(Little Rock, Arkansas – June 20, 2018) – MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM) and analytics software and services for specialty practices, announced today the company’s Revenue Cycle Management (RCM) services team achieved its largest collection month in company history. This record month is a direct result of the operational redesign of the RCM department, its technology and processes, that took place in April—an effort the company and its clients will continue to see a positive impact from moving forward.
With a new year comes new insurance coverage for many patients. When resources and time are stretched thin, it's easy for some tasks to fly under the radar, like checking patient eligibility. However, to prevent delayed payments, each office should request insurance cards (and scan them) for any patient being seen for the first time in the new year. And, while you’re at it, be sure to double check and update demographic information, such as addresses, phone numbers, etc..
Inefficient upfront benefit verification processes open practices up to costly risks. Providing care to patients without the proper coverage will turn reimbursement into a considerably uphill, if not impossible, climb.
MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM) and analytics software and services for physician practices, announced today the company’s bookings for third quarter fiscal year 2017 were the highest in its nearly 20-year history for the second quarter in a row. In addition to net new bookings in Q3, the company earned several MedEvolve Practice Management software and service renewals for two to three year commitments, which illustrates client loyalty and confidence as the company continues to launch market leading technology and services.
“The main catalyst for MedEvolve's recent success is our focus on providing data-driven solutions that give decision makers easy access to actionable financial and operational insights,” said Matt Rolfes, CEO of MedEvolve. “The opportunities of Big Data are not exclusive to larger organizations like hospitals and health systems, physician practices also need to leverage their data to find opportunity within their balance sheets and provide cash for growth.”
Check out our latest infographic which outlines the patient payment problem, best practices for patient account resolution and tips on how to improve collections at your practice.
As more of the financial burden of healthcare falls on patients, many are finding themselves underwater and unable to pay at the time of service. A consequence of this trend is rising patient debt, which is increasing exponentially. A 2016 survey from Physicians Foundation found that 40 percent of patients have medical debt. Unfortunately for providers, this creates a growing credit risk.
Practices must rethink their revenue cycle strategy as more financial responsibility is placed on the patient. Simply sending a bill after a patient visit, a standard practice for most providers, is becoming less and less effective. Statistics tell us that once a patient steps outside the office door after a visit or procedure, the balance due is not likely to be paid, now or ever.
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.
(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.”
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.
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.
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.