Shrinking margins in healthcare for 2023: How do we get it back?
Medicare cuts, increased supply chain prices, declining reimbursement are uncontrollable. Work on what you do have control over. Labor!
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.
Medicare cuts, increased supply chain prices, declining reimbursement are uncontrollable. Work on what you do have control over. Labor!
Reimbursements are flat or declining, and costs are increasing. The negative economic factors that your healthcare organization can’t control can be offset with centralized workflow & real-time analytics added to your practice management system.
Watch the recorded session. Drive RCM Success & Improve Margin with Effective Intelligence. Will Mowe at Rebound Orthopedic & Matt Seefeld
The organization is realizing better bottom-line performance with fewer FTEs. Zero touch claims that require no human intervention now account for 62.2% of total. Overall closed balance NCR is 98%—above the industry benchmark of 97%. 57% of self-pay revenue comes from mobile engagement.
Being a vendor can be very frustrating too. For example, when we go in and sell, it’s a very consultative sale. We do not make the promise that by just installing this technology, that you’re going to get results. You have to be willing to look at guess what people in process and how that aligns with the technology I’m selling you to get the result.
Measuring number of claims worked or measuring work effort & successful outcomes? What should healthcare executives focus on with RCM labor?
Give your RCM staff work/life balance by measuring effectiveness not productivity, establishing clear goals & incentivizing top performers, and tie it to a reward system that creates the recognition that this new generation of the workforce needs to have.
Telling the full story of revenue cycle effectiveness may mean that your staff must use more technology in their daily routines. But taking the extra steps to record tasks & outcomes with Effective Intelligence can achieve ROI within 60 days.
There is a misnomer that people, process, and technology are independent of each other. I often go to trade shows where vendors have great technology. They’re promising big results. But the provider organization doesn’t understand that they will likely have to make material changes to adopt that technology to get the results that are being promised.
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 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.
Matt Seefeld shared key takeaways to manage & prevent RCM denials with Ai, automation, and leading metrics at 2026 MGMA Financial Conference.
Host Jeremy Winn speaks with Matt Seefeld, CEO of Medevolve, about the challenges and opportunities in healthcare revenue cycle management.
Healthcare orgs must replace outdated RCM metrics with labor benchmarks, upstream denial prevention, & automation that drives measurable ROI.
Matt Seefeld, CEO MedEvolve, shares strategies for reducing administrative waste & increasing rural hospital margins & RCM workforce capacity.
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