COVID-19 continues to create massive challenges for healthcare, but with those challenges come opportunities to elevate the way we work. Going into 2022, digital tools – especially those that incorporate artificial intelligence (AI) and robotic process automation (RPA) – will be a key component in driving hospital, health system and physician practice transformation. From how patient care is delivered across the continuum to revenue cycle solutions, digital technologies offer the speed, efficiency, scalability and accuracy to achieve financial health, resilience and patient care goals.
In the February edition of Cycle Up, we reported on the new rulings from the Federal Consumer Financial Protection Bureau (CFPB) that govern debt collection activities, including healthcare bad debt; these rulings become effective on November 30.
Generally, the changes address three main components:
Disclosures and Information:
Clarifies the information that a debt collector must provide to a consumer at the outset of debt collection communications, the actions the consumer may take in response and safe harbor provisions for collectors that comply with those requirements.
Legal Action Prohibitions:
The new rule also has a potential impact on social media management, where revenue cycle companies must make it clear on their social media pages how patients get their healthcare debt concerns addressed.
Credit Reporting Agencies:
Prohibits debt collectors from bringing or threatening to bring a legal action against a consumer to collect a time-barred debt.
Only bad debt collection activities are affected. In order to monitor and prepare for the new compliance rules, our internal, cross-departmental team has been working closely with legal counsel and industry experts to identify the changes and seamlessly implement them by the November 30 deadline for clients using our bad debt services.
We also have a social media compliance plan in place to include regulatory requirements around contacting Meduit for questions and resolutions.
For more information, please contact Jill Cloys, Meduit Director of Compliance at:
firstname.lastname@example.org or call 317-284-6480.
Modern Healthcare has named Meduit in the top three U.S. healthcare revenue cycle companies. Every year in September, Modern Healthcare publishes its annual By the Numbers list of the top healthcare revenue cycle firms based on surveys of top healthcare revenue cycle firms.
With healthcare organizations across the country facing financial issues exacerbated by the COVID-19 pandemic, Meduit delivers efficient and effective revenue cycle solutions that lead to measurable, high-performing results. By helping accelerate cash to the healthcare provider’s bottom line, Meduit ensures that the provider has the resources to continue delivering excellence in patient care.
This is a tremendous honor for Meduit. This recognition of Meduit’s size and strength reflects our commitment to providing leading revenue cycle solutions to hospitals, health systems and physicians that ensure their financial health.
The patient financial experience is a critical part of measuring overall patient satisfaction or dissatisfaction with their medical services provider. While HCAHPS scores are useful for defining patient satisfaction in clinical areas, they do not provide much of a view into the patient financial experience.
Voice Analytics Solutions that leverage AI technologies are an excellent tool to monitor the main drivers of patient financial satisfaction or dissatisfaction, identify trends and pinpoint the root causes of issues. Voice Analytics Solutions score and benchmark the patient financial experience and deliver actionable information to providers so they can make adjustments and improvements where needed.
Meduit’s recently published white paper, State-of-the-Art Technology to Improve the Patient Financial Experience, demonstrates how Voice Analytics Solutions drive positive patient financial experiences.
In one of the two case studies featured in the white paper, one health system leveraged Voice Analytics Solutions to create better patient financial experiences. As a result, the health system accelerated its receivables by $500,000 in collections per month, increasing its self-pay collections overall by $6 million per year.
Download your copy of the white paper by clicking the button below.
The protracted nature of the COVID-19 pandemic has revealed systemic weaknesses as well as opportunities within the revenue cycle. Healthcare consultants are in a key position to help hospitals and health systems navigate these challenging times with a broad, strategic perspective that can deliver sustained, positive impact well into the future for their clients.
Based on Meduit’s work with healthcare consultants across the country, they have relayed that their shared challenge has been to simultaneously:
Olivier Witteveen serves as Meduit’s Senior Vice President of Product Development. In this issue of Cycle Up, we sat down with Olivier to talk about leveraging digital technologies to drive patient engagement. In his spare time, you’ll find Olivier playing tennis, speed skating and sailing. He recently built a fast, lightweight wooden sailboat with his son!
Meduit introduced SARA – short for Supervised Autonomous Revenue Associate – a little over a year ago to solve specific revenue cycle task problems. SARA functions with true machine learning and leverages artificial intelligence and robotic process automation to transform the revenue cycle.
Since her launch, SARA has grown from one application to more than a dozen. She’s learning faster than we ever imagined and works 24/7 with no downtime, successfully working one account approximately every 1.5 minutes, and getting faster.
Meduit One is a proprietary collection process that allows providers to resolve accounts receivable with ease and drive cash to fuel financial health and resilience.
Here’s how Meduit One works:
At Meduit, we are always striving to improve processes that allow us to provide the best RCM solutions in the industry. To that end, we have completely redesigned the Meduit Careers webpage to make it easy for job seekers to identify the right opportunities within our organization and learn more about the important work that Meduit is doing to ensure the financial health of our clients.
On the new Careers page, you’ll see that you can review open positions, get a good sense of the exciting Meduit team culture, hear from Meduit teammates, understand more about the company, watch videos, view live social posts and much more.
Watch this short video from Meduit CEO Jeff Nieman to learn more about Meduit’s recruiting efforts and the benefits of working with our team: