MedEvolve Blog

How to Reduce Phone Calls for Faster Payments and Happier Patients

Posted by Ashley Moore on Apr 26, 2017 10:44:33 AM


In an article for Optometry Times, Dr. Justin Bazan, owner of Park Slope Eye in New York City's Brooklyn neighborhood, detailed how his office operates almost completely phone-free. This strategy won't work for every practice, but Bazan's reasoning is sound. He realized phone calls interrupted the patient experience, taking providers and other staff away from the people standing directly in front of them. Additionally, every call cost his practice money. In an industry where expenses are at an all-time high and collections are increasingly volatile, Bazan knew he had to cut costs wherever possible.

Specialty practices should consider how phone calls are impacting their patient experiences and their bottom line. Do you know how many calls your practice receives each month, and how much they cost? By reviewing your call frequency and duration, you might find every time someone answers the phone costs your practice as much as $20 in lost productivity and overhead expenses. Instead of spending time answering basic questions— the reason for most phone calls—your staff can attend to more patients, investigate payment issues and perform other tasks that increase revenue.

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Topics: Patient Account Resolution, Patient Billing, RCM Best Practices

Billing Metrics That Matter

Posted by Ashley Moore on Apr 19, 2017 8:55:39 AM

 

Important KPIs your specialty practice should measure and monitor on a regular basis­—and how to calculate them.

Managing the revenue cycle at a specialty practice is challenging. To be successful, Billing Managers and Practice Administrators should monitor certain Key Performance Indicators (KPIs) to better understand how effectively they are managing the practice's revenue cycle—especially billing, collections and payers.

MedEvolve’s RCM team has identified seven measures a specialty practice should be familiar with to ensure maximum financial and operational performance. However, it’s not enough just to monitor these metrics, you must take action when an issue is identified to resolve it so it does not continue to impact your revenue.  

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Topics: Medical Billing, Patient Billing, RCM Best Practices, RCM, Payer Management

Is Your Practice Leaving Money on the Table?

Posted by Ashley Moore on Mar 24, 2017 2:25:34 PM

 

When it comes to managing your revenue cycle in today’s healthcare climate,
it’s not about collecting every dollar—it’s about collecting every penny.

We found several key areas that are causing revenue leaks in specialty practices, and we recently presented a webinar to share this knowledge so practices can prevent it from happening in the future. 

You could be missing out on hundreds or thousands of dollars each month due to unresolved denials for the following common issues:

  • Eligibility and Benefits Verification Gaps
  • Increasing Patient Responsibility
  • Avoidable Rejections and Denials
  • Contractual Underpayments

Don’t let simple mistakes keep your practice from reaching its full revenue potential. 

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Topics: Medical Billing, Revenue Cycle, Healthcare Regulations, Patient Account Resolution

Press Release: MedEvolve Strengthens Revenue Cycle and Analytics Expertise with Key Addition to Leadership Team

Posted by Ashley Moore on Jan 31, 2017 8:15:00 AM

 (Little Rock, Arkansas – January 31, 2017) – MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM) and practice analytics software and services for specialty practices, announced today the addition of Matt Seefeld as Senior Vice President, Business Development. Matt has spent his career focused on healthcare technology and services that help organizations—from small physician practices to large health systems—maintain financial viability and streamline operations in today’s turbulent regulatory environment.

“The addition of this talented and experienced leader to our team highlights our commitment to the success of our physician practice clients,” said Mike Schiller, President and CEO of MedEvolve. “Matt has a passion and relentlessness for results that will guide us in strengthening our current solutions, specifically MedEvolve Practice Analytics and RCM Services, and developing creative new ones to help our clients thrive despite the constant influx of challenges threatening their businesses.”

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Topics: RCM, News, Analytics

MedEvolve Launches New Web and Mobile Analytics Solution to Give Physician Practices Market-Leading Insight into Financial, Operational and Clinical Performance

Posted by Ashley Moore on Jan 10, 2017 8:12:55 AM

 

Software Enables Providers to Leverage Their Data to Identify Areas for Improvement and make Informed Business Decisions

MedEvolve announced today the release of MedEvolve Practice Analytics. The solution gives specialty practices web and mobile access to important financial, operational and clinical information which provides the insight necessary to improve their overall performance.

Click here to read the full press release

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Topics: News, Revenue Cycle, Analytics

SaaS and Cyber Security for Specialty Practices

Posted by Ashley Moore on Nov 22, 2016 12:03:41 PM

Despite the fact that good medical care requires meticulous record keeping and highly sensitive data, the industry hasn't focused much on cybersecurity until recently. Unfortunately, securing these records doesn't have an immediate, visible impact on patient care, and providers already have their hands full providing patients with quality service—but what if your practice was unable to access the technology and records that you rely on because a hacker was holding them hostage? Now the importance of cyber-security measures become much more apparent.

