Success Stories
Translating service into success.
MedeFinance® Performance OnDemand™ is making a dramatic difference in hundreds of healthcare organizations today. Our clients say our proactive, can-do attitude distinguishes us from other healthcare information and technology providers. Our proven track record translates service into success. Our technology and expertise deliver tailored solutions for healthcare providers and payers. Here's how we have delivered. Increasing Cash Flow and Streamlining Processes A major national health system needed to improve cash generation through more efficient and accelerated cash collection. Using MedeFinance solutions, they dramatically improved liquidity through business intelligence and sustained a new level of performance with process improvements. Cash collection increased more than 300% over budget goals in the first year with an immediate ROI factor of six. Positive bottom line impact was also felt from reduced cash reserves, lower cost to collect ratios, and other balance sheet improvements. Process improvements generated additional savings through improved reimbursement, workflow, and reallocation of resources. The company cut outside consultants, use of collection agencies, and redirected planned IT investments. They created best practices for payer profiling and denial reduction while achieving a payer negotiation advantage using patient level detail information at the line item level. With instant online access on a consolidated platform-and shared accurate revenue cycle information across revenue generation, resolution, and monitoring activities-they cut IT costs across a nationwide system and created a single source of truth. Reducing Cost of Ownership with On Demand Technology A premier provider of home healthcare services needed a web-based performance management solution that would not require a large IT investment in hardware, software, and maintenance. They required the easy access, simple communication, and unlimited scalability of an on demand company-wide revenue cycle intelligence platform. With the MedeFinance solution, they achieved their goals by avoiding unnecessary expenses for hardware, software, consultants, and training. Adaptive web analytics provides management with a standardized, reliable, and real-time view of financial performance, delivering actionable information and key analytics in a user-friendly interface. Financial managers are continuously empowered with the intelligence needed to properly measure and monitor the revenue and accounts receivable cycle and proactively address operating efficiency. Intelligence Expansion through Financial Visibility One of the nation's largest investor-owned integrated delivery networks operates hospitals and related healthcare facilities across multiple states. They needed a fast, cost-effective solution to roll up enterprise performance management without investing in a large traditional IT implementation project. They also wanted to enable dozens of individual hospital managers to measure and monitor key performance metrics of the revenue and accounts receivable cycle in a consistent manner across the enterprise, and share best practices. MedeFinance integrated and standardized financial information for executives and provided hospital CFOs with metrics for accountability to benchmark where financial performance could be significantly improved. Individual hospital CFOs could now close their books earlier upon completion of the monthly billing cycle. The client improved accounts receivable performance with timely information and tools that fueled better, faster decisions. They also enhanced management of revenue cycle adjustments for denials, bad debt write-offs, and third party contracts. Drill down further into the details of how these clients achieved success using MedeFinance solutions for performance management using on demand technology.