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Understanding Revenue Cycle Management in Healthcare IT

Revenue cycle management is the process used by healthcare facilities all over the world to track the revenue from patients — from their initial appointment or encounter with the healthcare system to their final payment of balance. It is a normal part of health administration and can often take months, even years to conclude. Simply stated, healthcare organizations must maintain profitability in order to achieve success, emphasizing the extreme demands for quality revenue cycle management. 

MedSys Group has been in the Healthcare IT space for over 25 years and within that time we have built a solid understanding of the challenges that exist within the clinical delivery and revenue cycle environments. MedSys Group is dedicated to serving as the bridge between these two important areas, supporting organizations to create a healthy, effective connection.

How Revenue Cycle Management Works

The goal of revenue cycle management is to identify any points of friction in the provider’s revenue cycle and resolve them. With proper revenue cycle management, care providers can maximize their claim reimbursements and increase their patient service revenue. An effective revenue cycle management process ensures that the full interaction with a patient from initial inquiry through final payment is effectively managed.

Electronic Health Records (EHRs) can be integrated with other revenue cycle tools and software, such as coding and billing software, claim management software, payment processing software, and analytics and reporting software. Coding errors and denials can be reduced, improving productivity and quality, automating billing processes and workflows, enhancing billing accuracy and compliance, and increasing reimbursement rates and cash flow. 

Through a series of steps strategically detailing the objective and goals to optimize the revenue cycle of your organization, MedSys Group will collaborate in-depth with relevant decision makers at every level. By assessing your current applications within the revenue cycle, MedSys Group will assist you in identifying what’s best for your unique needs.

Phase One: Pre-Implementation

Taking time to understand your organization and your strategic goals, MedSys Group can share our expertise to further define your goals. As your advocate, we will outline the downstream dependencies of each decision you are making so your interests are protected. MedSys Group is a trusted advisor in Healthcare IT positioned to help you with:

  • Implementation Planning and HER Integration   
  • Current State Organization & Key Metrics Assessment
  • Resource Planning and Management   
  • Understanding of Objectives and Goals 
  • Defining Key Performance Indicators

In this phase, MedSys Group will assess all applications used within the revenue cycle and assist with vendor selection based on your needs. We will optimize system integration for efficient data retrieval and provide Legacy AR planning.  With expertise in data extracts and interfacing third party systems, MedSys Group will work with your team throughout the entire journey.

Phase Two: Implementation

Workflows protecting critical operations can be lost in the system configuration discussions during the implementation phase. MedSys Group experts keep your objectives in front of the project team making sure your investment in the project is protected. Without system expertise to drive these conversations, the project costs, scope, and timeline can be impacted. For a seamless conversion process, MedSys Group is fully equipped to assist with:

  • Solution-Based Current State Assessment
  • Engaging Revenue Cycle Integration Early and Often
  • Full Suite Integrations Protecting Assets
  • Quantifiable Project Health Such as Risk Response Planning 

Phase Three: Optimization

Optimization is the phase where you begin to see your metrics surpass any previous goals. The way to fully realize the value of new system changes or upgrades is to partner with a trusted advisor such as MedSys Group to help you structure a strategic optimization plan that aligns with your performance goals. 

  • Current State Analysis to See Opportunities
  • Claims Efficiency Aligned with Corporate Initiatives
  • Benchmark Road-Mapping for Success
  • Continuous Improvement Team Supporting What’s Implemented

Phase Four: Stabilization 

Once a system conversion is complete, there remains a great deal of work to stabilize both clinical and revenue cycle operations. Project resources have been reduced, but many stakeholders continue to need support. MedSys Group will work with all leadership levels to determine where to focus attention based on house-wide assessments and industry standards. With more than 100 large hospital system conversions behind us, we have the keys to get you back to fully functioning operations.

  • Post Conversion Assessments & Benchmarking
  • Maintenance and Self-Sustainment for Confident Navigation
  • Strategic Support Plan to Leverage Full System Capability
  • Clinical Workflows Effect on Revenue Cycle

 

Contact

  • 5465 Legacy Drive Suite 550
    Plano, TX 75024
  • 972-464-0020
  • info@medsysgroup.com
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About

MedSys Group is a nationally recognized healthcare professional services firm dedicated to clinical and technical advisory consulting and software implementation. We know that healthcare technology is all about people, patients and quality of care and are committed to a level of service that satisfies all.

