Efficiently Repairing Exception-Based Claim Errors Claim errors and missing information in patient billing can cost your organization valuable time and lost revenue. Identifying errors that cause delays in posting payments and getting them efficiently corrected is vital to financial performance. With ReMedics exception-based worklisting tools, we use over 200 customized data validation rules to automatically
Optimizing Existing Infrastructure with Physician Practice Group M&A Transactions With 338,899 currently active physician group practices in the U.S., as reported by Definitive Healthcare¹, it’s inevitable that a large number of mergers and acquisitions will continue to occur for them to remain competitive and to expand their services. For many physician owners, however, maintaining some
ReMedics to Exhibit at MGMA & AAOE Conferences in April. Registration Discounts Now Available! We are looking forward to exhibiting at two back-to-back conferences taking place in late April. The Medical Group Management Association (MGMA) Financial Conference in San Diego and the American Alliance of Orthopaedic Executives (AAOE) Annual Conference in Chicago provides us with
Providing the Tools to Maximize Staff Resources, Decrease Denials and Increase Cash Collections Healthcare Revenue Cycle Management (RCM) is one of the most complex, ever changing dynamic industries in the USA. Denials are a line of business for the insurance companies, so you need experts and/or expertly designed technology allowing you to impact actual denials
Applying Technology + Systems Integration to Extended Business Office Solutions For healthcare providers who are experiencing staffing shortages and/or bottlenecks in various stages of their revenue cycle, it may be worth investigating Extended Business Office (EBO) options. Identifying the right vendor, however, for your specific needs is critical to making the transition (to outsourcing) as
Healthcare Revenue Cycle BPO Are you looking to outsource some or all of your revenue cycle processes? With a unique blend of services + workflow automation technology, ReMedics provides fully outsourced BPO services across all healthcare delivery networks, including: Physician Groups; Hospitals; MSOs; DSOs; and Eye Care Networks. From Lockbox Payment Processing to Bank Reconciliation
EDI Parsing and Segmenting Services For Health Systems and Physician Practice Groups needing to post payments for different divisions, locations or business units through separate billing systems, ReMedics specializes in working with remittances containing multiple Tax ID/EINs and NPIs in a multi-submitter, single receiver business environment. With the use of workflow automation and AI, powered
ReMedics Core Principles of Cash Management Many of today’s automated solutions still generate a significant percentage of payment exceptions and defects. ReMedics specializes in revenue cycle optimization and the prevention of reimbursement delays with the use of AI, Robotics Process Automation (RPA) and Enterprise Content Management (ECM). With these technologies, ReMedics ensures that correct
Revenue Cycle Outsourcing: Pursuing Cash Flow Stability, Scalability and Workflow Efficiency Many of today’s physician practice groups and hospitals face numerous revenue cycle issues, including lower reimbursement rates, inconsistent cash flow, staffing challenges, and time-consuming claim denial processes. It’s been estimated that hospitals lose $68 billion each year due to billing errors alone. The challenges
ReMedics Talks – Part Two of a Series Subject: Using Automated Data Validation Processes and Analytics to Prevent Claim Errors and to Identify the Root Cause of Recurring Denials Claim denials greatly impact the revenue cycle by delaying or reducing payments from payors to providers. And while denials can cause a significant amount of revenue
ReMedics Talks – Part One of a Series Subject: Practice Group Consolidation and Our Use of Technology for Multi-System Remittance Processing In this two-minute video, the ReMedics management team talks about practice group consolidation and multi-system remittance processing with the use of robotics process automation. For rapidly expanding Physician Practice Groups, we are uniquely positioned
