Impact Advisors joins Epic's new Rev Cycle Partners Program
The partnership is designed to help hospitals optimize their use of Epic to improve revenue cycle outcomes.
Photo: Helen King/Getty Images
Epic's new Rev Cycle Partners Program has added Impact Advisors, a healthcare management consulting firm.
The partnership program is designed to help healthcare organizations optimize their use of Epic to improve revenue cycle outcomes.
Impact Advisors is partnering with Epic to help improve revenue cycle outcomes for mutual customers. It will provide end-to-end, customized revenue cycle services to optimize clients' use of Epic.
These services include accounts receivable and Discharged, Not Final Billed, or DNFB. This is a measure of the ratio of accounts that are held in billing and haven't gone out for payment. DNFB has been described as a revenue killer. Other services address denials reduction, patient balances and collections, charge capture and clinical documentation improvement.
Revenue cycle staff can transition to the Impact Advisor team.
Impact Advisors has reported operational efficiencies of an average of 3-5% improvement in net patient revenue, a 10-15% reduction in cost to collect and a substantial acceleration of cash.
In 2024, the company received #1 Best in KLAS for Financial Improvement Services and #1 Best in KLAS Overall IT Services Firm.
WHY THIS MATTERS
As an Epic revenue cycle partner, companies have system access to Epic's electronic health record system and a suite of analytics and reporting tools.
Additionally, firms receive Epic-led training for staff and managers on best practices.
THE LARGER TREND
An estimated 20-30% of provider organizations' revenue cycle operations are outsourced and that number is projected to rise, according to Jim Akimchuk, vice president at Impact Advisors.
In January, Ensemble Health Partners joined the partnership with Epic
To participate in the program, Ensemble met the following partnership criteria:
- A history of strong performance; good references and relationships.
- A strong commitment to compliance with laws and regulations.
- The ability to scale to help meet changing client needs.
Ensemble manages more than $29 billion in net patient revenue and partners with health systems for end-to-end management services.
ON THE RECORD
"We are excited to partner with Epic on this new initiative," said Andy Smith, managing partner and co-founder of Impact Advisors. "We bring over 17 years of experience building proven best practices with Epic for revenue cycle management through a clinically driven revenue cycle and technology-supported approach."
Email the writer: SMorse@himss.org
