LITTLE ROCK, Ark.--(BUSINESS WIRE)--MedEvolve, Inc., a national provider of data-driven solutions that provide unmatched transparency, automation and accountability for physician practices, has unveiled its RCM Scorecard solution which helps to streamline the entire revenue cycle.
The RCM Scorecard is designed to provide complete revenue and operational clarity in minutes. Built using machine learning with advanced algorithms specific to revenue cycle performance, Scorecard provides important financial metrics and key performance indicators (KPIs) presented by a dedicated RCM Strategist that understands the practice’s revenue cycle. The RCM Strategist delivers this complex data in a way that is easy to understand and advises practice leaders on process improvements to help the practice get paid quicker, decrease debt and reduce costs.
“Our practice is committed to adopting new ways to improve patient experience and staff operations,” said Andrea Vitalich, Clinic Administrator for Pacific Rim Orthopaedic Surgeons. “The RCM Scorecard has enabled us to have real conversations with our physicians and billing team based on our data. The information tells us what’s going well and what isn’t, so our staff and doctors aren’t playing a guessing game with their time. Billing efficiency has improved, and patients notice the difference.”
Physician practices often have complex revenue cycles, while legislation, compliance and consumerism continue to disrupt workflow putting pressure on already dwindling reimbursement. To compete, practices need to find new ways to remove redundant or unnecessary tasks, make sure money is processing correctly, and mitigate risks associated with staff turnover. It is critical to have clarity in all aspects of the revenue cycle paired with expert advisors to help guide a practice in the right direction.
“Many physician practice leaders are still spending 80 percent of their time running reports and data-mining, trying to get a complete picture of their practice’s financial wellbeing, leaving only 20 percent of time to design action plans and implement change,” notes Matt Seefeld, executive vice president, MedEvolve. “The RCM Scorecard flips this ratio around by offering actionable insights that allow practices to narrow their priorities and focus more energies on making impactful changes that improve cashflow and keep key performance indicators at or above industry benchmark levels.”
MedEvolve’s RCM Scorecard is part of the company’s suite of cloud-based RCM solutions which empower physician practice leaders to take charge of their operations. MedEvolve’s industry leading solutions are powered by advanced machine learning algorithms, which extract valuable data that can be leveraged to take the action required to drive financial and operational improvement. The performance measures monitored with this service include industry and specialty benchmarks and span the entire revenue cycle. The RCM Scorecard provides clarity into patient flow and liability collections, avoidable write-offs, contract compliance, net collection rate, first pass denials, unreconciled visits, evaluation and management (E&M) benchmarking and more.
To learn more about MedEvolve and its suite of data-driven RCM, practice management and analytics solutions, visit www.medevolve.com.
About MedEvolve
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 guess work 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.
