2024 Black Book Report: MedEvolve is #1 again for RCM Automation & Optimization
MedEvolve ranked #1 overall and in 12 out of 18 categories. Download the report and compare to our 2023 #1 rankings.
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."
MedEvolve ranked #1 overall and in 12 out of 18 categories. Download the report and compare to our 2023 #1 rankings.
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).
Reimbursements are shrinking, labor costs are rising, and consumers are paying more. The pressure is on, but most revenue cycle teams still can’t answer a critical question: What’s really driving profit loss?
Before investing in the latest AI-powered platform, ask yourself: Do I know what’s really broken in my revenue cycle? The bottom line is you can’t fight bots with more bots. Not until you know exactly where your process break downs are occurring. Not until you understand what work is being done manually, why, and by whom. Otherwise, you’re just layering automation over chaos.
Where are mistakes happening & what are the proven strategies to fix them? View the infographic and take product tours of Ei Suite.
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 of AI and automation to improve the outlook. This is a step in the right direction, but many, unfortunately, are leaving money on the table because they lack visibility into human generated data.
Human-generated data is the “secret sauce” to AI’s potential in RCM. The revenue cycle, a cornerstone of healthcare operations, is poised for transformative advancements through generative AI. While traditional AI applications in revenue cycle management (RCM) have leveraged common, system-generated data, the real breakthrough lies in integrating this with human-generated data to unlock unparalleled potential. How does MedEvolve bridge the gap? Explore infographic below.
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.
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.
Discovery Behavioral Health increased cash flow by 5.2%, team capacity by 30% & zero-touch insurance payment rates by 13%. How did they do it?
Matt Seefeld, President of MedEvolve, exposes the hidden inefficiencies and financial chaos plaguing the U.S. healthcare system. From denied claims to overwhelmed billing departments, he explains how outdated processes are
Reimbursements are shrinking, labor costs are rising, and consumers are paying more. The pressure is on, but most revenue cycle teams still can’t answer a critical question: What’s really driving
Before investing in the latest AI-powered platform, ask yourself: Do I know what’s really broken in my revenue cycle? The bottom line is you can’t fight bots with more bots.
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