MedData’s New Patient Financial Platform Solves Inefficient, Costly Revenue Cycle Challenges
As healthcare shifts from fee-for-service methods and toward a value-based care model, traditional approaches to revenue cycle management are filled with complex and costly challenges, including time and resource inefficiencies, compliance risk, and patient frustration.
“Hospital and health system CFOs nationwide are under tremendous
pressure to cut costs, and they are looking for ways to streamline their
revenue cycle,” said MedData president and CEO,
MedData conducted a 2017 annual performance study with existing clients across a broad range of provider types and found that connecting traditionally siloed services can drastically reduce the inefficient and costly aspects of traditional revenue cycle management. All patient-facing financial programs – including Eligibility, Patient Responsibility, Workers’ Compensation, Denials, Disability, and Third Party Liability – were linked together to identify all payer sources in the properly compliant order.
The unified solution, MedData OneTouch, created a single touchpoint where every patient, whether insured, under-insured, or uninsured, was able to receive the most appropriate coverage for their situation. Hospitals and health systems were able to simultaneously increase overall cost savings and patient satisfaction in addition to capturing incremental revenue purely through combining best-in-class patient financial services into a single process.
What makes MedData OneTouch so unique, says Barnes, is how it delivers one solution for the patient’s entire healthcare financial life cycle.
"Our innovative platform ensures that the patient financial experience is just as great as their clinical one. Because MedData serves as a single touchpoint, patients don’t have to provide the same information over and over again,” Barnes said. “And hospitals don’t have to worry about missing revenue opportunities or the significant compliance risk associated with juggling multiple vendors. Every interaction is seamless, positive, and productive.”
Additional results from the 2017 performance study are included in the white paper "Innovative Revenue Cycle Management Is the Sharpest Blade for Cutting Costs,” available on the MedData website.
Tom Robinette, 513-858-5417