Healthcare’s Revenue Cycle Management (RCM) is the administration of financial processes that result from the medical encounters between a provider and a patient and insurance companies. These processes encompass the billing, collections, payer contracting, provider enrollment, coding, data analytics, management, and compliance. However, it is observed that the healthcare RCM sector is facing challenges in the industry that involves increasing A/R, translation of Paper EOB’s into ERA’s, denial process becoming larger and time-consuming, issues with unapplied cash, and managing employees productivity measurement. To tackle these problems, CereSoft Inc., offers innovative RCM services to its clients in the healthcare industry.
Empowering the Healthcare Industry with its Values, Practices, and Strategies
Established in 1994, CereSoft is a healthcare RCM services company, which has ingrained its core values on creative innovations and rich knowledge base of its workforce. This knowledge base is a repository that contains information about services, products, or a specific topic of the company which works as a self-service help desk for its employees. For 25 years, CereSoft has been utilizing a holistic approach to resolve issues related to healthcare’s RCM. This methodology reduces A/R days from 50 to 15 days with its unique 12 STEP Plan and enhances employees’ productivity by streamlining their operations. For its clients, CereSoft uses agile automation strategies, which eliminates the human influence from the manual processes. The Silver Spring, Maryland-based company constantly looks for novel developments that will further empower the healthcare industry through its portfolio of services. Few transformations implemented by CereSoft to enhance the management operations include workflow automations, business rules, process mapping, automatic appeal with eFax connectivity, and robotics. With its automated processing systems located in multiple data centers on shore in US, it maintains a workforce that can handle the complete revenue cycle demands of over 10 billion dollars and over 30 million patient encounters annually for many hospitals and physician networks of various sizes nationwide.
A Focused Leader behind CereSoft’s Bright Future
Dr. Hsing-Hen Chen, Founder and CEO of CereSoft established the firm with a mission to administer healthcare payments and its correlated operations within a single digital stream architecture design. This single digital stream platform allows healthcare providers to receive and handle cash related transactions more efficiently while increasing employee productivity. For the past two decades, Chen has been immeasurably participating in healthcare RCM services. Prior to CereSoft, Chen worked as a professor in Physics and Computer Sciences at the University of Maryland for more than thirty years where he specialized in complex systems analysis.
As the CEO of CereSoft, Chen is accountable not only to handle the company’s day to day operations but also to foster its future by developing cutting-edge products and integrating new technologies with latest and upcoming platforms. To ensure that CereSoft stays two paces ahead of its competitors, Chen always looks for futuristic trends while offering his employees with modern technologies so that they can accomplish their tasks flawlessly.
Equipping Employees with High-tech Tools and Education Models
Any organization depends on its workforce to meet its targets, achieve its vision, and ultimately, lead the game. In order to accomplish this, organizations need to improve their employees’ overall performance. At CereSoft, progressive education models are utilized where each employee is provided with updates on the industry trends. It also offers tools, which streamlines employees’ tasks leading to their outstanding performances. In this way, CereSoft elevates its productivity and continued growth.
Forthcoming Tactics of CereSoft
CereSoft’s vision is to continue and widen the gap between competitions as the industry leader, single source service company for healthcare providers in the United States as well as reach every part of the healthcare revenue cycle. In the near future, CereSoft with its innovative services and products is planning to expand its healthcare portfolio into new sectors in which its clients are currently facing issues. Here are some of its upcoming services/solutions/plans.
- Fully integrated Denial Management System: CereSoft has already launched its Denial Management Solution, which is integrated within the MedAR Online Navigation System. But now, the Chen led company will be developing and adding new features to turn it into a fully integrated system.
- Emerging Innovative Tools: CereSoft enhances employees’ productivity and streamlines to manage the healthcare provider workforce.
- Patient Engagement Services: It a single platform system which is incorporated with eligibility i.e. patients who are able to pay, payment estimator, medical necessity, and prior authorization.
- Introduction of Self-Insurer module: CereSoft is rolling out a Self-Insurer module for the rising marketing in the United States.
- Central gateway for payment: The firm is developing a single interface payment application which allows patients to pay in whatever way they want accompanied by Electronic Bill Presentment and Payment (EBPP).
- Fusion of systems: It is integrating bank, billing system, and finance accounting system so that they can provide a fully balanced platform for payments.
- Expansion of AIR technology: The firm will soon expand its Artificial Intelligence with Robotics (AIR) technology capabilities to other regions of healthcare.
- Practice Management System: CereSoft will also be introducing a full practice management system for doctor groups under 100 doctors. This system will allow doctors to record patient demographics, manage charge capture, perform billing procedures, generate reports, and schedule appointments.
With these upcoming ideas, CereSoft is also making room for other things such celebrating its 25 anniversary in 2019. This is not all. For the next 25 years, CereSoft has already developed a solid roadmap and the company believes that “The Best Is Yet To Come”.