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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190507005184/en/