Hancock Health Partners with Revology for Enhanced Revenue Operations
Hancock Health is excited to announce its partnership with Revology aimed at transforming its revenue cycle management (RCM) operations. This collaboration marks a significant step towards adopting advanced technology that promises to improve efficiency and transparency in the billing processes.
Revology's Commitment to RCM Excellence
Revology, a leader in the RCM technology and services sector, brings its innovative SaaS platform, auxo, into this partnership. The platform is designed specifically for hospitals and health systems, focusing on enhancing cash collections and streamlining administrative processes. Following a successful trial, Hancock Health has opted for a multi-year agreement, reflecting confidence in Revology's capabilities.
Proven Results and Impact
By integrating auxo into its workflows, Hancock Health has already experienced remarkable improvements. Revenue collections have surged by an additional $10 million, demonstrating the effectiveness of Revology's technology in real-world applications. Given the competitive nature of healthcare operations, such advancements are crucial for sustainability and growth.
Auxo: A Game-Changer in Revenue Cycle Management
One of the standout features of auxo is its ability to enhance the claims follow-up process using sophisticated analytics. This ensures that health administrators focus on high-value claims, optimizing workflow and improving financial outcomes. The platform consolidates various data points into a user-friendly workspace, further simplifying the operations for healthcare staff. With auxo's latest version also incorporating AI capabilities, it offers prescriptive guidance that can significantly ease the burdens of managing claims.
Leadership Insights
Steve Long, the president and CEO of Hancock Health, shared his enthusiasm about the partnership. He noted, “In a short time, Revology has identified opportunities to enhance our workforce management by adjusting workflows, thus increasing our productivity. The improvements in our accounts receivable, notably a 6.7-day reduction in days and a nearly 9% uplift in A/R over 90 days, affirm the value that auxo brings.”
Employee Transition and Growth
Alongside these operational enhancements, Hancock Health’s agreement includes the transition of over 50 specialized employees to Revology. This shift aims to create a dedicated team focusing on credentialing, coding, and revenue integrity, enhancing overall service delivery.
Acknowledging Revology's Success
Revology has been recognized as the Startup Technology Company of the Year by the Technology Association of Iowa. This accolade underscores the firm's rapid growth trajectory, marked by a 200% increase in headcount and a staggering 310% growth in revenue year-over-year. Such achievements speak volumes about Revology's commitment to excellence in the healthcare sector.
About Revology
Founded in early 2022, Revology is carving out a niche in the healthcare landscape with its innovative approach to revenue cycle management. By leveraging technology combined with deep industry expertise, Revology’s team supports over 130 health systems, enhancing their operational efficiency. For further details, discover more about Revology’s services and commitment to healthcare improvement.
Frequently Asked Questions
What is the main focus of the partnership between Hancock Health and Revology?
The partnership aims to enhance Hancock Health's revenue cycle management operations through Revology's advanced SaaS platform.
What is the expected impact of auxo on the revenue cycle?
Auxo is expected to improve cash collections, streamline workflows, and increase transparency in the claims process.
What notable improvements have been observed since the integration of auxo?
Hancock Health has reported an increase in cash collections by an additional $10 million, along with improvements in accounts receivable metrics.
How many employees will transition to Revology?
Over 50 employees specializing in various roles will transition to Revology as part of this partnership.
What recognition has Revology received recently?
Revology was named the Startup Technology Company of the Year by the Technology Association of Iowa.
