Perot Systems has announced its entry into revenue cycle management outsourcing at this year’s Healthcare Financial Management Association ANI conference with the launch of Xcelys.
Unveiled Tuesday at the HFMA ANI conference in Seattle, Xcelys for Revenue Cycle Management is designed to help hospitals and health systems automate the back-end tasks of capturing and processing data, streamlining workflow and processing remittance advice and bring those tasks closer to the front end.
“The way that hospitals have operated in the past won’t really work going forward,” said Tim Quigley, executive vice president of global business development for Plano, Texas-based Perot’s healthcare group. He estimated that Xcelys would help providers capture an additional 2 percent to 6 percent in cash collection through improved automation.
Terry L. Armstrong, senior vice president of revenue cycle solutions for Perot’s healthcare group, said providers are “backing themselves into a corner” by waiting until the last minute to automate their RCM functions. With stimulus funding on the table for those who can demonstrate meaningful use of healthcare information technology, he said, hospitals and other providers have to adopt technology that drives out waste and duplicative services.
With Xcelys, “you’re going to get rid of a lot of the re-work that is being done today,” he said. “It’s a new way of handling RCM duties.”
Perot officials say Xcelys co-exists with other back-office systems, allowing hospitals and healthcare providers to put all RCM duties in the hands of specialists while reducing the manpower requirement for business offices by up to 40 percent.
“At a time when hospitals are facing dramatic financial challenges including reduced revenues, increased charity care and the need to fund clinical technology, Xcelys for RCM provides an opportunity to increase revenue while reducing administrative expenses not related to patient care,” said Chuck Lyles, president of Perot’s healthcare group. “Xcelys for RCM takes our revenue cycle solutions to a whole new level by improving workflows, optimizing business processes and maximizing existing technology.”