Within 10 months, the organization was able to decrease their accounts receivable over 60 days by 38%. Also by using Workflow Automation, they were able to categorize 87% of claims as low priority by carving out such areas as non-actionable denial codes.
About Key-Whitman Eye Center
Key-Whitman Eye Center has served the Dallas/Fort Worth metropolitan area for more than 50 years as a leader in eye health. The clinic has nine board-certified ophthalmologists and six board-certified optometrists who use the most advanced equipment and techniques approved by the U.S. Food and Drug Administration. The award-winning practice boasts high ratings and a long list of accolades that includes D Magazine “Best” designation since 2001.
A long-time client, Key-Whitman has used MedEvolve’s practice management software since 2001. Recently, Key-Whitman expanded its relationship with MedEvolve in 2019 by implementing Effective Intelligence – RCM Analytics and RCM Workflow Automation.
Challenge
I didn’t have a way to structure staff workflow in a consistent and meaningful way to ensure they were making the best use of their time. Also, I was limited in my ability to track their productivity or hold them accountable to a certain metric.
Like most physician practices in today’s competitive climate, Key-Whitman must optimize revenue cycle processes and achieve economies of scale for maximum bottom-line impact. As Director of Revenue Cycle for the organization’s seven locations, Matthew Chapman, is tasked with overseeing the productivity of staff as well as keeping physicians apprised of the financial outlook of both individual practices and the organization as a whole.
Along with the geographic challenges of staff spread across clinics, claims representatives had become more mobile, embracing remote working environments in recent years. Chapman lacked visibility into their day-to-day activity as well as the need for adjustments that could surface due to staff turnover or absenteeism. In addition, many Key-Whitman physicians have ownership in the organization and require ongoing information related to reimbursement activity and revenue cycle performance. Chapman needed a streamlined way of helping Key-Whitman stakeholders monitor clinic financial health to support optimal decision-making.
Solutions
Building on the success they had with MedEvolve’s practice management solution, Key-Whitman deployed Effective Intelligence to improve transparency into the organization’s financial and operational health and streamline revenue cycle processes to support better cash flow. Knowing that a large share of claims do not require immediate follow-up, Key-Whitman chose RCM Workflow Automation to help staff prioritize their workday around activities that had the most potential to generate revenue. The solution uses algorithms to comb through existing claims and assign staff tasks that will improve productivity. The solution also provides Chapman with consistent visibility across the organization to monitor where productivity and effectiveness may be lagging.
Real-time revenue cycle analytics has eliminated the need for Chapman to run reports and manually comb through the data to answer questions posed by Key-Whitman physicians. The service ensures he has a snapshot of financial health that includes clarity into claim lifecycle, negative trends or patterns, recommendations for process improvement, monthly comparisons and benchmarking.
MedEvolve staff laid the right foundation for implementation, according to Chapman, by first helping Key-Whitman conduct a deep analysis of the organization’s revenue cycle. By answering questions about everything from authorizations and billing edits to coding and payment posting, this first-step ensured Key-Whitman was able to make the most of the implementation process and its new technology-enabled processes at go-live. Weekly calls and ongoing support from MedEvolve ensured few hiccups and a smooth transition across the entire organization.
Our physicians really appreciate the analytics and the overall view of how their individual clinic is doing. Most are trying to manage heavy patient loads while monitoring revenue cycle, and access to key financial metrics on a regular basis is a real value-add.
Outcomes
Key-Whitman deployed Effective Intelligence in October 2019, and in less than 10 months, the organization was able to decrease their accounts receivable over 60 days by 38%. Chapman credited this achievement to the ability to get claims out the door faster and cleaner, and to prioritize areas of revenue cycle that delivered the most immediate return. Notably, RCM Workflow Automation was able to categorize 87% of claims as low priority by carving out such areas as non-actionable denial codes.
Matt remarked, “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.”
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