(Little Rock, Arkansas – July 31, 2017) – MedEvolve, Inc., a national provider of practice management (PM), revenue cycle management (RCM) and analytics software and services for specialty practices, announced today the company’s bookings for second quarter fiscal year 2017 represents the highest in its near twenty-year history. With change perpetually in the air for healthcare, MedEvolve has more momentum than ever to help physician practices prepare by consistently delivering market leading solutions to manage their revenue cycle.
The key to MedEvolve’s success in Q2 is its loyal client base that believes in the company’s solutions and are eager to invest in additional technology and services to help them run their practices more efficiently, and optimize their revenue cycles. Many clients are moving towards outsourcing RCM services completely, or on a project basis, which resulted in 85 percent of the company’s revenue for Q2. MedEvolve Practice Analytics, included in 43 percent of the bookings, is another big driver because it gives practices the insight required to maximize their financial performance.
One longtime MedEvolve client, an orthopedic practice in California, had performed billing in-house since its inception—only outsourcing occasional RCM projects to MedEvolve. However, as the cost to collect on outstanding patient balances increases, practices are finding a need to shift their focus from back-end billing and collections to front-end patient engagement functions like checking eligibility, providing treatment estimates and collecting balances prior to or at the time of service. After considering these factors, the practice determined it was time to outsource their back-office revenue cycle functions to MedEvolve.
“Current and prospective clients see our value because we are in the business of delivering technology and services that get them paid,” said Matt Seefeld, SVP of Business Development. “We let timely and accurate data drive all our decision making and that continues to pay off for our RCM clients. The decision may be to outsource a project to us to clean up aged account receivable, or in some cases, it means outsourcing their entire revenue cycle when the cost of doing so is less than keeping it in house.”
MedEvolve has also been getting creative with product and service offerings. The company is always seeking complimentary solutions to help clients better manage their practices, either through in-house development or partnering with other vendors. Announced last year, MedEvolve’s partnership with InstaMed is proving to be very successful for clients as they now have a variety of payment options to offer their patients integrated directly into MedEvolve Practice Management. This enables practices to collect more of the money that is owed to them up front prior to the service to ensure risk of bad debt is minimized.
Another recent example is a new Virtual Business Consulting (VBC) service offering. Many practices are finding they don’t have the time or resources to monitor their billing metrics and make the changes necessary to improve their revenue cycle—or maybe they simply don’t know how. Now with VBC, MedEvolve’s Business Analysts can do it for them using MedEvolve Practice Analytics to uncover issues and resolve them so they don’t happen in the future.
Additionally, the company signed some new physician practice clients who understand the value of working with a vendor that provides interoperability with ancillary solutions, such as EHRs, rather than attempting to be an all-in-one solution. MedEvolve understands that specialty practices should be able to choose the best EHR for their clinicians, not be forced into a combined solution where the practice management software may fall short on critical automation and technology. The company focuses its development efforts on its flagship product, MedEvolve Practice Management, which is how clients get paid for the services they deliver.
“MedEvolve has been making strategic organizational changes over the last year to drive efficiency as a technology-enabled, data-driven services organization. I am pleased with our progress, and thankful to our entire team for their hard work and dedication,” stated Matt Rolfes, CFO of MedEvolve. “We will continue with our commitment to providing solutions that help physician practices maintain independence and protect cash flow despite the harsh realities of declining reimbursements, rising administrative costs and the growing issue of patient debt. Our goal is for all of our clients to reach their full revenue potential.”
MedEvolve enables specialty practices to work faster and more accurately through Practice Management (PM) and Revenue Cycle Management (RCM) software and services that result in quicker payment processes and improved patient and staff experiences. Additionally, with MedEvolve Practice Analytics, specialty practices gain a new level of insight that helps them identify problem areas and resolve issues quickly to improve financial, operational and clinical performance. Our unique Practice DNA consultative approach ensures our solutions fit with our clients’ existing processes so they begin to see positive results from day one. Visit www.medevolve.com to learn more.