennsylvania (OIP)