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.
Growing Trends
- Growing labor and staffing complexities
- Need for greater margin
- Disparate data and systems limiting ability to gain intelligence
- Automation of manual processes is key amid resource deficiencies
- Demand for self-service and better patient financial experiences
Revenue Cycle Resources for Physician Practices
Shopping for Revenue Cycle Technology Designed to Improve Margin Should be About Value Not Price
When healthcare executives are shopping for technology to improve margin & collections, and reduce staff, don’t ask “How much does it cost?” Instead, evaluate the potential return on investment.
Actions & Outcomes: Revenue Cycle Process Improvements for Higher Margin
If your desired outcome is higher margin in your revenue cycle, but your actions aren’t aligned, you cannot achieve that outcome. The right technology & process guides the right people to success, therefore increasing your margin.
Create a Remote Revenue Cycle Staff & Incentive-Based Work Structure
Web-based technology MedEvolve Workflow Automation & Real Time Revenue Cycle RCM Analytics measures & tracks employee effectiveness. Hire talented staff from anywhere. Reward high performers.
Reduce Bad Debt in the Revenue Cycle with Patient Financial Engagement Strategies
More patients than ever are on high deduction health plans & are responsible for payment of medical bills. MedEvolve can help collect balance with our digital engagement plus U.S.-based call center.
Build a strong A/R strategy in your revenue cycle with automation & real-time analytics
If you want to have benchmark A/R over 60, which is less than 15% and for Medicare less than 5%, then you have to have a technology in place that gives you these types of analytics in real time. So these are not new concepts, but with margins as tight as they are, can you really afford to have A/R that’s not turning over efficiently?
Make the most out of limited staff & optimize bottom line with Effective Intelligence
How data analytics and workflow automation transformed revenue cycle for Rebound Orthopedics and Neurosurgery.
Effective Intelligence Resources
Effective Intelligence Suite
Product Information
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).
Recorded Webinar
Matt Seefeld explains the five trends that will drive the adoption of automation, data accessibility, and employee effectiveness in “Manage your revenue cycle with Effective Intelligence in 2022”.
Dashboard Analytics
How EiQ works
