Matt Seefeld, EVP of MedEvolve, discusses with HIT Consultant why many physician practices are facing a harsh reality as they enter 2022. Revenue cycle processes and technology that have traditionally produced an acceptable bottom line are no longer delivering.
Revenue Cycle Resources for Physician Practices
How data analytics and workflow automation transformed revenue cycle for Rebound Orthopedics and Neurosurgery.
Reduce your dependence on labor to combat staffing challenges. 73% of medical practices rank staffing as their biggest challenge and 76% are making operational changes due to shortages. (MGMA).
With a recession coming, you can’t afford to not know in real time staff effectiveness & net collection rate. Add workflow automation to your PM system. Matt Seefeld explains why.
Timely technology, process, & people changes are necessary to maximize net collection rate. Practice management systems are not capable of producing net collection rate in real time, and if you’re not staying above 97% benchmark, you have a problem.
If we can focus on front office pre-registration financial clearance, you will reduce your labor dependence on the back office in medical billing and claims processing.
Effective Intelligence Resources
What's your EiQ?
Margin is the key to success in healthcare. You cannot maximize it without real-time metrics in your revenue cycle. Take the 3 minute quiz to find out your Effective Intelligence Quotient (EiQ).