"My people don't want to work in two systems"
I have been developing and installing bolt-on software since 2001 as a one-way data feed from an inadequate practice management or patient accounting system into a data warehouse. Then, a robust workflow animation system is added onto the PM system that is backed by real intelligent analytics and designed to tell you the story of your revenue cycle performance in seconds.
Some prospects have this response: “My people don’t want to work in two systems.” I’ve had many of these conversations over the years, but last year when everyone started working from home, the only way to hold them accountable was to have the right workflow automation system in place, which your practice management system can’t do.
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.
Download the PDF to learn how to transform your patient financial clearance & medical billing process with Effective Intelligence technology to address staff shortages.
The additional technology will ultimately drive your margins up
So, two screens up on your revenue cycle team computers to make sure that you understand exactly what they are doing in revenue cycle, the outcomes they are getting, and the work effort that they are extending to get that outcome – that’s what will drive your margins up.
Unfortunately, there is no all-in-one PM/EMR system out there that is focused on labor productivity and analyzing the effectiveness of the labor pool. Twenty years ago, I would’ve said that PM/EMR companies will figure it out. They haven’t and they won’t, because there are too many other strategic priorities that they are competing with on the EMR side, and now patient engagement.
So even if you have to bolt on a robust workflow automation system one way to your practice management system, but it drives the analysis of labor effectiveness and where you are leaving money on the table, do it. It’s worth it 10 times over the ROI. You’ll probably achieve ROI within 60 days.
About Matt Seefeld
Matt Seefeld, Executive Vice President at MedEvolve, brings over 24 years of management consulting experience in the healthcare industry. He has extensive expertise in the assessment, design and implementation of process improvement programs and technology development across the entire revenue cycle. Matt began his career with Stockamp & Associates, Inc. and worked for both PricewaterhouseCoopers LLP and Deloitte Consulting LLP in their healthcare and life sciences practice lines. In 2007, he developed a business intelligence solution and founded Interpoint Partners, LLC, where he served as Chairman and Chief Executive Officer. In 2011, he sold his business to Streamline Health Solutions where he then served as Chief Strategist of Revenue Cycle followed by Senior Vice President of Solutions Strategy until 2014. Matt ran global sales for NantHealth and provided consulting services for healthcare technology and service businesses nationwide, prior to joining MedEvolve full-time.