Productivity vs. Effectiveness in the Revenue Cycle: Should You Measure Claims Worked or Employee Outcomes?
Measuring number of claims worked or measuring work effort & successful outcomes? What should healthcare executives focus on with RCM labor?
RCM Discussion | Medevolve Effective Intelligence
Effective Intelligence is all about reducing your dependence on labor in the revenue cycle while ensuring the medical billing and front office staff you do need are working effectively and generating the expected revenue to increase your margin with the least amount of work effort. MedEvolve is an effective intelligence company.
Measuring number of claims worked or measuring work effort & successful outcomes? What should healthcare executives focus on with RCM labor?
Give your RCM staff work/life balance by measuring effectiveness not productivity, establishing clear goals & incentivizing top performers, and tie it to a reward system that creates the recognition that this new generation of the workforce needs to have.
Matt Rolfes, CEO, MedEvolve, discusses strategies for successful positioning with Effective Intelligence & basing decisions on the right data.
Telling the full story of revenue cycle effectiveness may mean that your staff must use more technology in their daily routines. But taking the extra steps to record tasks & outcomes with Effective Intelligence can achieve ROI within 60 days.
There is a misnomer that people, process, and technology are independent of each other. I often go to trade shows where vendors have great technology. They’re promising big results. But the provider organization doesn’t understand that they will likely have to make material changes to adopt that technology to get the results that are being promised.
On a given day, 80 to 90 percent of the active claims in A/R do not need to be touched, so why are billing representatives wasting time on them? Because there is no visibility into which claims need to be focused on to actually generate revenue.
High call volume, abandoned calls, staff shortage, & high wages could be preventing you from retaining patients, getting paid, keeping margin. Here are some points to consider when choosing a call center vendor.
When healthcare executives are shopping for technology to improve margin & collections, and reduce staff, don’t ask “How much does it cost?” Instead, evaluate the potential return on investment.
If your desired outcome is higher margin in your revenue cycle, but your actions aren’t aligned, you cannot achieve that outcome. The right technology & process guides the right people to success, therefore increasing your margin.
Join MedEvolve at the Pinnacle EMS Conference at the JW Marriott Marco Island Beach Resort on July 26-28, 2022. We support EMS companies like Falck USA with revenue cycle technology.
Reduce RCM labor dependency with workflow automation, task management, & real-time analytics to increase margin.
Outsource your medical billing to us with over 20 years of revenue cycle experience incorporating Effective Intelligence in house.
Improve patient collection rates with account resolution services: call center, mobile engagement, payment portal & counseling.
Increase productivity and visibility into front & back office processes while keeping your staff focused.
Interview with Matt Rolfes, CEO/CFO of MedEvolve sharing advice for healthcare leaders trying to maximize their revenue with a reduced staff.
To better empower & motivate revenue cycle teams, provider organizations must have a foundation of real time effective intelligence.
Matt Seefeld offers a specific example of how MedEvolve’s software has led to a remarkable drop in labor expenses & a surge in performance.
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