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Romona Rivere

Romona Rivere is responsible for nationwide recruiting support and training and development of recruiting personnel. She has over 20 years of experience in the Healthcare Industry. Romona is a member of the strategy management team which is comprised of the core leadership of the organization.

She has worked as a healthcare recruiter for over fifteen years and has been an integral part of the MedSys Group recruiting team for the past nine years. Her many notable accomplishments include consistent achievement of top recruiter and top employee of year awards. Romona is well known throughout the industry as one of the best recruiters in healthcare information technology and enjoys the highest approval rating from her MedSys Group consultants. Romona resides in Dallas, TX.

Aaron Spratt

Aaron’s experience in healthcare ranges from managing EHR implementations in both the ambulatory and hospital setting, directing the operations of a hospital IT department, managing physician practice operations, overseeing Meaningful Use compliance in multiple organizations and managing Joint Commission compliance for a Midwestern healthcare system. He particularly enjoys working with physicians and other clinicians to optimize the use of EHR systems to help meet strategic goals.

He obtained his Bachelor of Science in Business Administration and a Masters in Business Administration from Southeast Missouri State University.  He is a member of the Medical Group Management Association (MGMA) and a Certified Medical Practice Executive (CMPE) through the American College of Medical Practice Executives, MGMA’s certification and fellowship body.

Patricia Drew

Patty Drew, Senior Strategist, began her career in healthcare in 1997 as a Registration Clerk at Eastern Maine Medical Center (EMMC) in Maine. At that time, EMMC was opening a centralized scheduling call center and she was transferred to that department as a Scheduling Clerk. She quickly moved to the healthcare IT side as a database analyst working with the Cerner Registration and Scheduling applications. Her career progressed as she became IT Director for Access Management and Physician Services at Eastern Maine Healthcare System (EMHS) responsible for the implementation and maintenance of the Cerner Registration, Scheduling and Ambulatory applications as well as the GE Centricity EMR for physician practices within EMHS as well as various physician practices across the state. Patty joined MedSys in 2012 as a Senior Consultant and since has been promoted to Senior Strategist and serves as a Revenue Cycle Implementation Specialist focusing on Registration and Scheduling.

Patty received her Associates Degree in Medical Office Administration from Husson University.

Jeff Jensen

MedSys Group today announced the designation of Jeff Jensen as Client Relationship Executive. In his role, Mr. Jensen will be responsible for managing new and current client relationships across the healthcare IT spectrum. Mr. Jensen began his career in healthcare in 1994 in physician recruiting, becoming Director of Physician Recruiting for the Central Region. Additionally, he provided leadership in the pharmaceutical and medical equipment industries, representing Johnson & Johnson and other companies in the operating room. After finishing his MBA from the Cox School of Business at SMU he left the operating room and joined the healthcare IT world focusing on the Dallas market. Jeff spent the next 13 years partnering with healthcare systems to help them upgrade their network and physical infrastructure, business software, EHR systems, service line software, operating room equipment configurations, imaging devices, mobile platforms, telehealth platforms, cloud migration and also worked on collaborative projects with marketing and technology to help develop and enhance the digital patient experience. Mr. Jensen’s passion and focus continues to be around healthcare technology, and the impact that it has on improving patient care.

We’re extremely excited about the addition of Jeff to our team. Jeff’s dozen-plus years of experience in this industry as an innovator of how technology is delivered has us confident in his abilities to handle the current, and aid in the growth, we’re encountering today.    His unflappable focus on delivering genuine value to our clients is what has attracted our firm the most with regard to our decision. I’ve no doubt our current and future clients will benefit from Jeff’s business acumen”, noted Alan Kravitz, MedSys Group CEO.

“Healthcare has always been about taking care of the patient. As healthcare evolves and relies more on technology to keep patients healthy, MedSys group is poised to advise hospital systems in their exploration of using patient improvement metrics for revenue generation instead of just fee for service models. Helping hospital systems treat patients as customers with service options they already have in other industries is exciting to me.” Said Mr. Jensen

Grant Campfield

Grant's experience in healthcare ranges from managing implementation teams within hospital and ambulatory settings to working with government PMO offices on strategy and approach. His background with IDN (Integrated Delivery Network) clients and the federal government has provided him with an extensive understanding of the contracting process through to post-live optimization. Campfield is now focusing most of his time on relationships and delivery within the federal and state government space.

Campfield is a graduate of Kansas State University with a Bachelor's Degree in Business Marketing. He currently resides in the Dallas area with his wife Markie.

