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Improve Quality, Reduce Costs

Modernize your claims submission process

Revenue cycle management (RCM) is the lifeblood of any provider. Experience immediate improvement with Cognizant Medical Devices Revenue Cycle Management solutions.

 

Revenue cycle management for medical device companies consumes more resources than ever, yet results are disappointing. Unrealized revenues from denied claims and underpayments are growing. Payers and regulators frequently change systems and submission requirements, leading to more denials. And with consumer-directed health plans, patient cost share amounts for devices are accelerating, but most companies don’t have the ability to efficiently calculate or collect these.

Outdated, inflexible revenue management systems make it difficult to pinpoint the causes of claim denials and prevent future problems. That’s why Cognizant Medical Devices Revenue Cycle Management takes a business outcomes-oriented approach to delivering revenue cycle management based on our proprietary Delivering Business Outcomes (DBO) Framework. DBO uses a measured approach to continuous improvements that links process metrics to business outcomes. With it, we modernize every aspect of the medical device cash-to-order value chain, from preauthorization approvals to claims submission to collecting patient co-pays.

Research by Cognizant and others confirms that insurance companies need to address current market trends:

  • Business models are changing fast. Yet only 32% of providers have moved toward value-based reimbursement models.
  • Market growth is increasing, yet many are not prepared. With total market size reaching $156 billion by 2020 in the U.S. alone, analysts expect double digit growth from 2025 onward.
  • You can’t do it all yourself. Nearly half of device company CEOs recently surveyed believe they will rely on technology partners to help drive future growth.
     
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Achieve Platform Flexibility
With flexible engagement models, our solutions are economical and effective. Cognizant’s BPaaS approach allows you to focus on core business opportunities and invest in innovation.
Meet Payer Requirements
Ensure your claims are current with payer submission demands. Analytics identify where denials and underpayments occur to close gaps and automate appeals.
Monitor Claims in Real Time
Real-time alerts flag potential issues across your revenue ecosystem, so we can immediately address issues.
Improve Patient Collections
Real-time analytics calculate estimates of patient financial responsibility, giving patients better information for managing deductibles and co-pays. Improves collections at the point of care.
Address Emerging Trends
Our tools analyze specific procedures and codes that are routinely delayed or denied. Enables us to take proactive steps to rectify with providers and payers.
Automate to Accelerate
Cognizant’s expertise in robotic process automation (RPA) reduces manual effort, eliminates paper and streamlines processes. Helps you focus on higher-value activities and analytics.

Everest Group Revenue Cycle Management (RCM) Business Process Services PEAK Matrix™ Assessment 2019

Everest named Cognizant a leader and a Star Performer in RCM Business Process Services. The report recognizes Cognizant's wide array of technology tools that help in billing, denials management, coding and other functions within revenue cycle management.

READ THE REPORT

$4.5M

REVENUE REALIZATION

increased by using Cognizant RCM Solutions

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INFOGRAPHIC
5 Tips for Supercharging RCM

Get tips on streamlining RCM to build financial flexibility while staying competitive and innovative amid economic and regulatory pressures.

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LATEST THINKING

PERSPECTIVES
Digital Revenue Cycle Management: Critical...

Healthcare providers must transform their revenue cycle...

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WHITEPAPERS
Revenue Cycle Management: Market Dynamics &...

Sourcing revenue cycle management can help healthcare...

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OUR LEADERS

Kaustubh Alegaonkar

Assistant Vice President Head – Insurance
Cognizant Digital Operations

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Prashant Kandukuri

SBU Lead - Insurance
Cognizant Digital Operations

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Jesal Shah

Associate Director – Insurance Business Solutions
Cognizant Digital Operations

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Serving customers by looking forward as well as back is a big promise, but the power of today’s new digital capabilities is vast and growing.

Let’s talk about how digital can work for your business.

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