PRESS RELEASE: Announcing Currance New CITO Andre Garcia

Currance Appoints Andre Garcia as Chief Information and Technology Officer (CITO)

FOR IMMEDIATE RELEASE                                                                                 

 Media contact:
Jeanne Ryan
jeanne@outlookmarketingsrv.com
317.509.6789

Irvine, CA – August 17, 2021 – Currance, a leading healthcare revenue cycle industry innovator, announces the appointment of Andre Garcia to the position of Chief Information and Technology Officer (CITO).

We’re proud to welcome Andre to our 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.

Currance technology solutions leverageartificial intelligence and predictive analytics to automate workflow and optimize earned revenue in healthcare organizations.  Highly-scalable Rev-Cycle Yield℠ Performance tools accelerate cash flow and significantly improve the collection of earned revenue.

Garcia brings over 30 years of experience across a range of highly regulated industries including financial services, healthcare, high-tech, and others. He has served in executive and technical positions for Linksys, Compaq, IBM, Microsoft, JPMorgan Chase, and ABM.  Most recently, Garcia served as Senior Vice President, IT Operations and Quality Engineering at Tracfone Wireless, leading large teams and advancing cloud initiatives. 

Garcia holds a Bachelor of Science in Business from the University of Phoenix and is nearing completion of a Master of Science in Computer Information Systems from Boston University.  Additionally, he completed the CIO Executive Council’s Pathways: Strategic Leadership program and has earned numerous technology and security certifications.

I am excited to join Currance at a time of rapid growth.  Our technology team has an opportunity to positively impact cash flow for hospital, medical system and physician group customers leveraging a blend of AI, analytics, process excellence, and the scalability of the cloud,” said Garcia.

As Currance CITO, Garcia oversees product management, technology planning, cloud infrastructure and 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.

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About Currance
Currance helps healthcare providers achieve a new benchmark in revenue 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 revenue cycle performance.

To learn more, visit www.currance.com and follow us on LinkedIn.

PRESS RELEASE: Discover the Difference with Currance Revenue Cycle Solutions

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

FOR IMMEDIATE RELEASE                                                                                 

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 YieldSM tools deliver 2 to 6 percent improvement in earned revenue
    (yield), accelerate earned revenue (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 –August 3, 2021 – Currance, a leading healthcare revenue cycle industry innovator,
announces the launch of Rev-Cycle YieldSM Performance Solutions designed to enable
healthcare providers to achieve and sustain a 2 to 6 percent earned revenue improvement.
Built on proven artificial intelligence (AI) and predictive analytics, these highly-scalable turnkey
tools deliver accurate measurement of revenue cycle performance. Furthermore, they identify
process failures and data-driven root cause analysis to improve earned revenue (yield);
accelerate earned revenue collections (cash); and reduce cost-to-collect.

Maximizing earned revenue (yield) is paramount to ensuring that providers are collecting on
every dollar owed, which is the true benchmark of revenue cycle performance 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 YieldSM 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
integrated Rev-Cycle YieldSM Performance tools bundle powerful 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) in a secure, cloud-based, HIPAA-compliant environment.

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 YieldSM
delivers a precise calculation of earned revenue at the account level at time and 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, revenue cycle leaders are
able to determine critical paths for course correction. Rev-Cycle YieldSM 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. 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 revenue cycle will improve cash
collections in just a month.”

In addition to revenue 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 YieldSM Performance Platform demo.

# # #

About Currance
Currance helps healthcare providers to achieve a new benchmark in revenue 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 revenue cycle performance.

To learn more, visit www.currance.com and follow us on LinkedIn.

 

The Essentials of Intelligent Automation of Your Revenue Cycle

Managing the healthcare Revenue Cycle is so essential to providing healthcare in this country we often don’t think about it. When you stop to think about it, the complexity is heartburn inducing.

Managing Revenue Cycle complexity, monitoring profitability, payments and billing tracking, are critical business processes that necessitate significant analytics and people process behind the scenes.

Even though managing revenue cycle has been a beast tamed for years by healthcare leaders, recent dynamics have made it increasingly complex, especially in the wake of the pandemic. Managing remote Revenue Cycle teams and changes to revenue streams, payer mix, and payer performance the need for data-driven problem management tools and methodologies has increased.

Given the many human touchpoints in the Revenue Cycle but also data rich inputs and outputs, its the perfect business process for intelligent automation (IA). At its core, IA helps healthcare organizations manage their revenue cycle through a setup of technology solutions that can include machine learning, artificial intelligence, robotic process automation (RPA) and more. Digitizing more complicated steps of RCM, frees up staff resources to focus on business priorities while keeping the organization’s bottom line intact.

However over 30% of hospitals and healthcare organizations1 do not employ revenue cycle automation or IA systems. More than 60% of those not engaging RCM automation state it is a priority for 2021 and future implementation.

One major pitfall can come from not having a large-scale, end-to-end view of one’s revenue cycle. Ensuring IA is both scalable and comprehensive for RCM are key success factors the report found.2 Survey results also show that more than 90 percent of financial leaders want automation solutions that are purpose-built for healthcare revenue cycle management2. Automation tools help organizations elevate the nature of work and given high turnover a RevCycle automation strategy can help improve retention by removing the more mundane and repetitive tasks. The freed-up time allows for more challenging and dynamic positions within their organizations. This allows revenue cycle leaders to invest in developing more specialized and skilled teams such as patient-facing roles, leading automation efforts and taking a hands-on approach to implementing and managing tools and digital transformation.

While companies may be tempted to try and micro-manage their revenue cycle or cobble together a disparate system for IA, more sustainable and scalable results will come from a unified, cohesive IA strategy that lets healthcare organizations:

· Layer different automation technologies

· Increase the number of automated processes

· Implement different automation types for unique processes

An optimal IA system also continues to incorporate the human element seamlessly with the digital workflow. All of this helps healthcare organizations and provides lower their cost to collect while increasing net patient revenue across the board.

Is your business considering an intelligent and automated approach to your revenue cycle management? Contact us to learn more.

Sources: 1. https://revcycleintelligence.com/news/third-of-hospitals-systems-dont-use-revenue-cycle-automation 2. https://www.prnewswire.com/news-releases/akasa-publishes-annual-report-on-revenue-cycle-automation-in-healthcare-301264776.html 3. https://www.r1rcm.com/news/getting-the-greatest-roi-from-revenue-cycle-automation 4. https://revcycleintelligence.com/news/rcm-automation-boosts-practices-accounts-receivable-efficiency

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 analytics– 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.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