>> welcome to MEDUSIND. Revenue Cycle Management

Transcription

1 >> welcome to MEDUSIND Revenue Cycle Management

2 >> about US In our emerging global economy, Knowledge Process Outsourcing (KPO) and Business Process Outsourcing (BPO) have become essential strategies for US healthcare organizations. From the rural single-doctor practice to the largest metropolitan healthcare systems, informed physicians are turning to BPO providers as their primary means to reduce overhead costs, improve employee productivity, enhance revenue recovery and to create sustainable value for their organizations. >> Leading the Way As a premier healthcare KPO/BPO provider, thousands of physicians, hospitals, dental groups, health-plans and third party administrators depend on Medusind to achieve their RCM goals. Established in 2002, Medusind has grown to more than 2,000 employees across 9 state-of- the-art offices, becoming one of the most widely recognized global resources for business- minded healthcare organizations.. Today, the largest value driver in healthcare BPO partnerships continues to be physician revenue cycle management. As a pioneer in the RCM/BPO delivery model, Medusind set a new standard in RCM performance. By delivering a truly unique business solution, our model has transformed to- day s clinics into highly efficient, cost effective patient centered practices that enable physicians to be more productive and enjoy a healthy, profitable and thriving medical practice.

3 >> understanding physician NEEDS >> Physicians Speak Out More than 800,000 physicians practice medicine in the US today. Their specialties, locations and practice size may differ, but the difficulties of managing a practice are common to all of them. Here s what they re saying today... Declining Reimbursements Declining Reimbursements rated highest of issues physicians identify as impediments to the delivery of patient care in their practice, followed by demands on physician time Lack of Training When asked How well do you feel medical school prepared you to take on the business side of managing a practice? nearly 70% of medical students indicated they do not feel prepared Increased Staffing Needs Despite the revolution in computer technology that gave rise to electronic billing and pow- erful practice management applications, the average physician s full-time staffing needs have increased from 3.3 in 1974 ro 4.75 in Today, the average annual cost of five employees is $177,128 Increased Work Load From 2003 to 2008, physician productivity rose by 20.39% while income only increased by 16.20% >> The Bottom Line Only 17% of physicians today rate the financial position of their practice as healthy and profitable

4 >> thinking outside the BOX >> Limitations of Technology While technology has added greater efficiency to practice management and RCM processes, it alone is not the solution for a healthy and profitable practice. At Medusind, we understand that technology is only a tool to be leveraged: it is the right RCM strategy that ultimately drives better financial performance and sustains practice profitability. >> Redefining Medical Practice Management Strategies A physician s time is often divided between practicing medicine and managing the practice. Any changes in staffing levels, unforseen technology failures or interruptions in reimbursements can quickly shift the focus away from patient care to administrative trouble shooting. While the billing and other back office functions are all essential components of a practice, they aren t the core focus of medicine. In addition to technology, physicians must deploy specific business strategies that maximize of- fice efficiency, improve revenue recovery, ensure cost effectivess, increase employee productivity and enhance the delivery of quality of patient care.

5 >> outsourcing REVOLUTION >> Henry Ford Leads a Revolution The moment Henry Ford met Harvey Firestone in 1895, the course of the 20th century changed forever. Ford headed up the biggest outsourcing revolution in America, ultimately lowering production costs and making the automobile more affordable. After signing the deal with Firestone, Ford proudly remarked We re now in the business of selling automo- biles, and not manufacturing rubber tires... A century later, healthcare providers began to adopt a similar business model, outsourcing their burdensome RCM to specialized medical billing companies. In the 80 s and 90 s, nearly a thousand medical billing companies entered the growing RCM market, offering savings through economies of scale and the avoidance of investment in costly computers and software development. >> Losing its Luster Today, nearly 22% of physicians outsource their RCM to third party companies. Physicians outsource for many different reasons. For some it s the confidence that an outside firm can achieve better performance while others advocate cost savings. Some physicians say they want to concentrate soley on medicine and outsourc- ing frees them from this back offfice responsibility. Still a majority, 78%, will argue that outsourcing is beginning to lose its luster as the original value drivers appear to be diminishing: First, the cost of technology has drastically come down in price, making PC s and software very affordable. Secondly, physicians today have access to the same local human resource pool as the billing companies and the regional market price for qualified employees is identical. Not to mention, while most billing companies charge between 6%-10% of net collections, the cost of in-house billing is nearly the same today by comparison. Finally, loss of control and process transparency are both becoming greater con- cerns to many physicians considering outsourcing. So what remains of the original outsourcing value proposition today.

6 >> developing smarter STRATEGIES >> The Need for Better Strategies Outsourcing as a concept, has not diminshed in value. Simply stated, the original outsourcing strategies have become antiquated and the value drivers out-dated. Clearly, the RCM strategies of the 1990 s have not kept pace with our rapidly changing needs and the emergence of a global healthcare delivery market.. >> The New Value Drivers Today s healthcare business model reaches far beyond the traditional geographic boundries of the 20th century, Advances in technology, exponential growth in bandwith and processing speed, combined with secure global networking, have all created extraordinary new opportunities for healthcare providers. Today, any size practice can leverage global knowledge, resources, capabilities and even expand their capacities all for the negligible cost of a high speed internet connection. As a pioneer in the revolutionary healthcare RCM/BPO delivery model, Medusind continues to reach beyond traditional boundaries, leading the way in knowledge, innovation, performance and value creation. By offering quality, end-toend revenue cycle management solutions, Medusind s clients enjoy world class RCM ser- vices, offering greater productivity, better quality, improved performance, more security and the highest process transparency in the industry.all at 50% less cost than traditional domestic RCM outsourcing.

7 >> leveraging the global ADVANTAGE >> Think Global, Think India India is one of the fastest growing economies in the world and and home to the largest English speaking population on the planet. Boasting more than 1.2 billion people, India is the world s largest, stable democracy. Producing more than 2 million college graduates each year, India continues to strengthen its position as the leading business process outsourcing partner for the US healthcare industry. Over the past decade, India has proven its market competence and superiority by growing the US healthcare BPO market to a $38 billion dollar/year industry with a sustainable 15% CAGR.. Considering outsourcing?, Think global. Think India. >> What s in a Name? Today, the global advantages are exceedingly clear and the new value drivers are widely accepted as the the best-in-breed RCM strategies, As this market trend continues, our terminolgy is begin- ning to evolve: off-shore is now becoming near-shore and global partnerships are slowly be- coming dual-shore. Collectively, the most cost effective, high performance RCM models today are becoming known as right shore solutions. No matter what terminology you choose, Medusind has simplified a unique BPO delivery model to a feel like a single shore solution.

8 >> achieving better PERFORMANCE The nation s leading healthcare organizations leverage Medusind s global resources to help them transform their traditional RCM departments from cost centers to high- impact, value creating enterprises. Here s just a few of our competitive advantages that help us achieve better performance... >> Our Competitive Edge Well established, proven market in US Healthcare.BPO Time zone differential provides faster turn-around times Greater access to highly qualified, educated and experienced RCM professionals Increased productivity through 24 hour operations Significant savings up to 50% over domestic costs Added secutiry and higher compliance standards ISO/ IEC certified Financially stable and debt free company Reference clients include publicly traded companies on NYSE Exclusively focused on US healthcare Over 1,000 employees, offering true scalability to clients Coding Center of Excellence headed by clinically experienced medical doctors

9 >> getting STARTED US Corporate Office Rancho Viejo Rd, Ste 2150 San Juan Capistrano, CA India Corporate Office 6 th Floor, The Great Oasis, D-13, Street 21 MIDC, Marol, Andheri (E), Mumbai