Luther Nussbaum

Luther Nussbaum serves at Chairman of the Audit and Compensation Committees. Nussbaum is active in operational improvement and developing the strategic road map for the Firm as a member of the Executive Committee. He previously served as Chairman of the Board from January 2013 until the close of 2014.Additionally, he serves as a mentor to the leadership team. With vast experience in healthcare, high tech and other industries, Nussbaum brings innovative ideas and the application of breakthrough solutions to this inspiring vision.

Nussbaum is the semi-retired Chairman and Chief Executive Officer of First Consulting Group. During his decade-long tenure at FCG, the company increased eightfold in size, expanded its service offerings from consulting and systems implementation to management services and software products and led the industry in utilizing worldwide resources in India and Vietnam to achieve a very low cost, high quality project-delivery model. In addition to his managerial roles, Nussbaum has served as an active and creative Board member, Advisory Board member or mentor with a dozen companies. He has hired or mentored more than forty executives who are now Chief Executive Officers of a broad array of companies. As an executive, Nussbaum was a VP, President, COO and CEO of a handful of high technology and healthcare services companies. Mr. Nussbaum received his B.A. from Rhodes College where he was elected into Phi Beta Kappa and his M.B.A. from Stanford University where he was named an Arjay Miller Scholar.

Mark Embry

Mark Embry, Co-founder and EVP of Client Development, aids in the development of strategies for expansion of MedSys through joint ventures and other cooperation with Partner Organizations.

With over a decade of healthcare technology experience, he has forged strategic relationships with major healthcare IT vendors and partners across the EMR market. He has been instrumental in solidifying partnerships across the EMR market with companies such as Cerner Corporation, ACS, Healthcare, Epic Systems Corporation, Siemens Healthcare, and DELL Healthcare. His prior industry experience includes serving as a major account executive for TekSystems, one of the leading providers of IT solutions to the US market. Embry credits his success in business to the hiring of quality individuals who surround a committed leadership team. "Our goal is to empower our employees to create success by aligning the company's business goals with their individual goals. We believe that if we can inspire personal growth among our team members, business success will follow." Embry has a BA in Business Marketing from Baylor University. He currently resides in Frisco, Texas.

Nancy Ellefson

As Executive Vice President and Chief Financial Officer, Nancy Ellefson is responsible for the day-to-day workings of accounting, finance, human resources and information technology in addition to risk and cash management for the organization. In addition she implements and maintains systems, policies, and procedures that provide the necessary support for internal operations as well as field employees and contractors. Ellefson is also responsible for the overall financial well being of the company through financial planning and analysis of results.

Prior to joining MedSys, her 30 plus years of experience includes serving as CFO of Preferred Restaurant Services and APEX Restaurant Group, Vice President of Finance for Furr’s Restaurant Group and Pizza Inn, Controller for numerous public and privately held companies, as well as a financial analyst with two major healthcare systems, Barnes Hospital and Presbyterian Hospital of Dallas. Ellefson is a certified public accountant with four years of public accounting experience with Laventhol and Horwath in St. Louis, which had an extensive hospital practice.

Alan Kravitz

Alan Kravitz, President, Co-founder and Chief Executive Officer, manages and oversees overall strategic leadership and operations, with emphasis on client relationships and sales initiatives, as well as executive participation in recruiting of the top talent in the industry. As the strategic leader for the organization, he is responsible for developing the organization strategic initiatives for expansion. With over eighteen years of Healthcare Information Technology experience, his relationships and knowledge served to establish MedSys as a leader in Healthcare IT Consulting.

His career in Healthcare IT began in 1994 when he founded CAP Associates, a nationwide Healthcare Information Technology recruiting firm. After several years of continued growth in EMR recruiting, in 1998 he expanded operations by founding Genesys Group, a technology focused solutions provider in staff augmentation, IT outsourcing and managed services. Using a developed model, he founded MedSys Group Consulting in 2008 to service the ever-growing needs to the healthcare technology market. Kravitz attributes the company success to the devoted work of the dedicated leadership team, as well as the principles under which the organization operates; Respect, Honesty, Trust, Commitment and Communication. “Our accomplishments are not defined or driven by just a few, but by realizing everyone’s combined contributions at all levels of the organization. Keeping it simple, doing business with the golden rule in mind, and focusing on client communication and service will fuel our continued success and growth.” Kravitz earned his Bachelor of Science degree in Business Administration with an emphasis in Management and Marketing from The University of Missouri. He currently resides in Frisco, Texas and is married with three children.