(Little Rock, Arkansas – August 9, 2018) – MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM), patient engagement and analytics software and services for physician practices, announced today the company’s bookings for second quarter fiscal year 2018 was the highest in its twenty-year history. After back-to-back record quarters in Q2 and Q3 last year, the company has exceeded those bookings numbers once again. MedEvolve’s bookings for Q2 2018 increased 38 percent over Q2 2017. Last quarter’s success can be attributed to existing clients adding on new services, as well as new client additions.
One new client, Premier Gastroenterology Associates (PGA) of Arkansas, is a startup practice that entrusted MedEvolve to help establish business processes and technology. In addition to normal implementation for practice management software and revenue cycle services, this included finalizing credentialing for their providers and developing workflows to support best practices.
“MedEvolve’s expert team has been there with us through all the intricacies that arise when setting up a new healthcare business and has helped us establish best practices from the start. They focus daily on the numbers and provide the transparent communication and analysis we need to ensure we’re setup for success,” said Bill Greene, Chief Executive Officer for PGA. “PGA is very excited to partner with MedEvolve and look forward to continuing to grow our practice with their support.”
In addition to MedEvolve’s core software and services, the company’s existing clients are seeing value in some of the new solutions now being offered. Some are also adding RCM services, whether it be total outsourcing to help improve overall billing and collections or standalone projects like working aging accounts receivables (A/R).
One of MedEvolve’s new solutions, Patient Account Resolution Services, realized a significant boost as practices look to automate strategies to deal with high-deductible health plans (HDHPs) and increasing co-pays. With less than 10 percent connect rate on outbound calls-to-collect on outstanding balances, and an average of 43 dollars per transaction, providers are adopting services that help to reallocate in-house resources typically dedicated to collections calls in order to improve the results exponentially.
MedEvolve Practice Analytics contributed to sales in Q2 as well. The company is offering Analytics-as-a-Service for executives, managers and administrators who don’t have time to look at dashboards and reports. With this service, MedEvolve’s in-house team of analysts proactively search the practice’s data for any problem areas and issues that need to be addressed, providing recommendations to resolve them before they snowball into something bigger.
Additionally, the growing popularity of MedEvolve’s Revenue Cycle Management (RCM) services is due – in part – to the impressive results the division has seen. As previously announced in May of 2018, MedEvolve RCM achieved its largest collections month in company history. This record month can be directly attributed to the operational redesign of the RCM department, technology and processes that took place earlier this year.
“The RCM team is having such enormous success because we are a culture driven by data and objective decision making. We focus on key performance indicators (KPIs) like improving clean claim pass rate and reducing first pass denials, which drive maximum cash flow results for clients,” says Matt Seefeld EVP of MedEvolve. “The end goal is simple: maximize cash yield and do it at a cost that clients can afford.”
MedEvolve’s new Pre-collect Service was another innovative new solution that factored into Q2 sales. This program increases the amount of accounts that are paid-in-full prior to the appointment, which reduces the number of accounts requiring resolution later-on. By moving a practice’s account receivables to the front, the cost to collect goes down, saving the organization money and resources that can be dedicated to other more productive efforts.
“We are excited to have exceeded yet another quarterly bookings goal. Our unique combination of solutions, and the results they deliver, is very appealing to our existing clients and prospective clients alike,” said Matt Rolfes, CEO of MedEvolve. “Our data-driven approach helps practices stay ahead of the curve by getting clean bills out the door, expediting the reimbursement process and engaging with their patients—so they can maintain their independence.”
Is your physician practice seeking practice management software, analytics or revenue cycle management expertise? Contact MedEvolve to request a consultation: call (800) 964-5129, email, or contact us to learn more.
MedEvolve enables physician practices to work faster and more accurately through Practice Management (PM) and Revenue Cycle Management (RCM) software and services that result in quicker payment processes and improved patient and staff experiences. Additionally, with MedEvolve Practice Analytics, specialty practices gain a new level of insight that helps them identify problem areas and resolve issues quickly to improve financial, operational and clinical performance. Our unique consultative approach ensures our solutions fit with our clients’ existing processes, so they begin to see positive results from day one. Visit www.medevolve.com to learn more.
Ashley Moore Deitsch