Today, healthcare is constantly changing, and institutions are under tremendous pressure for delivering high-quality patient results and converted profit margins while adhering to a growing array of regulatory specifications and other dynamic forces. Maintaining financial stability is a challenging but indispensable task.
Hospitals and healthcare systems are recognized for treating patients and saving lives; every healthcare organization is also required to develop favorable processes and strategies for staying financially stable. To operate efficiently and to use the money healthcare institutions earn to improve the health of the community, they must manage their revenue well. That is where healthcare revenue cycle management plays a crucial role. Healthcare revenue cycle management is the financial process that facilities use to control the administrative and clinical functions connected with processing claims, cyclic payment, and income generation. The process encompasses the identification, management, and collection of patient service revenue.
CereSoft’s Revenue Cycle Transformation works with healthcare providers, of all types, to help them recognize the ways to boost their net income, accelerate cash flow, and decrease costs by addressing people, process, and technology components across the revenue cycle spectrum.
A Visionary Leader who is Transforming Thoughts into Reality
Dr. Hsing-Hen Chen, Founder, and CEO of CereSoft, has been extremely active in Healthcare and more specifically with the Revenue Cycle Management (RCM) services for the past two decades. He has served as professor in Physics and Computer Sciences at the University of Maryland for more than thirty years where he has excelled and specialized in complex systems analysis.
“Our cloud-based platform that anyone with an internet connection anywhere in the world can access, monitor and work will provide significant cost reductions in the years to come,” says Hsing-Hen.
The Inception Story
CereSoft, a technology pioneer and forward thinking company, based in Silver Spring, Maryland, was founded in 1995 after Adobe Systems acquired Chen’s previous company “Nonlinear Technologies” which helped Adobe to build their Acrobat Capture product. For over 20 years, the organization has been a leader in a feature rich, real-time digital exchange with its clients in the healthcare industry, while demonstrating thought leadership in both healthcare knowledge and technology services throughout the United States. With over 200 employees worldwide, CereSoft maintains a workforce that can handle all of the revenue cycle needs of both large hospital systems and physician networks while providing the same platform for rural hospitals and small physician practices.
Total Healthcare Revenue Cycle Management Solutions
CereSoft provides claims presentment to the payer gateway and accepts both ERAs and Paper EOBs for processing. The company matches and balances that information with ACH/EFT payments and paper checks. CereSoft’s online portal processes both co-pays and the patient pays, which are integrated into the CereSoft Desktop Navigation System. The company provides a SingleTOUCH Methodology under a SingleVIEW.
The MedAR financial management On-Line Navigation System reduces the hours required to process manual posting to billing systems, denial processing days, manual keying of transactions and time needed in balancing. MedAR On-line Navigation System allows the provider to view any electronic document with a single touch. CereSoft’s great references, functionality, and ability to turn the paper processing in less than 24 hours allows them to be the fastest growing healthcare revenue cycle management services company in the United States.
Nowadays, CereSoft partners with many large banks’ lockbox operations for providing RCM services to the healthcare provider clients for receiving, storing, balancing and posting all their daily receipts from insurance payers and patient payments in the form of paper EOBs and electronic remittances. Their flagship product and web portal, MedAR, allows users to handle correspondences, denials, underpayments, refunds, dependent claims, re-associations, etc. online within one single system.
Translating Vision into Reality
CereSoft transforms healthcare revenue cycle into a cash accelerating single digital stream of information. CereSoft vision is to have all the information at the healthcare provider’s fingertips for all areas of the A/R process.
Hsing-Hen says, “We want to work with healthcare providers to energize their cash flow by implementing forward-thinking technology and best practices methodology. Our astounding 12 step process transforms healthcare providers’ billing office A/R process. In turn, the 12 step process reduces A/R days from 5 to 15 days which creates the environment where productivity is at an all-time high.”
Our Strategies for Your Success
For the company, each project is as important as the other, and their approach for every project is the same.They have a proven methodology for successfully implementing their plans and one that their clients have been successful with.
CereSoft shares five cardinal steps for success:
- Say what you are going to do and do what you say.
- Support customer special requirements with the use of customized business rules.
- Support system performance with high speed, accuracy, reliability, and efficiency.
- Listen to your customer and respond quickly to customers’ feedback and wishes.
- Support integration of all fragmented components in one, deal with all document types in one and allow the searching, retrieval, and viewing of all data and file sources in one single system.
“In the beginning, customers are skeptical; the most difficult thing is to convince your clients that your system will indeed perform and provide the benefits you claim. You have to build your credibility slowly, and that takes time and patience,” says Hsing-Hen.
CereSoft is always ready to provide technology to read, understand, interpret and extract useful data from documents of all kinds, paper and electronic, structured and unstructured. Currently, the company is focused on the healthcare industry as their primary target due to the urgency of needs and the size of the market.
Road to Future
“Currently over 80% of our portal touch and feel design is directly inspired from inputs from our clients. We want a single system that can handle all kinds of file formats, paper and electronic, structured and unstructured data in one single application,” assures Hsing-Hen.
CereSoft is always working on new ways of automation, new modules and for improving product efficiencies. A new denial management system that incorporates all ERA/EOB/Correspondence denials will be rolled out this spring. Financial forecasting for Accounts Receivable will also be enabled providing health care provider management a better understanding of cash on hand for the short-term and into the future. The company will also push out a general “AR-direct” product line that will help businesses in all industries to deal with their AR/AP needs online integrated with their bank accounts and procurement and payment systems.