MedEvolve, Inc., a national provider of data-driven solutions that provide unmatched transparency, automation and accountability for physician practices, today announced the availability of MedEvolve RCM Workflow. The solution leverages artificial intelligence (AI) to help providers automate and optimize cash collection, increase staff productivity and accountability and reduce cost to collect.
“It’s all about working smarter, not harder, for every dollar. Practice administrators and revenue cycle managers are spending too much time on tasks that bring in little to no revenue. Most practice management systems do not typically drive cash flow and provide no insight into billing staff productivity or how effective they are at collecting payments,” said Matt Rolfes, president and CEO of MedEvolve. “With MedEvolve RCM Workflow, we are empowering physician practice executives with full transparency into their billing office activities and providing real work drivers so they can focus their collectors on high cash-yield activities in the revenue cycle.”
In a given day, 80 to 90 percent of active claims, regardless of claim status, require no immediate follow-up. MedEvolve RCM Workflow automatically stratifies the claim portfolio and assigns the 10 to 20 percent of workable claims to billing staff based on criteria established by the practice. This ensures time is spent on the most impactful and time-sensitive claims – such as those with timely and appeal filing statutes. Workflow also allows the user to prioritize denied claims and design front-end denial worklists (COB/eligibility, authorization, registration etc.).
With RCM Workflow, practices will be able to monitor the status of every claim in their accounts receivable (A/R) in real-time and see which claims have been processed, who the claim is assigned to in the billing office, which claims haven’t been addressed, and more. Additionally, workflow automation gives managers real-time, cloud-based access to data, so they can monitor staff productivity and optimize workflows from any location with an internet connection.
On the staff level, MedEvolve RCM Workflow provides automatically generated daily worklists, and tracks activity performed, actions taken, effectiveness, planned follow-up dates as well as any specific notes. From there, managers get full visibility into individual employee performance and the department as a whole with complete accounting of all outstanding claims. Managers can use this information to determine ways to increase productivity and efficiency, such as identifying potential training opportunities or offering incentives to collectors.
“The system is like a GPS: representatives sit down, log into MedEvolve RCM Workflow, and hit go, and the system leads them. They don’t have to do too much thinking or prioritization because the system does that for them,” said Jonathan Parisi, Director of Business Operations and Strategy at the Neurosurgeons of New Jersey. “We’ve already seen a 15 percent reduction in A/R and we anticipate additional long-term improvements as the machine learning algorithms continue to identify new opportunities.”
To learn how MedEvolve can help your practice cut costs and improve efficiency through workflow automation visit www.medevolve.com.
MedEvolve empowers physician practices to work smarter with data-driven solutions that provide unmatched transparency, automation and accountability. Our suite of analytics software and services, including MedEvolve RCM Scorecard, is designed to uncover cash opportunities, identify problem areas and resolve issues quickly to improve financial, operational and clinical performance. MedEvolve’s Workflow Automation solution eliminates the guesswork from managing a practice’s revenue cycle and leverages AI to define what needs to be worked, when and by whom. In addition to analytics, MedEvolve offers Practice Management (PM) technology that can integrate with any EHR and, Revenue Cycle Management (RCM) technology and services. Visit www.medevolve.com to learn more.