Currance: Transforming revenue cycle outcomes using AI technology
In this business profile, Michael Halberda, co-founder and CEO of Currance, discusses how AI technology can help healthcare revenue cycle leaders achieve new benchmarks.
How do you help healthcare organizations?
The traditional revenue cycle uses so many estimates and approximations that healthcare organizations typically write-off more earned revenue than they should. Currance’s Rev-Cycle YieldSM Performance Solutions are built on AI technology and predictive analytics to precisely measure and manage revenue cycle performance ensuring all earned revenue is identified and collected. Currance tools integrate with existing systems, and staff are trained and empowered to be part of the solution process.
The analytics component of the Currance solutions can determine with accuracy the difference between gross and earned revenue at the time of service and discharge. It also recognizes when earned revenue isn’t collected and identifies that a production process failure has occurred. The Currance solutions generate a root cause analysis and corrective action reports that allow revenue cycle management and staff to pinpoint the actions needed to resolve process failure problems.
Currance supports healthcare organizations by developing and implementing strategies to improve yield. The Currance solutions also precisely calculate earned revenue and measures revenue cycle performance in real time from 0-360 in 30-day increments.
Utilizing the Currance solutions, healthcare organizations can answer these critical questions with ease and accuracy:
- What percentage of earned revenue is being paid?
- How fast is earned revenue being paid?
- Where are the shortfalls and issues when earned revenue isn’t paid?
Healthcare organizations are then empowered to use the corrective action reporting analysis to maximize collection of earned revenue efficiently. It provides a different view into revenue cycle performance and is a more accurate measurement and highly efficient tool for how a revenue cycle is managed.
What are some of the biggest challenges you see affecting healthcare organizations?
There are several challenges that organizations are facing, both inside and out of the revenue cycle.
- Healthcare organizations are challenged to determine the amount of earned revenue generated for services provided to a patient both at the time of service and at the time of discharge. It’s critical that this revenue is visible on a real-time basis – right down to the account level.
- There’s an inability to measure revenue cycle performance precisely. Healthcare organizations require tools that accurately measure revenue cycle performance to allow management to be more effective and efficient.
- Healthcare organizations need to find the root cause of their revenue cycle process failures. When a claim isn’t paid, or earned revenue isn’t collected, why? Where can the process be corrected earlier to make sure organizations aren’t losing money?
- COVID-19 caused a reduction — or in some cases elimination — of elective procedures. More than ever, healthcare organizations are under pressure to reduce costs.
- The reimbursement system has become increasingly complex. Changes with new systems of how patients receive care — like telehealth — have only created more complications, and in many cases, increased denials.
- There has been a shift in how patients are insured, moving away from traditional commercial insurance, as healthcare organizations are seeing more patients with Medicare and Medicaid. The provided services cost the same for the healthcare organizations but may be reimbursed at a varied rate.
- Changes to the workforce since the onset of the pandemic have forced healthcare organizations to deploy more remote workers. Those workers require robust and inclusive management styles as well as employee tracking tools, process issue identification and analytics that support hybrid models.
How does your product or service offering(s) help address these needs?
Healthcare organization leadership can address most of these factors by focusing on earned revenue and costs. Currance Rev-Cycle YieldSM Performance Solutions empower revenue cycle teams with tools to help healthcare organizations deliver 2% to 6% additional earned revenue to their bottom line. In addition, healthcare organizations save money because staff are more efficient, and costs are reduced. With Currance solutions that integrate with existing technology, this unique production system allows revenue cycle teams to reach a new level of yield performance.
For example, Currance solutions identify process failures in real time, allowing healthcare organizations to control the response and drive improvement. This, in turn, leads to the collection of every dollar of earned revenue.
- Currance Analytics reports on yield performance, payer behavior, cycle times, denials and process failures at 30-day increments for every account based on the time of service and discharge date. Everything is tracked from that point forward to determine that healthcare organizations collected everything that they are owed.
- Currance Workflow leverages an 11-factor algorithm to prioritize and assign accounts, while robotic process automation eliminates repetitive and non-value work efforts, providing meaningful insights that can lead to best practices.
- Currance Professional Services partners with healthcare organizations throughout the process, from implementation through change management. Ongoing support continues as healthcare organizations achieve a sustained revenue cycle performance improvement. Education for leadership and team members is provided to allow adoption of the new technology through collaboration and productivity.
- Currance Flex Workforce supports healthcare organizations to reach optimal efficiency and flexibility with a highly trained and certified virtual workforce when needed. Team performance is enhanced by continuous productivity, activity and quality tracking.
What are some key considerations for healthcare leaders when choosing this type of product or service? Are there key product/service features that people should know about?
Healthcare organization leadership should consider tools that can be integrated into existing systems and find services built for their operators. In the case of Currance, that means focusing on capturing more earned revenue with a system developed by process engineers and revenue cycle operators with more than 30 years of experience. We’ve built patented tools and a unique performance methodology into a framework that focuses on capturing more earned revenue, providing actionable insights to understand the production process failures and empowering team members to solve problems quickly and efficiently.
Healthcare leaders want solution partners – companies that can align with a healthcare organization’s culture and values. Currance embraces leadership coaching, mentoring and support to build a foundation within the staff that focuses on yield analytics and operational metrics. We ensure these changes are embedded into the organizational culture, involving everyone within the revenue cycle process. While working as a team, future challenges can be managed with the ability to add additional resources where and when needed.
As healthcare organizations implement your product or service into their day-to-day operations, what advice would you offer so they can best set themselves up for success?
Healthcare leadership must serve the role of champion of change throughout the organization to build a culture of empowerment that supports revenue cycle process transformation. The revenue cycle teams then feel the freedom to drive improvement.
Healthcare leaders should also focus on shifting from a transactional mindset to one of process management, helping to address any process failures as they occur.
Revenue cycle teams can trust that by focusing on the process — daily, weekly and monthly — they will deliver better performance outcomes. Thinking of the revenue cycle as a production system with one goal in mind will help convert earned revenue into cash.
The Currance Rev-Cycle YieldSM Performance Solutions was created as a new management model designed from the bottom up. Teams need to avoid focusing on the broken processes. Those can’t be automated. Instead, fix the process.
Are there any educational materials you would like to share to help healthcare providers in these efforts?
Using patented tools, a unique approach to measuring yield, operational playbooks and highly trained flexible workforce solutions, we help healthcare organizations and revenue cycle leaders sustain performance improvement. We integrate our technology with your existing systems and empower teams to find solutions that can increase earned revenue 2%-6%, accelerate payment of earned revenue and lower costs to collect.
This published piece is provided solely for informational purposes. HFMA does not endorse the published material or warrant or guarantee its accuracy. The statements and opinions by participants are those of the participants and not those of HFMA. References to commercial manufacturers, vendors, products, or services that may appear do not constitute endorsements by HFMA.