Los Angeles, CA – (December 12, 2019) ) Just as today’s hospital and healthcare practices face increasing challenges when it comes to attaining profitability, healthcare IT innovator MedInformatix has expanded its expertise in the mission-critical area of revenue cycle management.
MedInformatix CEO Pat Mcgonigle says shrinking reimbursement rates and increasing costs have health system CFOs and revenue cycle leaders constantly examining opportunities to boost the financial health of their enterprise.
Earlier this summer, MedInformatix established a dedicated division of the company whose mandate is to optimize RCM solutions for today’s modern healthcare practice. Dan O’Meara, previously Director of Financial Analysis and Reporting at Austin Radiological Association (ARA), one of the largest providers of outpatient imaging in the State of Texas, joined MedInformatix as Director of Revenue Cycle Services. While at ARA, O’Meara oversaw the sweeping implementation of new RCM technologies that contributed to increases in patient payment plans, monthly collections and net revenue.
“As the shift to value-based care continues to transform the healthcare industry, practices are increasingly confronted with revenue cycle challenges. Few understand this better than Dan,” says McGonigle. “He is ideally suited to lead our efforts in optimizing our RCM offerings. Our customers and the industry will be well-served by his firsthand experience.”
In October, MedInformatix acquired RadPayor, a pioneer in healthcare billing solutions and provider of clinical documentation improvement and computer assisted coding technologies. The RadPayor solutions reduce costs, boost productivity, ensure compliance and improve practice cash flow. RadPayor has helped practices dramatically increase their revenue and, in many instances, reduce billing rejection claims to less than one percent.
And now MedInformatix is looking to the future. Early next year, the company will hold the MedInformatix Revenue Cycle Management Summit bringing together top radiology providers to share best practices, discuss ideas for systems improvement and explore ways to maximize enterprise productivity. Attendees will take an in-depth look at current and future regulatory trends; and recommend features to solve the industry’s most pressing challenges and help practices achieve sustainable profitability.
McGonigle believes outcomes from the company’s first RCM summit in 2018, in combination with recent developments, have helped put MedInformatix at the forefront of RCM product development and RIS industry leadership. “We’ve listened to what the experts at the intersection of radiology and revenue need most and taken steps to deliver an unparalleled solution. Where MedInformatix is today is in direct correlation to what the industry is telling us is important when it comes to delivering high quality, patient-centric, profitable care.”
