Physicians Practice Article: Data analytics can help you understand and mitigate risk
Manual efforts to predict cash flow may leave you vulnerable to revenue problems that can quickly spiral out of control.
Written by our in-house revenue cycle experts, the articles below have been published by various publications and represent 24+ years of expertise.
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.
Manual efforts to predict cash flow may leave you vulnerable to revenue problems that can quickly spiral out of control.
Gene Austin, CEO of Columbia Orthopaedic Group spoke about the company’s use of MedEvolve RCM workflow automation during COVID-19 pandemic.
Using revenue cycle automation for Columbia Orthopaedic Group, automated financial clearance and A/R workflows have improved efficiency.
“The last thing that unemployed people want to do is pay their healthcare bill,” says Matt Seefeld, executive vice president of MedEvolve in Little Rock, Arkansas. “I’m going to pay for the things that keep my family alive. The last thing I’m worried about is that bill from six months ago.”
Matt Seefeld, EVP at MedEvolve explains to HIT Consultant how to understand & improve patient financial clearance process.
Matt Seefeld explains: Tech will replace spreadsheets & manual tasks, engaging with patients at each stage of the revenue cycle is essential.
As a result of our data and the relationship with our RCM vendor, MedEvolve, we have been able to improve functionality and process from the front desk to the back and everything in between. Having actionable data drives our training — it helps us examine why denials are happening and what processes need to be looked at. Data at all levels is really unearthing challenges that we would never have been able to find on our own because of the volume of information. If you don’t have a way to mine information and use it effectively, it’s useless.
Effective Intelligence is like a GPS: representatives sit down, log into MedEvolve RCM Workflow, and hit go, and the system leads them. You don’t have to do too much thinking or prioritization because the system does that for you.
Benchmarks can help ASCs focus on big-picture, revenue-boosting changes, according to MedEvolve Executive Vice President Matt Seefeld.
In a traditional practice, the business stuff can drag us down. Billing staffs spend much of their day on hold, feeling bad when they fail to recoup payment or resolve lingering issues. They’re backed up and overwhelmed. The potential for mistakes increases.
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.
If revenue cycle staff in your healthcare organization gave just 10% more effort every day, how would that impact operational margin?
Healthcare providers need technology that upgrades the limitations of their existing systems to make revenue cycle staff more effective. Matt Seefeld explains.
Matt Seefeld explores the parallels between Ford’s principles of automaking success & healthcare revenue cycle management.
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