Finance Fridays: Optimize Your Healthcare Revenue Cycles: A Chat with Matt Seefeld

Your Bio and Social Media links: Website: https://medevolve.com/LinkedIn: https://www.linkedin.com/in/matt-seefeld-521319/Matt Seefeld is the Executive Vice President at MedEvolve, a top provider of data-driven solutions that help healthcare businesses optimize their revenue cycles and medical billing teams to lower money collection costs, increase efficiency, and enhance revenues.MedEvolve collaborates with tens of thousands of physicians and 50+ provider organizations nationwide, who in 2022, submitted $3.8B worth of claims with their assistance. They have over 90 employees, and their annual revenues are close to $20M.Matt has over 24 years of management consulting experience in the healthcare sector and is very skilled in the evaluation, design, and execution of process improvement programs and the development of new technologies that can be applied across the entire revenue cycle.He spent most of his early career assisting health businesses of all sizes in aligning people, processes, and technology as a revenue cycle consultant with Stockamp/Huron, PwC, and Deloitte.Matt also founded and served as the CEO of Interpoint Partners, a provider of business intelligence solutions, which he sold to Streamline Health Solutions in 2011. He remained in the company after he sold it as the Chief Strategist of Revenue Cycle and later as the Senior Vice President of Solutions Strategy until 2014.Before taking a full-time position at MedEvolve, he managed worldwide sales for NantHealth and offered consulting services to healthcare technology and service companies around the country. Quick recap Summary Matt Seefeld's Journey and My Life Link App Matt Seefeld, a former Deloitte consultant turned healthcare software entrepreneur and recovering alcoholic, discussed his personal and professional journey with Michael. Matt shared how his experiences with addiction and recovery inspired him to create a free app called My Life Link, connecting people struggling with various addictions to a supportive digital community. Michael agreed to promote the app and show notes on his platform to help those in need. They also touched upon the skills and challenges required in entrepreneurship and leadership. Concerns Over Healthcare Challenges and Transformation Michael, who has a long-term experience in healthcare administration, expressed his concerns about the challenges and reluctance in the healthcare industry to make necessary adjustments and take risks. He highlighted the increasing older population's need for more healthcare providers, yet many are closing their practices. Matt furthered these concerns, pointing out the rising costs of delivering care, the apathy in the system, and the lack of transparency in payment and administrative processes. He emphasized the urgent need for a comprehensive understanding of the business side of healthcare, likening it to Henry Ford's early 1900s revolution in the automotive industry. Transforming Healthcare Revenue Cycle Management Matt emphasized the need for a significant transformation in the healthcare industry, particularly in revenue cycle management. He identified the issue as one of high turnover, low wages, and a lack of motivation due to the high number of touches required to get payment for services. He suggested reducing touches and using non-emotional objective data to hold people accountable for their work. He also pointed out the problem of select patients in certain communities, which is a result of the high cost of healthcare services. Matt proposed that AI and machine learning technologies could help transform the industry, but only after identifying the areas where human involvement is crucial. Finally, he stressed the importance of helping providers drive margins and retain their independence to ensure access to quality healthcare services. Employee Clarity, Ownership, and Attitude Matt and Michael emphasized the importance of employees understanding their roles and the company