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Revenue cycle management has long been a targeted area to rein in cost, accelerate revenue, and strengthen a healthcare system’s financial success. Pre-COVID, healthcare organizations were encountering staffing shortages with the most problematic areas pertaining to nurses and physicians. Post COVID, staffing shortages are occurring throughout the system and revenue cycle is no exception. Healthcare providers are now facing critical situations due to low staffing and are exploring new ways to accomplish their goals. Today, successful executives…
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Unexpected hospital fees are a shock to the patient community; often resulting in frustration with the provider. Communication with the patient before the encounter is paramount to the patient’s satisfaction as well as the facility’s fiscal success. Many providers work tirelessly to improve the front end of their revenue cycle only to see it slip into the old ways as employee turnover and time constraints in the registration area return registration staff back to the path of…
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2020 WAS A YEAR OF UNEXPECTED DIGITAL ENGAGEMENT THAT NO ONE COULD FORESEE. THE COVID-19 PANDEMIC HIT AND IMMEDIATELY CHANGED THE WAY THAT WE CONNECTED WITH FRIENDS, FAMILY, AND THE ENTIRE WORLD. DIGITAL TRANSFORMATION CATAPULTED FORWARD AT AN UNIMAGINABLE RATE. SOLUTIONS WERE BUILT OUT OF NECESSITY AND THE WORLD WAS CHANGED. END RESULT…A MUCH MORE DIGITALLY CAPABLE SOCIETY …AND WE AREN’T GOING BACK. Pre-COVID Factors First, let us take a look at factors that had begun to…
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During the recent 25th Anniversary celebration, MedCo announced Terri Edger has been promoted to Vice President of Operations. Terri previously served as Director of Call Center Operations. During her 5+ years with MedCo, she has also held the Director of Client Services role as well as others. “As our company has grown from one to many over the last 25 years we have continually adapted and evolved to maintain our core values and objectives. During this time we have…
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During the recent 25th Anniversary celebration, MedCo announced Brandy Simpson has been promoted to Vice President of Revenue Optimization. MedCo is how many employees who have previously left for education or other opportunities always find their way back. I hired Brandy about 15 years ago to assist us with answering the telephone. After moving up the ladder to the position of Client Services Manager, she received an opportunity to work for a health facility that would help…
Read MoreMedCo is excited to announce that Greg Wilder will lead the Sales team! Greg will fill the slot vacated by Wallace Harmening’s recent promotion to Chief Revenue Officer. Greg has over 25 years of sales, management, business development and executive leadership experience in the Healthcare Industry. The majority of his career has been focused on providing solutions and services with an emphasis on revenue cycle management applications. He has held various leadership roles in both large fortune 500…
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MEDCO SERVICES AND HEALTHQRS ANNOUNCE STRATEGIC PARTNERSHIP ALLOWING HEALTHCARE PROVIDERS TO OFFER A CONSUMER EXPERIENCE TO PATIENTS. Chicago, IL- MedCo Services, Inc., a leader in Revenue Cycle Management, announced today at Becker’s Hospital Review 5th Annual Health IT + Revenue Cycle Conference its strategic partnership with HealthQRS. HealthQRS’ founders were the former founders of nTelagent, the first holistic retail application for point-of-service healthcare. HealthQRS was founded to create a retail healthcare platform that addresses the needs of…
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Each year MedCo likes to find different ways throughout the year to give back! This holiday season MedCo decided to have a little fun with our company Food Drive by adding a friendly competition for our employees. “Being an Alabama based company; most of our employees have to choose a football team at birth. Around here you either say Roll Tide or War Eagle; and if you know anyone from Alabama you know that it is a…
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MedCo is excited to announce the expansion of our sales team. Jeff Brown and Gail Locke have joined the MedCo sales team as VP of Sales. “We are excited to be adding additional talent to our sales team. Jeff brings strong sales leadership and will be responsible for launching our newest solution Health QRS, as well as growing our RCM business. Gail has tremendous legal and bad debt experience and will be focused on our bad debt…
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In today’s reimbursement world, average denial rates among providers are greater than 10% with best practice being at or below 5%. So how do you effectively analyze and assign workflow to prevent timely filing for possible rebills or appeals; with some timely filings being as low as 60 days? TECHNOLOGY At Medco we utilize our proprietary RevSTAT software suite. RevSTAT utilizes contract management solutions and denial workflow based on granular denial code analysis to effectively identify trends causing…
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