Venkat Raman, President, MedAssist, a Firstsource Company
Today’s healthcare industry faces multi-pronged challenges—changing consumer expectations, shifts in financial responsibility, increasing ecosystem complexity, and growing demands for more robust health infrastructure. In response, all key participants—hospitals, physician groups, health plans, and health services—are reimagining their business and operating models. That’s where MedAssist, a Firstsource Company can help. Its ‘Digital First, Digital Now’ strategy and offerings are crafted to address these megatrends, even as the Healthcare industry continues to evolve. MedAssist’s solutions maximize reimbursement, increase cash flow and reduce bad debts by addressing three key challenges confronting the industry: revenue reduction, growing bad-debts due to hard-to-collect patient balances, and the increasing impact of patient satisfaction on hospital financials. “MedAssist offers focused revenue cycle solutions across eligibility, enrolment, business office management and recovery, designed to help Healthcare Provider clients prevent revenue leakage while enhancing patient engagement and satisfaction,” says Venkat Raman, President, Healthcare Provider.
Over the last decade, changes in the U.S. healthcare system have transformed the relationship between patients and the healthcare industry. Reducing the burden placed on patients has been a key focus in gaining patient cooperation and maximizing net returns for our clients. Initiating seamless processes, eliminating time-wasters, and providing patients with self-service technology are some of the initiatives that MedAssist delivers to its clients to improve the patient experience. “Since Patient Engagement has become a critical part of optimizing net return for our clients, we’ve explored the “why” in the process and have architected solutions that have allowed us to simplify the patient experience for both our clients and their patients,” mentions Raman. To complement the M FOCUSSM technology, MedAssist has developed Patient Self Service tools to aid in expedited service and positive patient engagement. The company’s Eligibility Mobile App utilizes document transfer technology that speeds up the turnaround time for application processing and allows patients to interact with our certified application counsellors digitally, making the process efficient and straightforward.
MedAssist’s M GAGEMENT℠
Patient Engagement Portal is a versatile tool that can be incorporated into all RCM workflow stages. M GAGEMENT digitizes the healthcare financial experience, providing patients with an all-in-one platform that allows them to communicate, pay bills, and manage financial matters using mobile phones, personal computers, and tablets. Beyond its functionality, M GAGEMENT provides a seamless experience, intuitive interactions, instant answers, and the flexibility to conduct business at times convenient for them. The benefits include improved patient engagement, enhanced recovery rates, and increased cash flow for providers. Those who have utilized M GAGEMENT have seen improved contact and payment rates exceeding their average recovery by 20 percent within the first few months. Recently, MedAssist conceptualized and implemented the next advancement in Eligibility and Enrollment for its proprietary solution M FOCUS by securing reimbursement in real-time—at the point of registration, before the delivery of clinical services. This enables automated insurance verification, cascading insurance detection, Medicaid screening, and financial assistance application automation—all while the patient is being registered. The collaboration helped the company fine-tune M FOCUS to meet one of their hospital client’s unique needs. The result: the hospital client experienced a 20 percent decrease in self-pay, a 22 percent increase in Medicaid approvals, and a 30 percent increase in Medicaid cash.
MedAssist offers focused revenue cycle solutions across eligibility enrolment, business office management and recovery
Scripting many such success stories, MedAssist is committed to helping providers achieve a stronger financial foundation while assisting patients with their financial journey. “We know our communities are best served when health systems are financially solid and patients are cared for locally, even when they don’t have insurance,” adds Raman. He further mentions that MedAssist’s platform-based service offerings include M FOCUS (Eligibility Automation Workflow) and M GAGEMENT (Digital Collections), and their digitally differentiated self-pay solution will be key growth drivers for the future. Looking ahead, the company is developing Intelligent Automation offerings for hospital finance processes, in partnership with leading automation platform partners like UiPath, Antworks, and Automation Anywhere, to help hospitals achieve digital transformation. “We also continue to invest in deepening our partnership with automation platform providers, including Automation Anywhere, UiPath, Blue Prism and AntWorks—both for automating client operations as well as offering as-a-service option for retained operations,” informs Raman.
To support its growth and ensure scalability, MedAssist has also established a partnership with LinkActiv Group, adding PuertoRico as a nearshore delivery location with bi-lingual service capability.