Software optimizes RCM workflow with document capture.
Press Release Summary:
MSI Imaging transforms revenue cycle management (RCM) by capturing and organizing healthcare and patient data to promote integration with processes and technologies. Helping optimize revenue cycle workflow, data access tool converts healthcare records into actionable information with built-in automation, digital indexing, and reconciliation. It also addresses missing component in capture and standardization of payment information from financial institutions and payers.
Original Press Release:
MSI Imaging from MedSynergies Transforms Revenue Cycle Workflow with Integrated Document Capture
Comprehensive data access tool converts healthcare records into actionable information with built-in automation, digital indexing and reconciliation for optimal revenue cycle workflow
DALLAS, July 18 - MedSynergies Inc., a leading provider of healthcare revenue cycle services and technology including advanced analytics and reporting platforms, announced the availability of MSI Imaging, a data access tool that transforms revenue cycle management (RCM) by capturing and organizing healthcare and patient data to improve integration with processes and technologies including the practice management system GE Centricity(R) Group Management (formerly IDX(R) Groupcast(R)).
Developed to address the missing component in capture and standardization of payment information from financial institutions and payers, MSI Imaging more efficiently channels data into the revenue cycle workflow, from Explanation of Benefits (EOB), checks and correspondence, to be accessed and used by other information systems that healthcare providers rely on daily.
Designed to support practice managers, physician practices, hospitalists and healthcare billing providers, the MSI Imaging system for information collection and indexing offers increased speed and efficiency in claims processing, enhanced standardization and automation in secondary claims filing, easier reconciliation, improved denials management, accounts receivable (A/R) management and over-the-counter (OTC) collections. The exclusive use of the paper EOB is a leading cause of redundant data collection as billing analysts follow a single hard copy record without specialization or separation of duties in the workflow, insight into the process or the electronic means to measure accountability.
"MedSynergies understands the critical operational challenges involved in optimizing information flow and processing to improve financial performance without compromising quality of care," said Frank Marshall, COO of MedSynergies. "The MSI Imaging solution fills a sizeable void in revenue cycle workflow by relieving dependence on the paper EOB with a standardized data capture method that is seamlessly integrated into an optimized process and easily accessible to systems physician practices and billing companies [they] are already using. The opportunities are immediate, and the results are dramatic."
MSI Imaging offers a comprehensive set of features to support ease of use, streamlined secondary claims filing, faster payment auditing, and integration with industry-leading processes and technologies including MedSynergies and GE/IDX Groupcast platforms:
- Digital recreation of electronic remittance advice (ERA)
- 15 searchable charge-level fields for efficient A/R follow-up
- Data capture from EOBs, checks and correspondence
- Virtual indexing of ERA or 835 files in an easy-to-read format
- Electronic image uploading and indexing from bank records
- Supports combined indexing and posting process
- Integration with major practice management systems
- Easy-to-use application with auditing for payment processing
- Designed to support optimized workflow processes
- Historical views of secondary claims with the corresponding primary EOB
- Fast and cost-efficient addition of new providers, locations, payers and batch types
The immediate impact of MSI Imaging processes for an optimized revenue cycle workflow, compared to a traditional workflow or even one enhanced with an established imaging and indexing solution, is reflected in the real-world benefits experienced by healthcare professionals and physicians including a 30 percent increase in payment posting efficiency, a 50 percent improvement in both secondary claims filing and A/R management productivity and improved patient satisfaction and over-the-counter collections due to the immediate access of the EOB.
MSI Imaging is fully integrated with MedSynergies' scalable and robust suite of offerings that provides mission-critical operations analysis, technology and services enabling revenue improvements for billing organizations and physician practices in 26 specialties.
"Our continuous passion to improve business operations and optimize financial performance pushes us to create new, affordable RCM services like MSI Imaging that increase revenue and efficiency for physicians and healthcare providers working hard to maintain high-quality patient care," said John R. Thomas, CEO and president of MedSynergies. "MedSynergies is driving the healthcare RCM industry forward by providing physician practices, billing organizations and hospitalists with tools and processes to significantly improve revenue cycles utilizing realistic and attainable metrics."
About MedSynergies Inc.:
MedSynergies is a privately held provider of revenue cycle management and consulting services, business process analysis and software integration that improve the daily operations of healthcare organizations. Dedicated to enhancing the strategic, financial and operating environment of physician clients, MedSynergies serves hospitalists, specialty medical groups, healthcare billing organizations and ambulatory surgical centers, nationwide. MedSynergies evaluates and implements enhanced processes and information systems that increase the overall quality of the physician practice and central billing office environment through improved billing and collections, reduced costs and operational advisory services. Founded in 1996 and based in Irving, Texas, MedSynergies has approximately 200 employees in seven offices across the United States. More information on MedSynergies is available at www.medsynergies.com/. MedSynergies' Revenue Cycle Management solutions are detailed at physician billing with msi.asp.
CONTACT: Erin Groover of Michael & Partners, +1-972-716-0500, ext. 41, egroover@michaelpartners.com, for MedSynergies Inc.; or Patti McCoy of MedSynergies Inc., +1-972-791-1224, ext. 1651, pmccoy@medsynergies.com
