Invicta’s Five Things to Consider in your Revenue Cycle Management Journey
In the Healthcare Financial Management Association’s 2021 Health IT & Corporate Services survey, the responses and expressed needs perfectly mirrored the trend-setting automation experience that Invicta has traversed with its clients. Becker’s Hospital Review’s article calls out top survey insights from Guidehouse. Most notably, about 50% of executives surveyed said their “hospitals are monitoring the use of automation technologies to improve accuracy and reduce costs,” a near triple digit increase from 2020. Also notable, almost half of those respondents are not seeing profitable results yet. That’s where we can help.
What are Invicta’s insights on the industry evolution, coming from the service provider side of revenue cycle management (RCM)? We bundled our highlights into a brief video and we’ve reiterated the facts below.
First, technology is – without a doubt – the key. Our first efforts introduced solutions using EOS transformative technologies, and our methodology involved a migration plan of an evolving suite of Solutions and Services. This methodology greatly condensed the life cycle of research, product development, and implementation. During a time when many providers have struggled to evolve patient engagement and services, we applied our artificial intelligence technology processes to amplify areas of RCM work that have the highest ROI for clients and their patients.
Second, look for the greatest systemic weakness that can be improved with layered support and tech-forward integrations. According to Invicta’s Division President, Derek Shaw, “There have been a growing number of companies entering the Robotic Process Automation (RPA) service vertical due to significantly reduced barriers to entry. Invicta’s RPA efforts have and continue to focus on rapid ROI solutions and elegant integrations that are system agnostic.”
Three, be creators as well as adaptors. To stay relevant, we must constantly improve with society’s changing needs and provide an incremental roadmap of success for our healthcare customers. Our Services began with Enrollment and have grown to include Denial Management, Cash Posting and Insurance Recovery. Our Technology Solutions began with Medicare Eligibility reporting and analytics, and have grown to include AI Insurance Discovery, Real Time Eligibility & Verification, and Real Time Claim Status.
Four, measure your impact. We’ve grown from 1 client in 1 state to more than 10 clients in 8 states, serving a diverse and growing client base with pace-setting results such as:
- Real-time eligibility access to over 1000 payers nationwide
- Real-time claim status access to over 750 payers nationwide
- An Insurance Discovery platform accessing over 1000 payers nationwide
- 95% client satisfaction rate
- 95% Enrollment Inpatient screening rate
Five, success begins on the “inside” of an organization. Invicta’s executive team is committed to leading an organization that demonstrates our Guiding Principles. As an employer committed to diversity, equity & inclusion, Invicta hires and retains employees with varied backgrounds, ethnicity and life experience.
- 70% Minority Workforce
- 50% Employees fluent in a second language
- 55% Female Senior Leadership Team
To support our rapidly growing workforce, we have
- Launched an employee Intranet dashboard “MyInvicta”
- Created a comprehensive employee on-boarding program
- Implemented a community service employee platform “InvictaSERV” with quarterly service opportunities and a paid Volunteer Time Off policy
- Built a best in class employee training and development program, known as “InvictaLEARN,” which includes optional monthly financial literacy training
- Developed a digital newsletter for employees, “Bits & Bytes”
- Authored a sustainability impact position, along with examples of how employees can help reduce our carbon footprint
As we come closer to the second half of 2021, our leadership team is energized by the positive changes we can help our clients achieve. If you’d like to learn more, you can reach us at firstname.lastname@example.org.