Healthcare Providers Discover the Difference with Currance Rev-Cycle Yield™ Performance Solutions

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 Media contact:
Jeanne Ryan
jeanne@outlookmarketingsrv.com
317.509.6789

  • Newcomer launches innovative technology suite to help healthcare organizations achieve a new benchmark in revenue-cycle performance
  • Powerful Rev-Cycle Yield™ tools deliver 2 to 6 percent improvement in yield, accelerate cash collections and reduce costs starting in the first month
  • Game-changing solution platform leverages patented AI and predictive analytics to automate workflow and maximize the collection of earned revenue

Irvine, CA –July 23, 2021 – Founded in 2020 by healthcare revenue cycle industry experts, Currance announces the launch of Rev-Cycle Yield™ Performance  Solutions designed to help healthcare providers achieve and sustain a 2 to 6 percent revenue cycle yield improvement. Built on proven artificial intelligence (AI) and predictive analytics, these highly-scalable turnkey tools deliver data-driven root cause analysis to reduce cost-to-collect, accelerate cash flow and significantly improve the collection of earned revenue.

Maximizing yield is paramount to ensuring that providers are collecting on every dollar owed, which is the true benchmark of revenue cycle success.  We’re setting a new standard to sustainably improve process outcomes and performance, by closing the gap between cash collections and earned revenue,” said Michael Halberda, who brings over four decades as a healthcare professional and innovator to his role as a founder and CEO at Currance.

Unlocking the Power of Rev-Cycle Yield™ through Patented Technology

Today’s hospitals, health systems and physician practices face unprecedented challenges to managing fiscal operations, with rising costs, compounded by the continuing effects of the COVID-19 global pandemic.  Payer mix, patient volumes and other variables are constantly fluctuating. Designed to mitigate these variables and maximize contracted earned revenue, the Rev-Cycle Yield™ Performance tools bundle powerful HIPAA-compliant tools including Analytics (to deliver transparent revenue cycle performance reporting), Workflow (to enable efficiency in converting earned revenue to cash) and Collaboration (to promote collaboration of revenue cycle management staff working virtually).

Currance offers a new approach to looking at yield by embedding best-in-class knowledge of revenue cycle management into its proprietary patented technologies.  Rev-Cycle YieldTM delivers a precise measurement of operational efficiency by quantifying performance at specified time intervals such as at 60, 90 and 120 days. Its metrics also measure levels of effectiveness by department, work teams and individuals.  By isolating specific variables for potential delays, rev cycle leaders are able to determine critical paths for course correction.   Rev-Cycle Yield™ drills down deep into individual accounts to provide a transparent view of the revenue cycle, with actionable insights and highly accurate operational key performance indicators (KPIs).  The tools easily integrate with existing Patient Accounting systems to pinpoint process issues that may be hindering performance.

Professional Services and Workforce Solutions Optimize Financial Outcomes

“At Currance, we’re dedicated to empowering revenue cycle leaders with powerful analytics, precise metrics and actionable intelligence to allocate resources where they are most needed in order to maintain a steady cash flow and drive macro-outcomes,” adds Halberda.  “Our tools, services and hands-on training across every touchpoint of the rev-cycle can improve cash collections in just a month.”

In addition to rev-cycle performance technology, the Currance Professional Services team partners with healthcare providers during initial implementation to provide assessments, manage process design and optimize high-performance talent through Currance’s Flex Workforce and Workforce Development solutions.

Please contact Currance here to request a Rev-Cycle Yield™ Performance Platform demo.

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About Currance

Founded in 2020, Currance helps healthcare providers to achieve a new benchmark in Rev-Cycle Performance.  Our patented tools, unique approach to measuring yield, operational playbooks, and highly trained Flex Rev-Cycle workforce solutions empower sustained revenue cycle performance improvement. Our people bring decades of industry leading experience with Revenue Cycle Outsourcing, Consulting and Product Development to help hospitals discover the difference in managing and measuring Rev-Cycle Performance.

Currance Appoints Andre Garcia as Chief Information Officer

FOR IMMEDIATE RELEASE                                                                                 

 Media contact:
Jeanne Ryan
jeanne@outlookmarketingsrv.com
317.509.6789

Irvine, CA –July XX, 2021 – Currance, a leading healthcare revenue cycle industry innovator, announces the appointment of Andre Garcia to the position of Chief Information Officer (CIO).

“We’re proud to welcome Andre Garcia to our growing executive leadership team, dedicated to advancing powerful solutions that improve profitability and help revenue-cycle leaders contribute to building patient-centered, high-performing healthcare organizations,” stated Michael Halberda, founder and CEO of Currance.

Founded in 2020, Currance pioneered and launched a portfolio of technology solutions leveraging AI and predictive analytics to automate workflow and optimize earned revenue in healthcare organizations.  Highly-scalable Rev-Cycle Yield™ Performance tools deliver data-driven root cause analysis to reduce cost-to-collect, accelerate cash flow and significantly improve the collection of earned revenue.

Garcia brings over two decades of expertise and business acumen to this key position with Currance.  He holds a Bachelor of Science degree in business management from the University of Phoenix as well as Master of Science coursework in computer information systems from Boston University.  Additionally, he completed the Pathways to Strategic Leadership program with the CIO Executive Council and earned technology and security certifications (i.e., AWS, CEH, CCISO, CISM, and CISSP).

