With rising patient deductibles and out of pocket expenses, practices across the country are finding themselves struggling to deal with this new reality – the patient is now one of their largest payers. Most practices have established solid processes for dealing with insurance reimbursement, but now, with the patients controlling a large portion of their revenue, technology, people and processes need to be adjusted to ensure the practice continues to be successful.
MedEvolve is helping practices continue to maintain their independence and profitability with their data-driven platform, which includes Practice Management (PM), Revenue Cycle Management (RCM) and Practice Analytics software and services. By leveraging their data efficiently and effectively, providers can combat the issues of changing regulatory requirements, rising patient debt, declining reimbursements and increasing competition through consumerism.
Distinctive Solutions for a Streamlined Work Life
Established in 1998, MedEvolve has been providing state of the art practice management technology for 20 years. The company began selling MedEvolve Practice Management software to regional practitioners, and eventually expanded its business throughout the United States. Today MedEvolve’s service line includes a U.S.-based service center offering a full range of revenue cycle management services to support MedEvolve’s Practice Management software as well as integrated Practice Analytics.
The company has proven its reputation and ability with data. Its proprietary business intelligence solution, MedEvolve Practice Analytics, is a robust business intelligence solution that gives practices the ability to easily identify issues and trends resulting in faster, better business decisions that increases financial and operational efficiency.
Additionally, for those busy executives, managers and administrators that don’t have time to look at dashboards and reports, MedEvolve provides Analytics-as-a-Service. With this service, the company’s in-house team of analysts proactively searches the practice’s data for any problem areas and issues that need to be address and provides the solution and recommendations to resolve them—before they snowball into something bigger. MedEvolve, with its smart solutions and features, is a physician’s first choice.
Features That Make MedEvolve A Physicians First Choice
MedEvolve’s flagship solution, its practice management (PM) software offers seamless integration with EHR and patient portal systems. This solution widely acclaimed by its clients for its ease of use, functionality and capability. MedEvolve is continually evolving its software and service lines based on client feedback and trends and issues in the healthcare industry.
MedEvolve differentiates itself by constantly looking for ways to expand its footprint of technology and services with creative new solutions that help practices manage their businesses more effectively. MedEvolve offers its clients a full range of intuitive software applications, interoperability interfaces and revenue cycle services designed to simplify a practice’s operational and financial workflow before, during and after the patient’s appointment. This helps to improve patient collections and expedite reimbursement.
This year, the company released an all new version of the software, which has an impressive combination of new enhancements, including a fresh new look and feel. Additionally, there are new automation capabilities that help streamline manual tasks and improve efficiency for functions such as appointment wait lists, recurring appointments, eligibility, insurance collection, task management, and fee schedules.
Automation is one of the key factors MedEvolve focuses on to help practices reduce errors, expedite reimbursement and decrease reliance on manual processes. The company is also making notable progress around consumerism and patient engagement.
Let the Results Do the Talking
MedEvolve has established a loyal client base over the years and continues to grow by adding on new clients who understand the importance of partnering with a company that offers a unique combination of innovative technology and services and keeps their needs top of mind. The company set a record high with its renewals in Q2 and Q3 of 2017, which was in part due to many existing clients renewing long-term agreements.
Additionally, in May of 2018 MedEvolve Revenue Cycle Management (RCM) services achieved its largest collection month in company history. This record month is a direct result of the operational redesign of the RCM department technology and processes, an effort the company and its clients will continue to see a positive impact from moving forward.
The RCM team is having such enormous success because they are driven by data, focusing on key performance indicators (KPIs) like improving clean claim pass rate and reducing first pass denials, which drive maximum cash flow results for clients. Additionally, the enhanced Solution Optimization Services department uses the clients’ data to identify areas that need improvement, quantify the impact and implement changes in processes and practice to reduce the amount of follow up required on both sides. The end goal is simple, maximize cash yield and do it at a cost that clients can afford.
Guiding lights that lead MedEvolve to the path of Success
MedEvolve is thriving under the valuable guidance of Matt Rolfes, President and CEO, and Executive Vice President, Matt Seefeld. Rolfes leverages his experience in technology and finance to drive and support the company’s growth and operational success, while Seefeld brings over 17 years of management consulting experience in the healthcare industry.
Additionally, the company’s board of directors, headed by Chairman and Founder, William F. Hefley, M.D. are a highly sought after combination of healthcare IT company leaders and physician practice management experts. As a practicing physician, Dr. Hefley offers invaluable first-hand perspective to the organization. His primary objective is to ensure MedEvolve’s products and services meet and exceed the expectations of the company’s physician practice clients.
An Insight into the Future of MedEvolve
MedEvolve is always coming up with ingenious new solutions that fit with the changing needs of physician practices and help them stay ahead of the curve by getting clean bills out the door, expediting the reimbursement process and engaging with their patients—so they can maintain their independence. The company has a steady dialogue with its customers and considers their needs when determining which new solutions to consider for their portfolio.
In the coming year the company is looking forward to expanding its capabilities through new product development and partnership that will help practices engage with their patients through text messaging, appointment reminders, wait list and cancellations management, and improving mobile compatibility. Additionally, MedEvolve will be implementing new solutions to help practices get patient’s feedback so practices can get real time assessment regarding the overall experience of the consumer. This feedback is important for practices to keep their patients from going elsewhere. MedEvolve plans to do all this within its PM suite to ensure a complete package is delivered to its clients.
According to Matt Rolfes, “When considering a new solution to add to our portfolio, we always look at them through the lens of data. We focus on metrics like improving cost to collect, net collection rate, first pass clean claim rate and a number of others. If we can offer a solution that will help our clients improve these KPIs, then we will add it. Our decisions are always based on the best interest of our clients.”
This company has a bright future and is one to watch, which is why we named it one of the Most Trusted Practice Management Solution Providers of 2018.