Ignoring cybersecurity has devastating consequences. According to Gemalto, a global digital security firm, the healthcare industry saw 263 data breaches during the first half of 2016. Comprising 27 percent of all breaches, this was the greatest number of incidents for any industry. Another article from Infosec Institute states that “stolen patient health records can fetch as much as $363 per record,” which makes it worth more than any other piece of data.” Credit card numbers, for example, only bring in a few dollars.

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Topics: Cyber Security, SaaS

Insurance Contract Negotiations

Posted by MedEvolve RCM on Nov 10, 2016 2:00:30 PM



Negotiating insurance contracts is one of the least enjoyable aspects of any specialty practice. However, it's a necessary burden to maintain revenue, and the effort will be beneficial as you may achieve an increase in reimbursements of between 3 and 10 percent, according to Medical Economics. If anything, negotiation forces businesses to review their existing contracts so they know all the terms and conditions. Here's a run down of the negotiation process:

Do your homework
Assess your local market and see where you come up against other practices. What specialties, services or procedures do you offer, and how much competition do you face? Dr. Dean Gesme, an oncologist in Minnesota, recommended conducting a SWOT analysis, assessing your strengths, weaknesses, opportunities and threats to give you greater leverage during negotiations. 

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Topics: RCM, Revenue Cycle, Healthcare Regulations, Compliance, RCM Best Practices, Payer Management

Five Reasons to Outsource Your Revenue Cycle Management (RCM)

Posted by Ashley Moore on Oct 6, 2016 9:41:31 AM

 

Reason #1 – Maintain a Positive Patient Experience

Providing high quality patient care is the first priority of a specialty practice. However, this focus can become muddled when the emphasis on cutting-costs and staying in the black takes a front seat. Fortunately, with careful consideration, the patient experience does not have to suffer.

In fact, shifting the burden of RCM to a third party can often allow the practice to focus on what they do best—providing services that have value to the patient, rather than executing administrative functions. This could translate into increased patient face-time, fewer distractions for the provider, and the freedom to see more patients and generate additional revenue.

Reason #2 – Reduction in Overhead Costs

In-house billing also requires a significant investment in hardware and software, the added hassle of maintaining a server and upgrades, and an additional layer of compliance. When combined with the costs of training staff, any necessary certifications and the potentially damaging consequences of technical issues or outages, opting to outsource becomes an easy choice for many providers.

What’s more, many vendors are paid a percentage of collections, so this is an especially worthwhile investment during a period when revenue is decreasing at the practice.

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Topics: RCM, Revenue Cycle, Medical Billing

RCM Best Practices: Patient Account Resolution

Posted by MedEvolve RCM on Sep 8, 2016 9:37:47 AM

Since doctors began taking the Hippocratic Oath, they have struggled with requiring payment for treatment of patients. For a doctor, it is their duty to treat a patient and sometimes they may be too willing to dismiss a copay or balance due because they empathize with a patient’s situation or maybe have a long-standing relationship. Collecting money that is owed is awkward for most business owners if a client does not immediately offer payment when it comes due. An unfortunate consequence of the increase in patient financial responsibility is that the practice of collecting on patient balances can turn you, your practice, and your staff into the enemy—the dreaded debt collector.

According to the U.S. Code of Federal Regulations, a practice must “make a reasonable effort to collect” on a patient bill before it can be considered a write-off.

What Defines a “Reasonable Effort to Collect?” 

With respect to Medicare and Medicaid, “reasonable effort to collect” has been interpreted to mean that the provider sends three statements to the patient and if the patient does not respond, the account may be written off.  Since third party billing rules can be difficult to decipher and differentiate, it’s typically a best practice to use Medicare and Medicaid as the standard for all payers.

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Topics: RCM, Revenue Cycle, Patient Account Resolution, Patient Billing, Medical Billing, Healthcare Regulations, Compliance, RCM Best Practices

Cost Cutting Tips for Specialty Practices

Posted by Ashley Moore on Aug 22, 2016 2:09:47 PM

 

Specialty practices are facing enormous challenges collecting on patient balances and managing healthcare payer relations.  They must make patient collections an even greater priority than other providers or hospitals, as their margins for services are often much more narrow. Optimal revenue cycle management is a critical component to cutting costs and helping to ensure consistent cash flow.

Specialty practices need to have processes in place to ensure claims are submitted correctly the first time, to prevent costly denials, and they should make every effort to collect patient balances up front, or while the patient is in the office. Once the patient leaves, practices also should have a consistent process for delivering statements to patients and collection letters when necessary.If you don’t, you could be losing out on revenue that you need to stay in business.

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Topics: RCM, Revenue Cycle