Transforming Revenue Cycle Management Today with Lessons Learned from Henry Ford
In the ever-evolving landscape of healthcare RCM, principles of automation & AI are ushering in a new era of efficiency and optimization.
Our Effective Intelligence technology has four components designed to manage and measure work effort throughout the entire revenue cycle.
You can prevent most common denials, rejections and write-offs during the scheduling and pre-registration process in advance of the appointment. Configure checkpoints and use central task management to quickly clear patients and keep your front office staffing needs at a minimum.
As medical billing team members log in to the workflow automation web-based application and record each “touch” of a claim, what the outcome of that claim task is, and what the next task should be, our workflow interface will record key data points like who completed the task, date, time, outcome, task notes, internal and external messages sent, collection success and other data points which will then feed into our real-time analytics that update every few minutes. Bonus: It’s cloud-based, so they can work from anywhere and you can hire from anywhere!
Connect everyone in the revenue cycle including coders and providers with central task management & internal communication. Ditch the email! Effective Intelligence can record every interaction and task throughout the process, so you have a permanent record of each claim, the employees that work on it, and how it got paid.
Review and assess your practice’s financial status in 5 min or less and know exact where you are losing money and why. Measure the work effort of every revenue cycle employee, incentivize and retain your top performers, and help employees that need improvement.
Metric | Before Ei | After Ei | Change |
|---|---|---|---|
Total Paid Hours Per Month | 8,900 | 5,750 | 35% |
AVG Monthly RCM Cost | $387,249 | $286,473 | 31% |
Margin % | 3% | 29% | 26% |
Margin Per Worked Hour | $6 | $68 | $62 |
FTEs | 61 | 39 | 36% |
Overtime Hours Per Month | 207 | 38 | 82% |
"With Effective Intelligence, we have a barometer to help us understand who is efficient and effective. It has also allowed us to benchmark the performance of our team members to a greater degree."
"With Effective Intelligence, the practice has been able to keep staffing levels steady, and leverage actionable data to improve productivity, drive training and focus on processes that need improvement. As a result of our data and the relationship with MedEvolve, we have been able to improve functionality and process from the front desk to the back and everything in between."
In the ever-evolving landscape of healthcare RCM, principles of automation & AI are ushering in a new era of efficiency and optimization.
Top 20 RCM automation vendors were ranked. MedEvolve ranked #1 overall over other nationally-recognized RCM companies and in critical categories such as innovation & optimization, implementation, scalability, data security, and process improvement.
To better empower & motivate revenue cycle teams, provider organizations must have a foundation of real time effective intelligence.
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.
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).
Download the PDF to learn how to transform your patient financial clearance & medical billing process with Effective Intelligence technology to address staff shortages.
Healthcare organizations are already facing razor thin margins, and administrative waste could be the linchpin for future sustainability. Billions of dollars are at stake. I’m always surprised when I talk to doctors and ask them if know how many touches, or people, it takes to get paid for services they provide, they rarely know the answer. It’s also concerning when administrators and executives over the revenue cycle functions don’t have this information.
In the ever-evolving landscape of healthcare RCM, principles of automation & AI are ushering in a new era of efficiency and optimization.
How can we can inspire our revenue cycle employees to be the best they can be at their jobs? Matt talks about strategies for RCM retention.
Personal improvements for expertly managing the front office, back office, or the entire revenue cycle management process Whether you manage the front office, back office,
Combined practice management & electronic medical record software may not be the best choice. Doctors & financial team have difference needs.
Phone calls, emails, notes, spreadsheets, task lists – all communication that should be centralized, archived on the claim, and reported as touches. How many “touches” does it take to get a particular claim paid? An important metric for controlling labor costs.
Reduce RCM labor dependence with financial clearance, coding, 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.
“Measuring every touch in the revenue cycle is key to future sustainability—because every touch means money out of your pocket.” ~ Matt Seefeld
Healthcare organizations are already facing razor thin margins, and administrative waste could be the linchpin for future sustainability. Billions of dollars are at stake. I’m always surprised when I talk
Healthcare revenue cycles are primed for the benefits of automation & AI, but many are missing a critical link: human-generated data.
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