NextGen Healthcare Reveals Results of Its RCM Survey
February 18 2015 - 8:11AM
Business Wire
Study Aims to Identify Opportunities for
Practices to Improve Efficiencies and Bolster Revenue
NextGen Healthcare Information Systems, LLC., a wholly owned
subsidiary of Quality Systems, Inc. (NASDAQ: QSII) and a leading
provider of healthcare information systems, services and
connectivity solutions announced today the results of its RCM
Survey Report: What’s Happening Behind the Billing Office Door.
NextGen Healthcare recently conducted a survey among practices
across the nation to gain deeper insight into the current state of
revenue cycle management (RCM) across various medical practices.
Participating practices included both NextGen Healthcare clients
and non-NextGen Healthcare clients, spanning varying specialties,
staff size, and locations. The survey results reflect the
operational and financial metrics provided by each of them.
The RCM Survey evaluated several high-level metrics including:
net collection percentages; first-pass clean-claim rate; average
days in A/R; and, outstanding collections for 120+ days.
The survey revealed that many medical practices fell short of
best practice benchmarks and are potentially missing opportunities
to optimize revenue.
Survey results found that:
- Across both the practices that handled
billing in-house and those that outsourced, the use of automation
in the revenue management process was popular.
- Nearly half of practices reported
having just one person handling the denial resolution process.
- On a scale of 1-10, only 15 percent of
those surveyed rated their practices’ denial follow-up and
resolution abilities as a “10” or “Excellent.” Thirty-one percent
of practices rated their abilities between 1-5.
- 35 percent of incoming calls from
patients are regarding billing issues.
- Only four percent of practices rated
their abilities around electronic claims submissions as
“Excellent.” And only 10 percent assigned that rating to their
ability to check every Explanation of Benefit and Procedure CPT
code to ensure they are paid according to contracts.
“The rationale behind this survey is to assist practices
everywhere with the assessment of their own RCM metrics while
identifying opportunities to make improvements and optimize
revenue,” explained Monte Sandler, executive vice president of
NextGen RCM Services. “Setting operational best practices can help
healthcare organizations quickly identify areas in need of
improvement and, with a team of 900+ billing and practice
management experts, NextGen RCM Services comprises the right
people, processes and technology to help practices best optimize
revenue and improve organization-wide efficiency.”
To download the RCM Survey Report: ‘What’s Happening Behind the
Billing Office Door,’ click here. To get a snap shot, download the
RCM Survey Report infographic, here.
About NextGen Healthcare
NextGen Healthcare Information Systems, LLC, a wholly owned
subsidiary of Quality Systems, Inc., provides integrated clinical,
connectivity and financial solutions, including revenue cycle
management services for ambulatory, inpatient and dental provider
organizations. For more information, visit www.nextgen.com and
www.qsii.com. Follow us on Twitter, Facebook, LinkedIn and
YouTube.
About Quality Systems Inc
Irvine, Calif.-based Quality Systems, Inc. and its NextGen
Healthcare subsidiary develop and market computer-based practice
management, electronic health records and revenue cycle management
applications as well as connectivity products and services for
medical and dental group practices and small hospitals. Visit
www.qsii.com and www.nextgen.com for additional information.
Certain statements in this news release are forward-looking
statements within the meaning of the federal securities laws,
including but not limited to those statements made by Monte Sandler
related to the Company’s future products and offerings. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially
from the Company’s expectations and projections. Factors that could
cause the anticipated results to differ from those described in the
forward-looking statements include the possibility that products
will not achieve or sustain market acceptance; the impact of
incentive payments under The American Recovery and Reinvestment Act
on sales and the ability of the Company to meet continued
certification requirements; the development by competitors of new
or superior technologies; the timing, cost and success or failure
of new product and service introductions, development and product
upgrade releases; undetected errors or bugs in our software;
changing economic, political or regulatory influences in the
healthcare industry; availability of third-party products and
components; competitive pressures including product offerings,
pricing and promotional activities; the Company's ability or
inability to attract and retain qualified personnel; possible
regulation of the Company's software by the U.S. Food and Drug
Administration; and general economic conditions. Additional risks
and uncertainties are set forth in the Company’s public filings
with the U.S. Securities and Exchange Commission, including the
discussion under the heading "Risk Factors" in the Company’s most
recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q. The Company expressly disclaims any intent or
obligation to update these forward-looking statements except as
required by law.
© 2014 Quality Systems, Inc., Irvine, CA 92612® Marks owned by
Quality Systems, Inc.All other non-QSI Marks are the property of
their respective owners
For Media and Public Relations Inquiries Contact:NextGen
HealthcareMichelle Rovner, 215-657-7010mrovner@nextgen.comorFor
Investor Relations Inquiries Contact:Quality Systems, Inc.Susan
J. Lewis, 954-389-3700slewis@qsii.com
Quality Systems (NASDAQ:QSII)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quality Systems (NASDAQ:QSII)
Historical Stock Chart
From Apr 2023 to Apr 2024