Stephen M. Mooney, CEO Along with the mission-critical medical services, healthcare units today are experiencing rapid increase in revenue generation. To ensure consistency in income, Revenue Cycle Management (RCM) facilitates financial benefits on predictable schedule. Studies show that inadequate revenue management process leads hospitals to lose up to 3-4 percent of net revenue. However, healthcare organizations face decline in re-imbursement and low profitability due to poorly managed revenue cycles. Conifer Health Solutions, a healthcare services company, provides solutions that strengthen financial and clinical performance of organizations by providing RCM solutions to overcome difficulties in revenue management. “We help to meet the immediate revenue cycle needs and master the evolution to new delivery and reimbursement models,” affirms Stephen M. Mooney, CEO of Conifer Health Solutions.
The firm’s flagship offering, the Conifer Appointment Management service, helps in organizing patient appointment. Another service, the Conifer Patient Advocacy, works on-site at the point of care and helps to identify and match self-pay and un-insured patients with federal, state, or other third-party medical coverage. The Conifer Denials and Appeals Management service enables to regain the revenue lost in inappropriate clinical, technical, and administrative denials. “We identify the cause of denial and implement effective strategies to reduce costly delays in payments,” says Mooney. The service interacts with major government and commercial payers to understand the complexities of the system and prevents denials by streamlining operations. Denial management recaptures underpayments that stem out from conflicting interpretations of clinical documentation and payer policy. It provides periodic denial volume reports to guide future payer negotiation.
Under the domain of RCM, Conifer Health Solutions provides Conifer Accounts Receivable (A/R) Management, a high-impact service to bring in the revenue earned.
ConiferCore Revenue Performance Platform customizes the engagement and focus on short-term conversion for a long term solution. The Revenue Cycle Outsourcing service is powered by the platform. This service collects third-party receivables and manages patient financial services to improve A/R operational performance and reporting. It tackles the complexities of the denials and identifies the cause for both clinical and administrative denials.
The Revenue Cycle Outsourcing service of the firm offers secure, short-term and sustainable financial improvements that provide adaptability and scalability to help organizations for value-based reimbursement. It assumes operational responsibility for revenue cycle using share-serviced model that give access to premier technology without heavy investments or maintenance requirements. “The RCM service is performance-driven and simplifies patient interactions through the use of onsite and service center-based scheduling,” states Mooney. It helps to transforms clinical information into data to create more successful patient outcomes. The offering focuses on the changing federal, state, and local regulatory needs that might affect the revenue cycle.
The RCM service is performance-driven and simplifies patient interactions through the use of onsite and service center-based scheduling
Centennial Medical Center, a full service acute care hospital in U.S., is one such client who has benefitted from these services. Centennial needed better revenue cycle insights with better control over performance and access to leading technology. The implementation of the financial management solutions by Conifer Health reduced A/R days by 33 percent and increased cash collection by 100 percent.
For the future, Conifer plans to further improve their RCM services and manage the financial risk linked with health reforms. “Our revenue management and patient experience services can help organization deepen its impact throughout the community, in addition to supporting their performance-based outcomes,” concludes Mooney.
