Revenue cycle management.
CareMedic, acquired by Ingenix in 2010, was a provider of healthcare operations management solutions. With more than 1,000 healthcare organizations as its customers, CareMedic has a multitude of systems controlling outsourced operations ranging from revenue cycle management to claims management.
CareMedic
The Client
Founded in 1996, CareMedic Systems, Inc. provides proactive financial management solutions to more than 1,500 U.S. hospitals and healthcare providers. Specializing in revenue cycle management, CareMedic Systems provides end-to-end solutions that streamline cash flow, speed the reimbursement process and manage the complexity of the revenue cycle. Over a decade ago, CareMedic Systems launched its flagship product to provide customers with real-time data entry to Medicare. Today, CareMedic Systems is revolutionizing the healthcare industry with its electronic Financial Record (eFR) solution.
CareMedic Systems’ eFR is the only solution that connects information from disparate systems into a single patient financial record, which allows all authorized users to access patient information from any point in the system. With more than 300 employees in three offices, CareMedic Systems is continually exploring new ways to enhance its internal processes and workflow applications. To deliver even better client satisfaction, Stan Stoudenmire, vice president services delivery of CareMedic Systems, began looking for an application development and consulting firm who could enhance process efficiencies and increase revenue capture.
"Premier Logic rapidly understood our business and delivered solutions within 30 days that directly impacted our productivity and revenue. They then worked closely with us to build a roadmap to reduce overall IT costs, modernize IT investments and increase revenue capture."
— Stan Stoudenmire, VP Services Delivery - CareMedic, Inc.
The Challenge.
The healthcare industry is known for lacking efficiency with workflow and payment processes. In light of the American Recovery and Reinvestment Act (ARRA), hospitals and healthcare providers are seeking automation and greater visibility of processes and back office data.
CareMedic Systems strives to provide enabling technologies and services that optimize revenue cycle efficiency, therefore improving clients’ cash flow, margins and productivity. However, the complexity of managing a multitude of financial data for hospitals and healthcare providers across the nation presented a considerable challenge for CareMedic Systems.
Relying on manual processes and their potential for human error, CareMedic Systems experienced process inefficiencies and decreased revenue capture on its BPO services. Additionally, the time involved with executing manual processes and ensuring accuracy across the entire revenue cycle increased time-to-market on key product development efforts.
The Solution.
CareMedic Systems knew that modernized IT systems would result in increased process efficiencies through automation, reducing the element of human error, and greater revenue capture through process analysis.
After careful due diligence, CareMedic Systems selected Premier Logic, a proven application development and consulting company, to develop integrated workflow applications that would enhance value from current IT systems to increase revenue capture. By leveraging Premier Logic’s domain and technology expertise, CareMedic leveraged its workflow application in two ways:
- 1. A tool to automate new and existing business processes.
- 2. A business intelligence platform to provide visibility into operations.
The Results.
Within 30 days, CareMedic Systems used Premier Logic’s custom application development expertise, achieving:
- 20-50% return in increased revenue capture for CareMedic’s clients
- $4 million in patient claims processed in only two weeks
- Greater visibility into all hospital financials