Podcast Episode 50 – How to Fix Your Revenue Cycle So You Stop Losing Millions of Dollars Per Year – Matt Seefeld (MedEvolve)
Episode 50 – My guest today is Matt Seefeld. He’s the Executive Vice President of MedEvolve. Matt helps physician groups stay independent and profitable. He is an expert in design and implementation of AI-driven workflow solutions and business analytics that drive transparency, accountability and automation for healthcare organizations.
He works with physician groups around the country to optimize the way they manage their revenue cycles and medical billing teams so they can reduce their cost to collect money, and to increase efficiency. The quality of a practice’s accounts receivable management directly impacts the organization’s net revenue and the ability to maintain a healthy balance sheet.
Matt’s going to walk us through some key questions that we need to be able to answer in order to ensure we have a thriving business. I guarantee that you’ll hear at least a few questions you won’t be able to answer. As Matt will tell us, an inability to answer these questions could be costing us hundreds of thousands or even millions of dollars per year. He’s going to help us maximize our revenue cycle, stop losing money we’ve rightfully earned, and have an efficient and profitable business so we can keep taking great care of our patients.
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Meet Matt Seefeld and the MedEvolve team!
Matt Seefeld is Executive Vice President at MedEvolve, responsible for all RCM operations, data science and workflow automation solutions and business development. He brings over 20 years of management consulting experience in the healthcare industry with extensive expertise in process improvement programs and technology across the entire revenue cycle.
Matt began his career with Stockamp & Associates, Inc. and worked for both PricewaterhouseCoopers LLP and Deloitte Consulting LLP in their healthcare and life sciences practice lines. In 2007, he developed a business intelligence solution and founded Interpoint Partners, LLC, where he served as Chairman and CEO. In 2011, he sold his business to Streamline Health Solutions where he then served as Chief Strategist of Revenue Cycle and SVP of Solutions Strategy until 2014. Immediately prior to joining MedEvolve, Matt ran global sales for NantHealth.
He is also a board member and strategic advisor for a number of healthcare technology companies. He completed his undergraduate studies at the University of California-San Diego where he also achieved NCAA All-American honors three times during his collegiate track and field career.
Connect to Matt and MedEvolve
- Website: www.medevolve.com
- Twitter (Matt): @mseefeld
- Twitter (MedEvolve): @medevolve
- Facebook: MedEvolve
- LinkedIn: MedEvolve
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- 00:00 – Introduction to the episode.
- 01:28 – Subscribe to the podcast, and please leave a review!
- 01:45 – Check out the “Resources” tab at the top of the website (www.thescopeofpractice.com)!
- 02:06 – Contact this week’s podcast sponsor, Physician Financial Service, for help with disability insurance.
- 03:06 – Introduction to Matt Seefeld from MedEvolve.
- 04:43 – Let’s meet Matt Seefeld from MedEvolve!
- 08:23 – Let’s start with the fundamentals. What are some basic definitions of the business revenue cycle?
- 11:13 – What are the main obstacles to maximizing the revenue cycle that MedEvolve sees?
- 13:19 – Matt Seefeld explains the top metrics that we need to be tracking to make sure that we’re staying on top of our revenue generation.
- 16:35 – It’s hard for physicians to insist patients pay them, but we HAVE to do this! If we don’t run a good business, we definitely will not be around long enough to be able to continue to care for our patients.
- 17:42 – MedEvolve and Matt Seefeld recommend that physicians track your net collections rate. What percent of your expected collections are you actually collecting? It should not be more than 4%. If you don’t know your NCR, that’s a critical metric you need to start tracking immediately!!
- 21:04 – How do we justify making the investment in an AI process for revenue management? MedEvolve has great software in place to integrate into your electronic medical record system.
- 23:54 – How can programs like those that MedEvolve provides save us time and personnel resources?
- 26:17 – Matt Seefeld walks Dr. Lacey through an example of a revenue cycle. Where are some places where revenue creation opportunities are falling through the cracks? MedEvolve and companies like them help physician offices audit their processes and make sure they’re getting paid what they are legitimately owed.
- 30:45 – A lot of physician practices are getting a lot of insurance claim denials. We have to get our denial rate to be as low as possible to ensure we’re getting paid.
- 33:48 – How long does it take to do a full audit and correct a clinical practice’s metrics? What kind of net revenue increase can they expect to see? Matt Seefeld and MedEvolve can take care of things in a matter of months.
- 37:25 – Pay attention to things like payor mix. If you have a 10% increase in Medicare patients, it can drop your revenue by 20% or more. MedEvolve and Matt Seefeld see that kind of thing happen all too often.
- 41:45 – Are most insurance denials happening because of bad coding or some other error that we’re making? Bad coding is definitely in the top 3!
- 43:50 – MedEvolve recommends that we collect some percentage of our revenue at the time of service or even prior to service. This will cut way down on uncollected funds.
- 46:48 – You could run into trouble with seeming callous or unfeeling if you’re hyper focused on money with your patients. But, Matt Seefeld asserts that you can get around that by just communicating more effectively with your patients.
- 50:27 – For physicians looking to fix their revenue cycle, where do they start? You can get in touch with Matt Seefeld and MedEvolve, for one!
- 52:52 – Connect with MedEvolve and Matt Seefeld to learn more about maximizing the revenue cycle.
- 54:55 – Summary of the episode.
- 56:25 – This week’s free resource is a guide called “5 Critical Tools for Physician Leaders.”
- 57:19 – Signing off!
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