CHICAGO, July 11, 2024 (GLOBE NEWSWIRE) -- The Healthcare Financial Management Association (HFMA) recently reviewed Wakefield's revenue cycle management services using the Peer Review process. After undergoing the rigorous review, Out-of-Network Lost Revenue Recovery, Complex and Denied claims, Early Out Self-Pay and Bad Debt, have been awarded the “Peer Reviewed by HFMA®” designation.
This is a bundle of services that are standalone units or packaged together as an integrated solution.
Wakefield’s Out-of-Network Lost Revenue Recovery services offer a team to negotiate higher rates upfront, and appeal underpayments and denials after initial payment, helping clients maximize reimbursement potential by recovering the full value of their services. Complex & Denied Claims services provide hospitals and health systems with a collaborative solution for addressing non-traditional payer issues across various disciplines. Wakefield’s Early Out Self-Pay service, designed to contact patients early in the A/R cycle, uses a consultative approach to help patients pay their bills. Additionally, many clients use Wakefield’s Bad Debt service as a first or second placement option, as it can be tailored to meet the unique needs of any healthcare organization.
“We are honored to receive this prestigious designation from Healthcare Financial Management Association. HFMA continues to set the gold standard for excellence in healthcare financial management, and this recognition underscores our commitment to upholding the highest industry standards,” said Wakefield Chief Revenue Officer Mark Schanck.
HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of business solutions used in the healthcare workplace. The 11-step process includes a Peer Review panel review composed of current customers, prospects who have not made a purchase, and industry experts. The Peer Review status of the healthcare business solution and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support.
"We are pleased to have Wakefield achieve the HFMA Peer Reviewed designation," said HFMA Senior Vice President Professional Practice Richard L. Gundling, FHFMA, CMA. "The review process is built around an objective, third-party assessment of overall effectiveness, quality and value."
About HFMA
The Healthcare Financial Management Association (HFMA) equips its more than 117,000 members nationwide to navigate a complex healthcare landscape. Finance professionals in the full range of work settings, including hospitals, health systems, physician practices and health plans, trust HFMA to provide the guidance and tools to help them lead their organizations, and the industry, forward. HFMA is a not-for-profit, nonpartisan organization that advances healthcare by collaborating with other key stakeholders to address industry challenges and providing guidance, education, practical tools and solutions, and thought leadership. We lead the financial management of healthcare.
About Wakefield
Established in 1946, Wakefield specializes in Revenue Cycle Management Solutions, which includes Insurance Revenue Recovery, Early Out Self-Pay, and Bad Debt services. Wakefield’s significant investments in people, processes, and technologies allow us to develop and implement quality solutions that accelerate cash flow and A/R liquidation.
For more information about Wakefield and its revolutionary revenue cycle management solutions, please visit www.wakeassoc.com
Press inquiries should be directed to:
Brad Dennison
Healthcare Financial Management Association
(708) 492-3385
bdennison@hfma.org
Mark Schanck
Wakefield
Mark.Schanck@wakeassoc.com
