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.
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.
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%.
Prior to workflow automation, MidLantic anticipated needing to hire 8 employees and create a new department focused solely on A/R to support the centralized billing office. However, by streamlining RCM processes through workflow automation and focusing only on the 10-20% of claims that need to be worked each day, MidLantic cut their anticipated staffing requirements in half without adding a new department.
Reduce RCM labor dependence with financial clearance, coding, 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.
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
Healthcare revenue cycles are primed for the benefits of automation & AI, but many are missing a critical link: human-generated data.
AI can help reduce waste & improve efficiency in the revenue cycle by analyzing human touches & making recommendations for waste reduction.
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