About Neurosurgeons of New Jersey
Neurosurgeons of New Jersey is the largest and most sub-specialized group of neurosurgeons in the New York Tri-State area. After two decades of growth and expansion, the practice now has locations throughout New Jersey. The esteemed group of neurosurgeons strives to achieve optimal outcomes by putting patients first — and providing compassionate treatment and ongoing care. Their mission is to provide patients with outstanding care by the best neurosurgeons in the country and achieve excellent outcomes.
As the business grew, Jonathan Parisi, Director of Business Operations and Strategy at Neurosurgeons of New Jersey, and his staff, struggled to keep up with revenue cycle management (RCM) workloads. “Our A/R follow-up representatives would work down lists of claims segmented by a particular payer. It was early on when I started to realize that most representatives were not even getting through their own list before they had to start again at the end of the month when they ran a new aging report. It was very inefficient and we were potentially losing a lot of money in that inconsistent follow-up process. That moment impressed upon me, that we needed to improve this process.”
It became obvious that the manual Revenue Cycle Management (RCM) processes were inefficient, and the practice was missing out on cash opportunities–although they couldn’t pinpoint exactly how much. Improving staff productivity was critical to improving financial performance for every single billing metric — net collection rate, average days in A/R, first-pass denials, and more.
Additionally, with no visibility into staff productivity or performance, Parisi could not pinpoint the inefficiencies or understand who was the most effective or who might need more training etc. He realized that the solution to the problem was not adding more billing staff, he needed access to information and automation to speed up and streamline RCM processes.
How Neurosurgeons of New Jersey uses MedEvolve Technology:
As part of its partnership with MedEvolve, Neurosurgeons of New Jersey engaged Effective Intelligence Advanced Real-Time Analytics. This solution gives Parisi complete visibility into the practice’s financial status in the time it takes to drink his morning cup of coffee. Real-time analytics frees him up from manual reporting and gives him access to a dedicated RCM Strategist, which helps Parisi and his team make sense of issues and problem areas so he can resolve them quickly. Now Parisi knows exactly where he stands with his key performance indicators (KPIs) and he’s able to benchmark against similar practices, to drive better decision making.
New Jersey implemented MedEvolve’s web-based Medical Billing Workflow Automation technology. Powered by artificial intelligence (AI) and advanced machine-learning algorithms, RCM Workflow prioritizes claims in order of importance – so billing staff no longer has to guess which claim to work first, second or third based on expected reimbursement and other variables.
After just a few months, Effective Intelligence made a measurable difference in Neurosurgeons of New Jersey’s bottom line. In addition to increased monthly cash collections, the group saw a 15 percent drop in its overall accounts receivable.
“The analytics on the backend are turbo-charging our ability to go after A/R, and that’ll ultimately lead to us to reducing FTEs overall or transitioning staff to other positions within the organization, making us much more efficient, and it’s all because now representatives are not following up on claims that are unnecessary to work, and we know that,” said Jonathan Parisi.
Moving forward, the practice hopes to leverage the power of AI for other applications, such as automating front-end collection processes, insurance verification, and scheduling.
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Once you show the data from Medevolve’s revenue cycle analytics to a new physician, most of them become data driven. It allows that monthly, weekly, or daily reporting for physicians that want to keep up with what is happening. I can show them trend analysis over three months and determine what changes need to be made like how many new patients they need to achieve their goals.
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