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MedEvolve: The Evolution of Practice Management Technology
Matt Rolfes, President and CEO, MedEvolve
Many physician practices are still working on practice management systems that haven’t been updated since ICD-10. Sounds crazy, right? The reason is for years there has been a trend in healthcare IT towards all-in-one solutions that combine EHR, practice management and billing software. Unfortunately, many providers are discovering these systems lack critical functionality and lack access to actionable business data. Vendors with EHR solutions found themselves focusing on resource-draining efforts like Meaningful Use compliance in years past. Meanwhile, the practice and revenue cycle management components that clinics rely on to keep a steady flow of patients through the door and get paid for the services they deliver were neglected. Providers are now realizing they can have the best of both worlds by integrating their EHR system of choice with a best-of-breed, EHR agnostic PM system, like MedEvolve Practice Management (PM).
MedEvolve understands that physician practices should have the right to choose the best EHR for their clinicians, and not be forced into a combined solution where the practice management software may fall short on critical automation and technology. Therefore, the company focuses its development dollars and efforts on its practice management, analytics and revenue cycle management solutions. We believe in connectivity, offering seamless integrations with nearly 40 different EHRs allowing practices to utilize the solution that is right for them.
A Data-Driven Approach
One differentiator of MedEvolve is the integrated analytics solution, Practice Analytics. With regulatory changes becoming commonplace in healthcare today, managing a practice without actionable insight into the financial and operational performance is simply impractical. Furthermore, simply having “pretty charts” provides no actionable information and no true value. A true analytics solution, such as Practice Analytics, provides insight into the areas that may require extra attention and drives problem-solving so issues can be resolved before they result in significant revenue loss.
MedEvolve Practice Analytics provides decision makers easily accessible insights into their current operational and financial performance without the need for time-consuming data mining or report building. The built-in Key Performance Indicators (KPIs) were created specifically for decision makers to access the precise information they need to run their practices more efficiently and effectively. In addition, MedEvolve even offers analytics-as-a-service for busy physicians and administrators that do not have time to filter through the information themselves. Instead, they can rely on our consultants to identify opportunities on their behalf.
“Our team is always incorporating new technologies and capabilities that will help our physician practice clients run their practices by the numbers,” says Matt Rolfes, President and CEO, MedEvolve. “We empower our clients to use technology, like Practice Analytics, that will give them data-driven insight to help protect their revenue and facilitate best practices for financial and operational management.”
Improving Patient Billing and Collections
MedEvolve’s software suite provides automation in the billing process with a patient collection module that significantly reduces time in accounts receivable.
Unlike many of our competitors, we are not trying to offer an all-in-one solution. MedEvolve Practice Management is the focus of our development efforts and we will continue to invest heavily in the software to ensure it will guide our physician practice clients into the future of healthcare
In addition, MedEvolve can estimate patient liabilities in advance of their appointments. The software then enables payments to be settled at the time of scheduling or at the front desk, initiate future payment agreements or schedule payment plans with automatic deductions from a credit card on file or bank account. MedEvolve’s intuitive solution reduces write-offs, decreases denials and diminishes payment delays on overdue accounts.
Matt Seefeld, SVP Business Development, MedEvolve
On the back end, the company uses an auto-dialer to make collections easier. According to recent studies, it no longer makes sense for in-house billing professionals to make phone calls to patients after the bill has past 30 days. In order to collect on those dollars, outsourcing to a third party is the most effective way to recoup that cash.
“Our aim is to make workflow automation commonplace in the healthcare ecosystem and provide the actionable data and insights required to reduce medical debt and avoidable write-offs,” says Matt Seefeld, SVP of Business Development, MedEvolve.
Focus on Customer Service
Another area where MedEvolve consistently ranks high among its client base is customer service. Clients appreciate that they access U.S. based staff, located at the company headquarters in Little Rock, Arkansas and our remote employees across the country. They know who they are speaking with when they get on the phone and issues are resolved quickly and courteously. Superior and friendly customer service is a core component of the company’s values. Our employees’ number one priority is to perform for their clients. Exceptional service after the sale is the key to MedEvolve’s success.
In the forthcoming years, MedEvolve will continue to focus on constantly improving their quality of service, embracing the new technology trends, and will continue searching out opportunity for our clients. “Our goal is consistent: we are a market leader of data-driven technology and services that aid physician practices in the successful management of their businesses,” says Matt Rolfes.
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