What You Should Know:
– Revology, a provider of revenue cycle management (RCM) solutions, has announced a multi-year contract with Hancock Health to manage its RCM operations.
– Hancock Health expanded its partnership with revology after the RCM firm helped increase cash collections, resulting in an additional $10 million for the organization.
Addressing RCM Challenges in Healthcare
Healthcare organizations face growing challenges in managing their revenue cycles effectively. Complex billing processes, increasing claim denials, and evolving payer requirements strain resources and hinder financial performance. Revology’s solutions address these challenges by providing a comprehensive approach to RCM optimization.
Revology’s auxo Platform: Transforming RCM with AI
The auxo platform is a key component of Revology’s RCM solution. It offers a range of features designed to streamline workflows and improve efficiency:
- Automated Claims Management: Automates the claims follow-up process, ensuring timely and accurate billing.
- Advanced Analytics: Provides data-driven insights into revenue cycle performance and identifies areas for improvement.
- Unified Workspace: Consolidates information from various sources into a single, intuitive platform, enhancing productivity.
- AI-Powered Guidance: Offers an AI chatbot that provides prescriptive guidance for managing claims and resolving issues.
Benefits for Hancock Health
This partnership with Revology will enable Hancock Health to:
- Increase Revenue: Improve cash collections and optimize revenue cycle performance.
- Enhance Efficiency: Streamline billing processes and reduce administrative burden.
- Improve Patient Experience: Create a more seamless and positive financial experience for patients.
- Focus on Patient Care: Allow staff to dedicate more time and resources to patient care.
“Hancock Health is a valued client partner and a modern example of how providers can leverage advanced technologies to improve their RCM operations,” said Chris Klitgaard, founder and CEO of revology. “Auxo automatically surfaces the highest priorities to both users and leaders, ensuring that the entire team is working on the organization’s most valuable claims at any given time. It removes the guesswork, making revenue cycle management intuitive and collaborative, which has resulted in millions of dollars in cash collections for our customers.”