Most recently, Garcia served as Senior Vice President, IT Operations & Quality Engineering at TracFone Wireless, leading large teams and advancing cloud initiatives.  Previously he held management and technical leadership positions with companies including Compaq, IBM, JP Morgan Chase, Linksys and Microsoft.  He has consulted extensively in a wide range of highly regulated industries including financial services, healthcare/medical, high-tech, military, professional services and many others.

As Currance’s new CIO, Garcia brings proven leadership and oversight of product management, technology planning, cloud infrastructure and IT cybersecurity at the highest levels of compliance.  He is responsible for the successful execution of the overall IT strategy, product life-cycle support, and continuous improvement in Currance technology platforms and processes.

“A seasoned business professional, Andre thinks strategically and tactically to navigate the dynamic healthcare IT environment—aligning overarching business goals with technological advancements to optimize operational efficiencies and yield for our valued stakeholders,” adds Halberda.

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About Currance

Founded in 2020, Currance helps healthcare providers to achieve a new benchmark in Rev-Cycle performance.  Our patented tools, unique approach to measuring yield, operational playbooks, and highly trained Flex Rev-Cycle workforce solutions empower sustained Rev-Cycle performance improvement. Our people bring decades of industry leading experience with Revenue Cycle Outsourcing, Consulting and Product Development to help hospitals discover the difference in managing and measuring Rev-Cycle performance.

3 Considerations for Better Revenue Cycle Vendor Management

It may seem obvious that a strong revenue cycle simply requires healthy revenue in the first place. Yet when healthcare organizations manage RCM vendors, complexity can cloud visibility into profitability and increase collection costs.

With healthcare following a trend of digital transformation across many fronts, RCM vendors enhance revenue while freeing up organizational resources to focus on more competitive service avenues and patient facing initiatives.

RCM vendors can be a huge blessing for healthcare organizations that struggle to oversee their internal billing and collections, even with intelligent automation systems in place. The option to outsource parts of the revenue cycle or choose to delegate the entire cycle has been taken by at least half if not more of healthcare providers in the United States.

According to HFMA, the healthcare Financial Management Association[i], outsourcing revenue cycle functions may seem like an attractive strategy to providers, but this prospect should be approached with great care. The benefits will vary from organization to organization, and should be weighed according to each company’s needs, challenges, and growth goals. HFMA warns of the principal-agent problem where the partnership needs to be managed and incentives aligned. There is great advice in this article and we want to hone in on the importance raised of effective performance management. Knowing what goes on behind the scenes is critical, but results ultimately are what matter. The two parties therefore should undertake regular, robust, data-driven reviews of billing performance, with the following considerations stipulated in the contract:

  • The frequency of revenue cycle performance reviews, the format for discussions of findings (e.g., in person, teleconference), and who should be included in the discussions
  • The performance measures to be tracked as part of the review, how those measures are to be calculated, how the data are to be defined and pulled, and the level of granularity (e.g., group, specialty, location, physician) at which the information should be made available
  • What tools will be available for the provider to monitor performance independently

Pay based performance incentive structures, HFMA agrues, can be created that hold both accountable by tying the collections percentage to a schedule that considers the clean claims rate and the net collections rate. At the risk of oversimplification, the clean claims rate is determined by how effectively the provider organization captures appropriate information needed to process claims, and the net collections rate essentially measures how effectively the billing agency collects the allowable amount on claims. The exhibit below illustrates how these factors could determine the percentage of collections the vendor receives.

Further considerations when working with RCM vendors:

  1. Organizational alignment – Not every vendor is created equal and there is no “one size fits all” solution for third-party RCM. An RCM vendor can standardize patient access and ensure industry best practices are being followed every step of the way. But your company must review what each vendor offers and whether the cost of their service will provide the optimal ROI.
  2. Collaborative focus– An RCM vendor should provide more than just service fulfillment. The best relationship is a true partnership where the third party truly understands and supports your culture, your central goals, and your mission. Take the time to have more in-depth conversations with vendors and help them understand your perspective and approach to determine who can best fill both the service and skill gaps in the most complementary fashion.
  3. Reporting oversight and anslytics– Putting your RCM under a third-party vendor shouldn’t be a black box, especially when it comes to monitoring the performance and results. RCM vendors should be able to help you identify deeper problems that may exist in your revenue cycle, eliminate them, and support real change across your organization. This is facilitated by end-to-end reporting and consistent meetings that allow for education, training, and support every step of the way for more effective and permanent growth.

A few other factors can play a significant part in the outcome of RCM vendor partnerships:

  • Tracked processes for both patients and providers
  • Accurate patient end-to-end identification methods
  • Redundant process elimination
  • Denial analysis and collection streamlining
  • Real-time reporting for performance optimization

What does your company require most in considering RCM vendors? Which area of your revenue cycle do you need the most help with as far as skill gaps and resource availability?

To find out more about how Currance supports providers outsourcing their Revenue Cycle with tools, analytics, and support services, email us for a demo.

Sources:

https://www.hfma.org/topics/hfm/2018/september/61738.html

https://www.healthcareitnews.com/news/tech-optimization-boosting-revenue-cycle-management

https://www.healthcarefinancenews.com/news/how-better-vendor-management-can-help-improve-health-systems-revenue-cycle

[i] https://www.hfma.org/topics/hfm/2018/september/61776.html