Scope of Practice Podcast: How to Fix Your Revenue Cycle So You Stop Losing Millions of Dollars Per Year
The inability to answer these questions could be costing healthcare organizations hundreds of thousands or even millions of dollars per year.
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.
The inability to answer these questions could be costing healthcare organizations hundreds of thousands or even millions of dollars per year.
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.
RCM automation at Key-Whitman Eye Center in Texas helped to decrease aging accounts receivable by 38% by increasing staff efficiency and prioritizing queues.
Medevolve Workflow Automation enabled my front office staff to be more successful and it enabled me to choose the right person for the right job. The staff is happy and I’m happy. It’s helped to reduce denials, increase front end patient revenue collections, and has helped tremendously with the efficiency of our office.
Client testimonials with executives from Columbia Orthopaedic, South County Urological & Key-Whitman Eye.
Using Medevolve Effective Intelligence, Columbia Orthopedics was able to measure staff productivity during the pandemic & measure work effort in real time.
Manual efforts to predict cash flow may leave you vulnerable to revenue problems that can quickly spiral out of control.
Gene Austin, CEO of Columbia Orthopaedic Group spoke about the company’s use of MedEvolve RCM workflow automation during COVID-19 pandemic.
Using MedEvolve Effective Intelligence, within 10 months, the organization was able to decrease their accounts receivable over 60 days by 38%, and categorize 87% of claims as low priority by carving out such areas as non-actionable
denial codes.
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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