ReMedics Announces Comprehensive Collection Services New Service Line Available to Healthcare Provider Clients We’re excited to announce that ReMedics is starting a new co-shared service line that will provide comprehensive collection solutions to our clients. As part of its services, ReMedics will be providing its clients with dynamic reporting options to quickly review details on
Remittance Outsourcing for Management Services Organizations (MSOs) to a Single Receiver With physician practice group consolidation, efficiently processing and posting remittances for multiple practice management (PM) systems, clearinghouses and bank lockboxes can become significantly complex. This is especially true if all the groups are reporting to a single Tax ID and the clearinghouse ERAs are
Automating Data Capture Processes for Electronic and Paper Payments Virtual Posting Workflows Integrated to Existing PM Systems In order to streamline remittance processing work with minimal errors, ReMedics enhances the data capture of all payments to include adjustments, zero pays and comments. Integrated to any major Practice Management (PM) System (or multiple systems) and a
Advanced OCR/ICR Solutions for Automated Data Extraction & Conversion Utilizing OCR/ICR with Extensive Rules-based, Machine Learning Techniques With a sizable number of insurance payers still sending paper documents to healthcare providers, ReMedics helps our clients to convert their paper EOBs to ANSI standard 835 electronic files. One of the many technology tools that ReMedics uses
Common Challenges with Physician Practice Group Mergers & Acquisitions Strategies for Success For practice groups planning a merger or acquisition, there are numerous challenges that can delay the process. Maintaining current Practice Management (PM) systems, deciding on how funds will get distributed and staffing decisions are just a few examples. ReMedics specializes in correcting many
Tailored Solutions for Optimizing Reimbursement and Cash Flow Improving Financial Performance – Integrated with Existing EMR/PM Systems Healthcare organizations lose millions each year in net revenue due to complicated reimbursement methodologies, regulatory issues, increasing patient payment responsibility, and growth in self pay or uninsured patients. Reallocating resources to improve financial performance however, can be daunting
Capturing Your Paper EOB’s and Correspondence Document Capture, Indexing & Retrieval With the ReMedics Document Management Portal, accounting personnel can quickly search and retrieve EOB and correspondence files by Patient Last Name, Check Number, Invoice Date, Paid Amount and many other “wildcard” options to easily identify any missing information needed for posting. By providing staff
Identifying and Re-Associating PLBs The following is an excerpt from our client support newsletter called “A Closer Look”, which provides helpful information in dealing with common payment processing, denial/defect and reconciliation issues. This particular article looked into the complexities associated with Provider Level Balance Adjustments (aka PLBs). If you would like to know more about
Using RPA in Revenue Cycle Applications Can RPA improve your revenue cycle? The quick answer is definitely yes, with the right technology and experienced systems integration partner. A subset of Artificial Intelligence (AI), ReMedics uses Robotics Process Automation (RPA) in our Operations Group to create streamlined workflows where the need for human intervention is minimized
Converting EOBs to 835 Electronic Remittance Advices Optical Character Recognition (OCR) in its simplest form is the process whereby a paper document is scanned and the image is captured for processing data into a specific application, such as paper-based EOBs. The text is extracted from an image and converted into machine readable data (as 835
Denial Prevention and Increased Staff Efficiency Benjamin Franklin is credited with having coined the phrase, “An ounce of prevention is worth a pound of cure.” It’s as relevant today as it was in 1736, especially when it comes to healthcare payor denials. In a recent survey* reported by Becker’s Healthcare, over 500 Chief Financial Officers
Correspondence Management and Workflow Efficiency For healthcare provider organizations, unstructured content exists in a wide variety of file types and sources of information. Being able to quickly retrieve lockbox correspondence, indexed to the patient, can play a critical role in how fast your claims get paid, delayed or denied due to missing or inaccurate data.
