By eliminating data silos across the revenue lifecycle, MedeAnalytics helps providers ensure financial viability in the wake of healthcare reform
Booth: 1231 – #HFMA2015ANI
Emeryville, Calif. – (June 18, 2015) – MedeAnalytics, a pioneer in healthcare analytics, today announced that it will showcase Revenue Lifecycle Management, a suite of solutions, at the HFMA National Institute (ANI) in Orlando, Florida from June 22-25. At ANI, MedeAnalytics (Booth 1231) will share customer success stories and demonstrate the value of leveraging data across all segments of the revenue cycle – patient access, mid-cycle and the business office – to identify potential missed revenue, lost revenue and revenue at risk.
“Financial challenges are top of mind for healthcare CEOS as the landscape becomes increasingly complex with fee-for-value reimbursements, tighter regulations and coding changes like ICD-10. Analytics that give a unified view of the entire revenue lifecycle are essential for hospitals and health systems,” said Andrew Hurd, MedeAnalytics Chairman and CEO. “By looking at the full revenue lifecycle, hospital leaders are able to reduce revenue leakage and ensure financial viability both today and tomorrow.”
McLeod Health, a five hospital health system serving a 15-county area in South and North Carolina, is leveraging MedeAnalytics to get a strategic view across their financial landscape, from patient access to the mid-cycle to the back-end processes in the business office. In addition to reducing bad debt, organizations like McLeod are now empowered with the ability to manage their overall financial performance.
“McLeod Health was able to significantly improve POS collections with MedeAnalytics’ Patient Access solution, and we have expanded our strategy to manage our entire revenue lifecycle using MedeAnalytics’ Business Office and ICD-10 solutions,” said Fulton Ervin, Chief Financial Officer of McLeod Health. “We’re partnering with MedeAnalytics to help us achieve a holistic outlook and secure a strong financial position so we can continue delivering the highest level of patient care.”
“As noted in IDC’s May 2015 report on the pending ICD-10 implementation, there will be wide-ranging implications for the revenue cycle among provider organizations, even if all stakeholders are compliant by the October 1, 2015 deadline,” said Judy Hanover, IDC Health Insights Research Director. “It’s important that providers understand their entire revenue cycle to prepare for this major coding change and other industry shifts that will increase financial risk.”
Revenue Lifecycle Management encompasses MedeAnalytics’ Patient Access, Revenue Integrity and Business Office solutions respectively to aggregate revenue data from the front, middle and back-end of the revenue cycle, helping providers identify how each area contributes to lost revenue, missed revenue and revenue at risk. Specific capabilities of each solution include:
- Patient Access provides real-time analytics during the patient registration and payment clearance processes to improve point-of-service collections.
- Revenue Integrity spots opportunities to improve revenue capture, minimize audit risk and prepare for ICD-10.
- Business Office optimizes cash flow and improves collections by bringing complex patient accounting data into a unified view and exposing the black holes, bottlenecks and outliers that result in lost revenue and revenue at risk.
MedeAnalytics experts will be available at their ANI Booth 1231 to demonstrate this suite of solutions and also share provider case studies like McLeod’s. To schedule a one-on-one interview or product demonstration, please email MedeAnalytics@shiftcomm.com.
MedeAnalytics provides evidence-based insights to solve a real problem that plagues healthcare – how to use the immense amount of patient data collected along the care continuum to deliver cost-effective care and promote a healthier population. Its analytics platform delivers intelligence that helps healthcare organizations detect their greatest areas of risk and identify opportunities to improve their financial health. It empowers providers and health plans to collaborate and use data to strengthen their operations and improve the quality of care. MedeAnalytics’ cloud-based tools have been used to uncover business insights for nearly 1,000 healthcare organizations across the United States and United Kingdom. The company has also been named one of Modern Healthcare’s top 100 Best Places to Work in Healthcare for 2014. For more information, visit www.medeanalytics.com.