Six RCM and Business Trends That Will Influence Practice Management in 2020
Matt Seefeld explains: Tech will replace spreadsheets & manual tasks, engaging with patients at each stage of the revenue cycle is essential.
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.
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.
Many practices are still using paper bills. MGMA’s first Digital Payments Progress Report, released in 2017, found that more than 77% of medical groups indicated they still use paper, even though most groups are using certified EHRs.
Business intelligence is no longer a luxury. In fact, it’s become a necessity. The sooner the health care industry can leverage tools to dig into its droves of data and use the information to streamline operations, the more sustainable organizations will be in the years to come.
Predictive Analytics Will Offer Unprecedented Insights. Payers Will Look To Cut Costs. RCM Staffing Needs Will Change. Providers Will Seek More Creative Financing Opportunities.
Patients are responsible for a huge chunk of their healthcare expenses. Employ proactive tactics & spend less time chasing payments.
Predictive analytics represent the future of medicine for ASCs and other all healthcare organizations, and not just in the clinical sense. Insights gleaned from day-to-day encounters and transactions can also strengthen revenue-cycle management (RCM) by driving informed decision-making. Data can influence decisions such as whether to renew payer contracts, outsource certain billing functions to a third party or offer flexible patient payment and financing plans.
Reduce RCM labor dependence with financial clearance, insurance A/R, & patient A/R automation modules with real-time analytics.
Increase productivity and simplify front & back office processes while keeping your staff focused with our flagship PM system.
As healthcare leaders look for the low-hanging fruit for AI and automation investments in the revenue cycle, there are three things that should be considered to achieve maximum impact on
Where are mistakes happening & what are the proven strategies to fix them? View the infographic and take product tours of Ei Suite.
Matt Seefeld discusses the role that measuring claim touches & calculating the cost to collect will have on AI-powered revenue cycles.
The reality is that current stats related to U.S. administrative waste in healthcare are abysmal, equating to about 30% of total spending waste. In response, healthcare organizations are prioritizing adoption
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