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.
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.