Outcomes Rocket Podcast – Real-Time Data: Transforming Healthcare Systems with Matt Seefeld
Matt delves into profitability & accountability challenges facing healthcare, like lack of real-time data and task tracking.
In less than one year, Compass Healthcare has seen dramatic time and cost savings through use of MedEvolve software.
Even though overall AR and charges increased over the last 6 months, the organization was still able to reduce dependence on labor because staff has the ability to work smarter with the MedEvolve tools in place. Other results include:
Reduction in labor dependence
Reduction in denials
Increase in net collection rate
Decrease in AR over 60 days
Decrease in AR over 60 days
“MedEvolve solutions have transformed our revenue cycle team’s operations significantly. My team is able to organize their days more easily through the tasking functions than when we were relying on emailing different locations back and forth.”
Compass Healthcare is an independent multi-specialty medical group based in East Lansing, Mich., with nearly a dozen ambulatory locations. The organization’s primary goal is advancing the health of the patients and communities it serves through a culture of physician-driven care. Compass offers cost-effective healthcare management, as well as comprehensive community healthcare services, which are easily accessible.
The organization employs more than 200 clinical and non-clinical staff members, including about a dozen workers in a central billing office who oversee revenue cycle for 11 physicians and 15 midlevel providers across Lansing Neurosurgery (including Compass Orthopedics and Compass Rehabilitation) and Lansing Institute of Urology.
Reducing cost to collect is paramount for all healthcare organizations amid mounting financial and revenue cycle challenges. In addition, unprecedented labor shortages and high turnover have only amplified the need for analytics and productivity tracking across revenue cycle teams.
After years as a MedEvolve client, Compass Health set out to streamline operations by adopting an all-in-one practice management (PM) system and EHR for both clinical and nonclinical purposes and made the decision to switch systems. However, financial leaders quickly realized they were missing the detailed productivity insights necessary to stay on top of workforce output with the new system. In addition, staff missed the automated work drivers the group had grown accustomed to with MedEvolve for ensuring the most effective approach to revenue cycle operations.
"Getting insights into issues like denials for authorizations, or why payment processing was taking longer than expected with the new system, which was a nuisance. We couldn’t get the information we needed in a way that would make some of the underlying causes of issues clear. For clinical stuff, it’s great, but for back-end billing, it proved inadequate for our needs."
Before the decision to move to an all-in-one solution, Compass had been a long-time client of MedEvolve, so Holdorf and team knew exactly where to go to regain the missing insights, transparency, and automation. In 2022, Compass made the decision to re-adopt MedEvolve Effective Intelligence solutions as a bolt-on to their existing all-in-one system.
Compass leadership hoped that by implementing MedEvolve’s updated platform, they could more easily manage data from multiple practice locations, stay ahead of health plan changes (e.g., prior authorizations), automate workflows, and gain insights into staff productivity.
In particular, they aimed to become more strategic by tracking and measuring every action taken in the revenue cycle process and measuring the productivity and effectiveness of staff members as they move through their workdays. This would provide a clear understanding of the obstacles that slowed down productivity and delayed collections. In turn, these insights would contribute to stronger margins, while lowering labor costs and boosting collection rates.
MedEvolve Effective Intelligence solutions offer visibility into the entire revenue cycle process, from front-end registration to billing and remittance. Compass Health leverages MedEvolve’s RCM workflow automation and advanced analytics to provide work drivers for staff to manage their daily work – which accounts to tackle first, second, and so forth. This ensures employees are focused on the right claims and empowers them to be more effective in their work. The platform’s productivity reports highlight top performers as well as issues that create bottlenecks so problems can be addressed quickly.
Team members now log in to the web-based application and it record each “touch” of a claim and the resulting outcome. Key data points are recorded including who completed the task and when, task notes, internal/external messages sent, collection success and other data points that feed into our real-time analytics to give RCM leaders visibility into the effectiveness of their processes.
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.
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.
Aligning the power of the MedEvolve Coding solutions with your internal resources personalizes and trains the autonomous coding model, increasing the speed that auto-codes are generated. The portal workflow also drives operational efficiency, resulting in repeatable and scalable performance.
As team members log in to the web-based application and record each “touch” of a claim, outcome, and next task, key data points are recorded like who completed the task and when, outcome, task notes, internal / external messages sent, collection success and other data points that feed into our real-time analytics.
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.
Matt delves into profitability & accountability challenges facing healthcare, like lack of real-time data and task tracking.
Brad Hunter, talks with EVP & Chief Commercial Officer at MedEvolve, Inc. and Founder of myLifeLink, Matt Seefeld.
Compass Health added award winning RCM automation & intelligence to Veradigm EHR/PM system and reduced denials, AR days, and labor dependence.
Monday – Friday
7:00 am – 7:00pm
1115 West 3rd Street
Little Rock, AR 72201
Privacy Policy | 2024 All Rights Reserved