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July 09, 2019

2019 AWARD FINALIST SPOTLIGHT: Cognizant Technology Solutions - Finalist in the Operational Excellence to deliver an outstanding Business Expansion and Revenue Growth Category

 

Read this article about Cognizant Technology Solutions, one of our finalists, in the category Best Achievement in Operational Excellence to deliver an outstanding Business Expansion and Revenue Growth, selected by the independent judging panel, for the 2019 Business Transformation & Operational Excellence Industry Awards program. Click here to read articles on other finalists.

 

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Revenue Cycle Management Reimagined

Healthcare providers must think about revenue cycle management in a whole new way, which Cognizant calls RCM 3.0 -  It envisages ownership of improved performance across all aspects of process and organization, keeps the patient experience at the center of all collections and leverages analytics and technology predictively. 

 

30% of Cognizant’s Digital Operations’ revenue comes from Healthcare services today, and the offerings are spread across payer and provider health services. Revenue Cycle Management is one of the key service line offerings by Cognizant for physicians, hospitals, channel partners and medical equipment manufacturers. Cognizant offers a range of product, platform and service solutions to help our end customers recover their cost of medical services and products faster and with lesser cost.

 Copy of Provide an Excellent Customer Experience with the perfect Mobile Customer Journey. (24)

 

 Major shift in industry trends and How has Cognizant responded to changing trends in RCM

 

  • Moving towards Business Process as a Service model(BPaaS)-Acquisition of companies like Trizetto & Bolder to enhance our platform & product based offerings and shift from standalone services to affordable platform and solutions; Adding new capabilities like provider credentialing support and multiple specialties
  • Readiness to adapt to ever changing payer needs and behavior–Offering data science driven analytics solutions for denial management, underpayments, patient lifestyle behavior leading to medical incidents; sentiment analysis for better patient servicing; Leveraging credentialing data to understand payer contracting issues and integrate insights with the business processes
  • Transition from traditional RCM to value based reimbursement model -Leveraging analytics to guide the contract and service rates based on patient lifestyle and payer behavior; Integrated delivery business model with products and IT for better outcomes; shared service model for cost optimization

  • Bringing on disruptive changes in the commoditized market of RCM through digital intervention –Leveraging our IT arm to drive enhancement to client platform, implementation of robotics automation services to develop 100+ automation solutions, process reimagine to reduce voice based activities by using more websites, physician portals etc

 

PROCESS IMPROVEMENTS IMPLEMENTED IN RCM SERVICE LINE WITH PROVEN RESULTS

The RCM 3.0 framework gives us a robust foundation for business scalability and growth for Cognizant and create significant value for our clients by realizing faster cash along with cost optimization. 

Below is the summary of our value levers implemented and benefits delivered for our clients.

 

  • Focus on metrics that matter
  • Robotics Process Automation
  • Predictive and Descriptive Analytics / AI
  • Advance Reimbursement Manager Solution Tools
  • Continuous Process Improvements
  • Value Stream Mapping, Lean Six Sigma
  • Redundancy in Process & Data
  • Agile Operating Model
  • Collaborative and Flexible engagement models
  • Flexible Pricing Models
  • Business Impact Monetization
  • Gateway EDI for claims management

 

BENEFITS

  • Accelerated collections for clients up to $150+Million
  • Bad Debt reduction up to 3%
  • Collections% improvements in the range of 5% to 9%
  • Total cost of operations reduced by 40% to 50%
  • RCM service line has grown by 67% in last 2 years
  

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About the Awards

The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.

The winners for all categories and for The Platinum Awards will be announced at The Business Transformation & Operational Excellence Summit & Industry Awards on Wednesday March 20th, 2019, from 6.30pm, in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort®. 

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.

The 2019 Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit on March 20, 2019 in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando™

 

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BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry (BTOES19). March 18-22, 2019, Loews Portofino Bay Hotel at Universal Orlando Resort®

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awardswhich showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES19 Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


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