The company exceeded its previous record from Q2 2017 due to net new bookings and several software and service renewals from existing clients.
MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM) and analytics software and services for physician practices, announced today the company’s bookings for third quarter fiscal year 2017 were the highest in its nearly 20-year history for the second quarter in a row. In addition to net new bookings in Q3, the company earned several MedEvolve Practice Management software and service renewals for two to three year commitments, which illustrates client loyalty and confidence as the company continues to launch market leading technology and services.
“The main catalyst for MedEvolve’s recent success is our focus on providing data-driven solutions that give decision makers easy access to actionable financial and operational insights,” said Matt Rolfes, CEO of MedEvolve. “The opportunities of Big Data are not exclusive to larger organizations like hospitals and health systems, physician practices also need to leverage their data to find opportunity within their balance sheets and provide cash for growth.”
MedEvolve Practice Management clients continue to add on ancillary technology solutions and services, such as Revenue Cycle Management and Practice Analytics, to help them achieve more cost efficiency and collect the dollars rightfully owed to them. Additionally, MedEvolve has started offering analytics-as-a-service for busy physicians and administrators that prefer to rely on MedEvolve’s consultants and data analysts to identify opportunities for revenue cycle performance improvement on their behalf.
The company is also developing technology solutions and services to maximize reimbursement from the patient and decrease the cost to collect as provider income becomes increasingly dependent on collecting the patient liability. MedEvolve’s new Patient Collections Service helps ease the burden on physician practices and recover money that would otherwise remain sitting on the balance sheet. Rather than having internal billing professionals making phone calls—of which less than 1% will successfully connect with a responsible party or result in a payment—MedEvolve leverages technology to maximize patient outreach, making collections more probable.
“Data is a big driver for us and we continue to put a strong focus on building in more automation to our Practice Analytics suite—delivered both web and mobile. In the past, physician practices may have felt they had a choice whether or not to implement an analytics solution. Today, without immediate insight into their data, including the performance of their billing staff and resulting financial outcomes, a practice will find itself underwater,” said Matt Seefeld, SVP of Business Development. “That’s where MedEvolve Practice Analytics comes into play. It’s extremely valuable for our own revenue cycle management team, which is responsible for protecting and collecting our RCM client’s net revenue, and especially for our clients who continue to manage the revenue cycle on their own.”
In addition to the existing client renewals, MedEvolve has contracted with a significant net new client, an eighteen-provider specialty practice in Texas. The organization was experiencing common challenges such as high staff turnover, a legacy PM system that was outdated, a shortage of office space and declining revenue. After a thorough initial consulting arrangement, the analysis demonstrated the practice‘s cost to collect exceeded industry standards. MedEvolve Practice Management and Practice Analytics filled the technology and transparency gaps from their legacy system, and MedEvolve Revenue Cycle Management services allowed them to reduce their cost to collect. By fully outsourcing their revenue cycle to MedEvolve they were also able to further reduce overhead and reallocate staff to increase revenue.
“At this point, it’s no longer an option to run a practice without insight into data through an analytics solution. It’s extremely important to MedEvolve to have insight into our clients’ performance, so we strongly encourage them to either implement MedEvolve Practice Analytics to use themselves, or let us do the ongoing monitoring and analysis in the software for them,” stated Matt Rolfes, CEO of MedEvolve. “Leveraging data to make more informed business decisions will help us all be successful in the long-run.”
Is your physician practice struggling to collect on patient balances? Call (800) 964-5129 or contact us to request a consultation.