Revenue management is essential for every business including healthcare. Hospitals and physician practices find it difficult to collect revenue due to higher regulations and legal ramifications. Moreover, some traditional or outdated billing processes make revenue collection further difficult for healthcare institutes.
Thus, hospitals and physician practices these days have opted for revenue cycle management services from a plethora of enterprises. Among these service providers is MedEvolve which, under the leadership of President and CEO Matt Rolfes, has set itself apart by empowering physician practices via provision of data-driven solutions with unmatched transparency, accountability, and automation. It is these solutions that have helped its clients reduce the cost to collect, streamline processes, and drive transparency, which further helped physician practices to stay independent and profitable.
Making a mark with excellence.
MedEvolve, since its inception, has been constantly innovating its products and offerings to meet the market demands. And this has been possible with the team’s expertise in building solutions that drive profitability for medical practices.
“Our solutions are built to optimize the revenue cycle process and allow for faster payment of insurance claims and better patient experiences,” says Matt “we are constantly changing and innovating with the healthcare industry to ensure providers are collecting every dollar owed at the minimum cost for them.”
Over the years, the company has focused on building automation, data transparency, and patient payment solutions to empower its clients with more control and insight over the entire process with less work and fewer resources.
“We realized years ago that our core strength was in the business side of the practice; therefore, we integrate our PM software with any EHR so we can concentrate our efforts on the business side of healthcare. We learned to focus on the areas where we excel,” explains Matt.
Leading with expertise
Matt brings to MedEvolve over 17 years of expertise in accounting and finance, as well as corporate development and operations experience in both public and private companies. He began his career with Grant Thornton, LLP in Audit and Assurance Services while working with several private and publicly traded companies in the technology, service, banking, and consumer industrial products sectors.
During his 17 years of career span, Matt served as the Controller of Streamline Health, a publicly traded, healthcare IT provider. While at Streamline Health Solutions, Matt led the company’s accounting and reporting function through a time of significant growth, including the planning, integration, and reporting on two strategic acquisitions.
He joined MedEvolve as Chief Financial Officer in August 2013 and was promoted to President and CEO in 2017. Since becoming CEO, Matt has led the company through a transformation by expanding MedEvolve’s solutions beyond practice management software and revenue cycle management services to advanced healthcare revenue cycle technology.
Under Matt’s leadership, the company has developed AI-powered workflow automation, data transparency, and convenient patient payment solutions to drastically improve margins for the company as well as help its physician practice clients to reap the benefits.
Sustaining the pandemic with automated solutions
The company, under Matt’s leadership, had designed the revenue cycle workflow automation solutions before the pandemic. This ended up being the perfect solution to enable MedEvolve’s RCM services business to go virtual immediately after the lockdown was imposed.
The solution auto-generates worklists for the company’s billing team members, which has helped the team members analyze and prioritize the work. “We can prioritize at-risk claims or those claims that have the highest returns for the practice. In addition, it enables our management team to always monitor staff productivity and effectiveness with transparency into what our staff is producing every day. This ensures all claims are being worked at the right times and nothing slips through the cracks,” explains Matt.
Along with the technology to streamline business operations the company leadership has always believed in the power of transparency. “During the height of the pandemic from April through August and as things calmed thereafter, we remained extremely transparent with our employees, and let them know the challenges we may face,” Matt shared, “we did our best to make sure all our employees were well taken care of both for their physical health as well as their financial health.”
Most of the company’s operations are currently remotely handled by the respective teams and MedEvolve aims to provide remote working as an option moving forward. The company is also working on safely reopening the office in the coming weeks.
Future-ready with counseling and care
COVID’s wake, when it comes to the business side of a physician’s practice, has certainly affected in-patient care. The closing of ORs delayed surgeries and in turn deductibles later in the year. January 2021 brought the signs of the COVID situation calming down driving up patient balances precipitously.
Due to the sudden surge in patient care and balance collection, physician groups who did not have an effective patient AR engagement strategy are struggling with collecting those patient balances effectively. Realizing the changing trends and client needs, in 2021, MedEvolve is set to expand Patient Call Center Services to include Patient Financial Counseling Services and Mobile Engagement Services.
MedEvolve has expanded its Little Rock-based call center to provide patients with explanations of benefits and medical bills, as well as providing convenient payment options. The team attends inbound calls with clients’ billing office and provide mobile outreach to increase patient payments. “We look at this as a crucial service to improve the overall patient experience and will apply the great customer service to the patients as we have for our clients for the last 23 years,” says Matt.
In addition to the call center, MedEvolve provides outbound past-due balance payment services to help facilitate patient payments through phone calls, text messages, and mobile chat. MedEvolve now will accept a variety of convenient payment options to help clients decrease outstanding patient balances, including payments via text, web, mobile, over the phone. The company is further setting up payment plans in case immediate payment is not an option.
Matt shares how these approaches will benefit the company’s clientele. “MedEvolve’s Patient Services have achieved a 97.1% patient satisfaction rating since its inception. We are confident these new services will help decrease our clients’ patient A/R and improve patient engagement for their practices.”
Words from the wise
“Even though RCM is a people-based business, I believe success or failure of RCM business hinges on having the right technology in place and alignment of your team to the technology,” says Matt when addressing those entrepreneurs aspiring to enter the RCM space. The CEO further explains that a good technology aligned with the team benefits in a more predictable and managed work environment, as well as better analytics to reward people for good performance.
Apart from aligning with the right technology, staffing is another big challenge in the RCM services business. Finding and retaining quality billers and collectors is a struggle due to the high-turnover nature of the role. Matt explains, “Our tools provide a very structured work environment and relevant performance analytics to our people. New employees coming to MedEvolve cannot believe how much more simplified their day is because the system plans it for them. It takes the guesswork out of your day, and you can just get to work.”
“MedEvolve has revolutionized our revenue cycle processes. Besides seeing how many accounts the teams are touching, we have transparency into the effectiveness of those efforts. At the end of the day, you know the effectiveness of a revenue cycle engine by what you bring in the door and how much it’s costing you to do it.” – Kevin Don, Executive Director of Global Business Services with Falck US.
“I think what makes these solutions so successful, especially for a practice like Key-Whitman, is that MedEvolve has deep experience providing both revenue cycle services and innovative technologies. They know what independent practices need and how to lay the best foundation for improving operations and overall financial health.” – Matthew Chapman, MHA, COE, OCS, Director of Revenue Cycle, Key-Whitman Eye Center
“Our relationship with MedEvolve has always been a strong partnership characterized by open communication. We appreciate that they have listened to our needs over the years and consistently prioritize product innovation to improve processes and workflows.”
– Theresa Hammack Office Manager, South County Urological
“[MedEvolve RCM Workflow Automation] is like a GPS: representatives sit down, log in to MedEvolve RCM Workflow, and hit go, and the system leads them. We’ve already seen a 15% reduction in A/R and we anticipate additional long-term improvements as the machine learning algorithms continue to identify new opportunities.” – Jonathan Parisi Director of Business Operations and Strategy Neurosurgeons of New Jersey