Maintaining Your Clearinghouse & Banking Relationships Our client’s Clearinghouses and Banks play an important role in how medical claims are submitted and how insurance payors provide reimbursement back to the physician group. Clearinghouse services go beyond just claim submission and remediation. Their services can also include eligibility and benefits checking, referral authorization, and claims status
Improving the Revenue Cycle with Workflow Automation Solutions for Departmental or System-Wide Needs As providers and health systems attempt to make improvements in their revenue cycle, not everyone experiences the exact same problems where the need for a solution becomes a priority. From patient registration through bank reconciliation, there are numerous areas in patient finance
Streamlining Post-Merger Integrations When merging two or more practice groups together, there’s a considerable amount of work to be done in negotiating agreements and in working through all of the organizational details. Some may say, however, that after the papers are signed, the real work is just getting started. When it comes to the revenue
Augment Your Billing Staff with Outsourced Payment Processing For many physician groups, medical clinics and MSOs, staffing shortages in the business office have contributed to a variety of cash flow obstacles. A/R backlog continues to affect cash management as the volume of unpaid claims and denial rates remain a constant challenge. In a recent article
Data Verification with Robotic Process Automation (RPA) and Machine Learning Healthcare claims and other billing documents contain a substantial amount of patient, provider and payor information that can originate from different HIT applications — which then leave room for error. Common issues include duplicate entries, incorrect coding and misspellings. Other errors include incorrect spacing, transposed
Managing Cash Flow in a Multi-Vendor Environment For larger practice groups and MSOs, the complexities of a multi-vendor environment can often inhibit efficiency and adversely affect cash flow. This is especially true for organizations with business units using a variety of EMR/Practice Management (PM) Systems and Clearinghouses to capture charges, process claims and receive payor
Case Study Preview: A Collaboration of ENT Practice Groups A new case study published by ReMedics features a collaboration of four ENT Physician Groups that treat over 20,000 patients a year. They currently have over a dozen combined locations, providing comprehensive medical and surgical care. The individual practice groups desired to maintain their business autonomy,
Case Study Preview: Automated Parsing of EDI Transactions A new case study published by ReMedics features a podiatry practice group with over 100 board certified podiatrists and a network of approximately 80 office locations. The client was receiving EDI transaction payments for multiple business units/divisions within a single ERA file from their Clearinghouse. Further complicating
Combining BPO Services with a Single Cash Management Solution While many Physician Practice Groups currently use a Business Process Outsourcing (BPO) vendor, they may not have ever investigated the potential benefits of using of a combined BPO Services + Single Cash Management Solution. Let’s take a look at why this type of outsourced service may
How to Keep Your Banking and Clearinghouse Relationships with a Practice Group Merger Banks provide several key services in the revenue cycle, starting with being the recipient of funds as well as EOBs and correspondence via lockbox services. Clearinghouses are are integral to healthcare providers in order for them to forward claim information and receiving
Modernizing Revenue Cycle Management with Automated Workflow Processes In order to modernize the revenue cycle for your organization, manual efforts associated with payment capture, check matching, document indexing, remark code translation, posting and bank reconciliation need to be minimized. If automated workflow seems out-of-reach for your organization, then finding an experienced, cost-effective outsourcing partner should
Keys to Managing Healthcare Claims and Payment Information Depending on your type of business and reporting requirements, efficiently managing high volumes of information from disparate systems can often require manually aggregating the data. With ReMedics specializing in the processing of healthcare insurance payments, and with creating operational efficiencies, our focus is on three specific
ReMedics Sponsoring 15th Annual Healthcare Finance and Growth Conference ReMedics is excited to announce our sponsorship of McGuireWoods 15th Annual Healthcare Finance and Growth Conference. The conference takes place on September 15th at the The Ritz-Carlton at 201 East Trade Street in Charlotte, North Carolina. Robert Zimmerman, ReMedics President and COO, to be a
Preventing and Managing Denials More Efficiently It’s no secret that claim denials can greatly affect the revenue cycle and profit loss. While appeals can be time-consuming and costly, it’s better than receiving no reimbursement at all. However, learning from past claim errors to avoid future denials with permanent revenue cycle improvements is the ideal solution
Keep Cash Moving with Automated EDI Splitting For healthcare providers with multiple business units needing to split large, co-mingled EDI payments, the task can be time-consuming and prone to errors. This delays payments, adds more work downstream, and ultimately affects cash flow. With many of ReMedics clients, a proprietary EDI Splitter application is utilized to
