A vendor serving specialist practices with a suite of software and revenue cycle services is now offering its products for use on a month-to-month basis.
The short-term approach is a welcome alternative to providers being tied to long-term outsourced contracts and fearing poor performance from a vendor.
The company, MedEvolve, is also providing a suite of ancillary services that include revenue cycle management staffing, finding and retaining employees, training, as well as performing analytics as a service.
The new business model removes concerns about the need for in-house revenue cycle staffing or long-term vendor contracts, according to the company. The vendor also is offering financial and operational analytics to show total transparency of services at equal or less cost than what specialists currently pay.
“MedEvolve helped us completely redesign our revenue cycle processes around our real-life challenges and continues to add value each month we work together,” says William Todd Smith, MD, at Starkville Orthopedic Clinic in Starkville, Miss. “We are no longer struggling to keep up with evolving payer trends and finally have full transparency into our cash flow, patient payments, productivity and accounts receivables, and it’s been a while since I’ve been able to say that.”
Practices are tired of dealing with human resources and staffing issues that arise from managing revenue cycles in-house, says Matt Seefeld, executive vice president at MedEvolve. “We want to empower healthcare organizations to test drive a new approach that can improve the bottom line and provide total visibility into their revenue cycle.”
Practices that wish to keep billing in-house still can get outsourced assistance on tasks such as aging account receivable follow-up and patient collections.
The vendor also wants to show physician practices how the test drive will relieve concerns that a practice may have about outsourcing by not pressuring practices to sign long-term contracts upfront without proof of concept.
In addition, MedEvolve is offering analytics-as-a-service to help practices make adjustments to improve and expedite cash flow as well as billing services.