Federico Osorio, COO, Barry Meyer, the CFO, MD Cloud
The patient, the clinician, and the insurance company constitute today’s healthcare paradigm. The connecting factor between the three? Data. What starts off as symptoms in the patient, results in a medical encounter with a doctor, which is eventually reduced to a set of specific codes defining the diagnoses, procedures, providers and place-of-service. This is the realm of the Revenue Cycle Management (“RCM”) team. Times have changed since the early days of medical billing, and the sheer volume of data for even simple consultations is staggering. The only player that wins when a medical RCM system in suboptimal is the insurance company – not the patient or medical provider. According to a recent Becker’s ASC review article, 58 percent of all practices in the U.S. still utilize paper processes as their primary method of collecting information concerning patient encounters. Physicians, nurses and office staff, who utilize technology in every aspect of the personal life, are then forced to deal with manual and paper processes when they go to work. In addition, the information needs to be packaged in a secure and compliant infrastructure that ties all the data together.
Given the incredible amount of data involved, an RCM process based on manual or paper-based processes can be simply overwhelmed. A medical encounter is a complex interaction that begins when a patient schedules an appointment and ends when the healthcare provider has accepted the payment for the services provided. In this digital era, it would make sense then that the RCM process would be digital - in order to eliminate errors, make the process more transparent and to put the business data in a format that would be easy to analyze. This is where MD Cloud comes in. MD Cloud is a digital transformation specialist, that optimizes medical business processes by helping companies move from paper and manual processes to digital processes. In the words of Larry Scott, President of MD Cloud, “We are a digital transformation company that has recognized the needs of the medical community. Our integrated solutions utilize secure mobile data capture, patented HIPAA-compliant secure data transfer, and data integration to optimize the RCM system.”
Most of MD Cloud’s clients are on a paper billing system, a system which is fraught with errors, when they approach MD Cloud. Furthermore, when these companies are using IT solutions in their business processes, they are typically attempting to utilize several different solutions from different vendors that are not easily integrated – and may not work well together.
MD Cloud offers a comprehensive and completely integrated solution, which encompasses all phases of a patient encounter, including scheduling, data capture, RCM processing, data analytics and reporting. MD Cloud enables providers to effectively and securely capture and transmit billing, quality, and efficiency information to their practice management team. The RCM team can then utilize MD Cloud’s back-office tools to improve upon their ability to process this data. “Providers and practice management teams can accomplish successful business operations in one single platform, instead of having to work with multiple IT solutions,” states Federico Osorio, COO. “This is our value proposition for our customers.” The system starts with MD Schedule™, MD Cloud’s versatile and fully integrated scheduling module. When a patient encounter is created in MD Schedule™, it initiates the process of demographic and case-related data compilation that follows the patient’s billing record (“ticket”) throughout the system.
Larry Scott, President, MD Cloud
This scheduling module is easy-to-use, offers multiple views and is fully customizable. Clinicians are better informed and prepared for their day, which improves their efficiency and performance.
Tickets created in MD Schedule™, are immediately available to clinicians in MD Claim™, which is MD Cloud’s HIPAA-compliant mobile app that serves as the system’s user interface for the physicians, nurses and other providers. This app simplifies a provider’s work-life by permitting them to submit information directly to their practice management and RCM teams while still at the patient’s bedside. MD Claim™ utilizes dozens of algorithms as well as machine learning to reduce errors and to improve the quality of the data transmitted to the RCM team. MD Claim™ is also used to push information back to the providers as part of a company’s quality improvement program. Billing, quality and efficiency data are pushed back to the providers in an effort to help them to improve upon their part of the business. Furthermore, erroneous billing claims can be “rejected” by the RCM team, and sent directly back to the provider through the app for correction.
We are a digital transformation company that has recognized the needs of the medical community. Our integrated solutions utilize secure mobile data capture, patented HIPAAcompliant secure data transfer, and data integration to optimize the RCM system
RCM Linx™ is the heart of the MD Cloud system. Billing tickets created in MD Schedule™ and completed in MD Claim™, are securely transmitted to RCM Linx™ for processing by the RCM team. Algorithms and machine learning are utilized in this module as well, to improve the efficacy and efficiency of the RCM team. Customized dashboards in RCM Linx™ permit a company’s leadership to monitor desired metrics in real-time.
Data Concierge™ is the data analytics and reporting module of the MD Cloud system. All of the data that is collected in MD Claim™ and RCM Linx™ are available for a company’s leadership to analyze, track and create customized reports.
MD Schedule™, MD Claim™, RCM Linx™ and Data Concierge™ are just a number of the many tools available within the MD Cloud system. Other tools permit HIPAA-compliant texting, social-messaging within an organization, education, document storage, among other features.
What does this all mean for MD Cloud’s customers? Based on data reported back to MD Cloud from their customers, working with MD Cloud to achieve a digital transformation in an organization may result in double-digit increases in revenue per medical encounter and decreases in RCM expenses per medical encounter. The return on investment from this is truly impressive.
Barry Meyer, the CFO, says, “Having developed this vast ecosystem of digital solutions, the future of our organization will focus on directing the leadership of the company and all its different stakeholders into an innovative tomorrow.” The company has been the pioneer in the arena of digital transformation for healthcare companies. They have helped to level the playing field for medical practices in their dealings with insurance companies. The leadership of MD Cloud looks to a future where their pipeline of new products will go even further towards helping their customers succeed in this new digital age for medical business.