MGMA Podcast – Business Solutions: How Workflow Automation Can Transform Your Revenue Cycle Management
Do you know the outcomes your staff are producing every day? Find solutions to the biggest problems medical practices face. Matt Seefeld
Effective Intelligence (EiQ) is all about reducing your dependence on labor in the revenue cycle while ensuring the medical billing and front office staff you do need are working effectively and generating the expected revenue to increase your margin with the least amount of work effort. MedEvolve is an effective intelligence company.
Do you know the outcomes your staff are producing every day? Find solutions to the biggest problems medical practices face. Matt Seefeld
Matt Seefeld’s goal is to make business as smooth and quantifiable as possible so healthcare professionals can continue to do what we do best, care.
In this MGMA article, MidLantic Urology demonstrates how a switch to MedEvolve Effective Intelligence improved ROI and patient experience.
80 to 90 percent of claims don’t require immediate follow up, but many billing departments get bogged down with work that doesn’t have potential to produce near-term ROI. Without analytics, it is really challenging to prioritize workflows on a daily basis and know which patient responsible balances we can collect on. Having a clear view of how much money our practice has and when we can expect to collect on rendered services is foundational to maintaining a strong bottom line.
You can’t live in pivot tables. You can’t live in Excel. You can’t wait till the two weeks into the next month to figure out how your prior month went. It’s too late. Healthcare is moving too fast.
In private practice, doctors that take an interest in analytics only accumulate to less than 10% and sometimes even 5%—which is a problem.
South County Urological has seen COB denials drop 75% and patient payments increase 15% with MedEvolve revenue cycle automation.
Since implementing MedEvolve Patient Financial Clearance Workflow, COB denials are down 75%, patient payments are up 15% and point of service collections are up
300%.
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.
Telling the owners we have to change almost everything in the business was scary for them. The confidence came when we had the reports, we had the analytics, we’re making data driven decisions, and we have a path forward. I couldn’t imagine doing it without Medevolve Effective Intelligence.
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.
Provider organizations should adopt new methodologies for revenue cycle benchmarks to understand staff effectiveness and where breakdowns are occurring. These include the following measures along with suggested percentages for optimizing
Provider organizations should adopt new methodologies for revenue cycle benchmarks to understand staff effectiveness and where breakdowns are occurring. These include the following measures along with suggested percentages for optimizing
Provider organizations should adopt new methodologies for revenue cycle benchmarks to understand staff effectiveness and where breakdowns are occurring. These include the following measures along with suggested percentages for optimizing
Rural hospitals are battling a modern-day Goliath of paperwork, regulations, and financial strain. AI helps—but it isn’t enough.
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