Growth Strategies with Physician Practice Group Aggregation Expanding a practice or MSO through Practice Group Aggregation can present a variety of revenue management obstacles that need to be planned for. One of the more challenging adjustments is when the newly acquired group is required to change its Practice Management (PM) system. This major disruption to
Unifying Disparate Systems for Streamlining Operational Efficiency ReMedics technology-driven partnerships enable us to deliver tailored revenue cycle services designed to increase payment processing efficiency, cash flow and profitability — for multiple divisions and business units using different Practice Management (PM) Systems and Clearinghouses. Their technology enables us to deliver sustainable financial results for Physician Practice
EOB Check Matching Technology and Payment Processing Efficiency Processing Physician Practice Group payments from multiple PM Systems and Clearinghouses to a single Tax ID/EIN requires a high degree of data accuracy and verification. The distribution of funds for separate divisions (or business units) also adds complexity to the work for MSOs and DSOs. To accomplish
Organizational Techniques to Maximize Follow-Up Staff Efficiency Nothing is going to completely eliminate payor denials. In fact, denials are on the rise. According to a survey of 131 hospital executives* conducted in Apr-May of 2021, they reported a 20 percent increase in claim denial rates in the past five years. The average denial rate shown
Using Power BI Analytics to Increase Revenue By utilizing analytical solutions with Microsoft’s Power BI, ReMedics provides our Practice Group clients with data visualization tools that help them to make informed revenue cycle decisions. By identifying and addressing negative trends and inconsistencies in key RCM areas, these reporting tools can help to develop process and
Automating and Improving Collection and Follow-Up Activities Revenue improvements can take place by making incremental changes in many different RCM areas — from Patient Registration and Remittance Processing, all the way through to Collections. In this article, we focus on automating and improving collection and follow up activities. With patient liabilities continuing to rise, it’s
Analyzing Trends for Permanent Revenue Cycle Improvements Having an accurate view of your daily billing and posting data is just one step in effectively managing revenue cycle improvement processes. Looking at historical and current data over a longer period of time, however, can help to identify hidden trends where revenue and/or cash flow could be
Segmenting Practice Group Bank Deposits by Business Unit For many of our clients, having the ability to segment bank deposits by business unit saves them a considerable amount of time and effort in managing their funds distribution. With ReMedics Treasury Reconciliation Services, bank deposits are segmented, balanced and reconciled daily for divisional and corporate-wide groups.
Connecting Core Business Systems to a Single Cash Management Platform One of the major challenges of a Practice Group merger or acquisition is with the introduction of a new Practice Management System and Billing Application to an expanded group of physicians and their support staff. Significant IT time and costs go into data migration, training
Isolating Claim Defects and Preventing Denials with Automated Process Improvements Errors and defects in medical claims are inevitable. A small percentage of them will eventually turn into a denial. How you handle defects and exceptions, however, can lead to significant dollars being delayed, or lost entirely, due to the additional work being required to collect
Automated Exception-Based Work Queues Improve Customer Service, A/R Collections, Denials and Appeals Management ReMedics utilizes workflow automation technology to automate the creation of exception-based work queues, significantly improving staff efficiency for common Customer Service and A/R functions. These exception worklists and work queues are auto-generated to improve specific areas of need, such as: appeals; denial
Unlock Your Revenue Potential with Detailed Reporting, Scorecards & Data Analysis One of the many benefits of using ReMedics for your outsourced remittance processing, data validation and bank reconciliation needs, is the detailed reporting that we provide to your management team. ReMedics Reporting & Analytics solutions help you to visualize and analyze revenue cycle data
Utilizing Advanced OCR Technology for Converting Paper-Based EOBs One of the many technologies used by ReMedics to automate payment processing for our healthcare clients is Optical Character Recognition. Utilizing OCR technology, text is extracted from an image, such as paper-based EOBs, and converted into machine readable data. The problem with processing paper EOBs is they
BPO: An Alternative to Inefficient, Time Consuming Tasks ReMedics delivers fully integrated revenue cycle solutions and services that help to lower operational costs, increase staff productivity and optimize ROI. Our outsourced remittance and payment processing services eliminates paper and modernizes the payment cycle by eliminating manual work tasks associated with payment posting, check matching, document
Taking Control of Your Business Office Unstructured content plagues practically every healthcare organization. It’s the data that resides outside your organization’s core systems and processes. For patient care, it’s the patient information that exists outside your EMR. In patient finance, it’s the data outside your billing and financial systems. And in accounting, it lives beyond
