Adds to recent designation of a Star Performer for RCM Operations by Everest Group
BOCA RATON, Fla., Nov. 8, 2022 /PRNewswire/ — Omega Healthcare, a leading healthcare management solutions partner supporting the broad healthcare ecosystem, was named a "Leader" in Medical Coding Operations PEAK Matrix® Assessment 2023 by Everest Group, a research firm focused on strategic IT, business services, engineering services, and sourcing.
The report is a comparative assessment and a detailed analysis of twenty-two operations service providers. Medical coding is one of the most outsourced segments in the Revenue Cycle Management (RCM) value chain. The demand for skilled medical coders, the increase in value-based care contracts requiring risk adjusted coding, and the increase in chronic conditions in the population have contributed to the increase in complexity associated with medical coding processes. This complexity has driven healthcare providers to seek assistance from third-party providers for medical coding support and to ensure a smooth revenue cycle.
This citation follows a "Star Performer" designation in the Revenue Cycle Management (RCM) Operations PEAK Matrix® Assessment 2022 by Everest Group. Since 2017, Omega Healthcare has achieved a Star Performer status twice with the RCM Operations PEAK Matrix Assessment, as well as achieving Market Leader or Major Contender rankings.
"Omega Healthcare is honored to be recognized as a Leader by Everest Group in the Medical Coding Operations PEAK Matrix Assessment. Being ranked the highest compared to our peers in Vision & Capability as well as highly in Market Impact is a testament to our team. Our DNA is based on helping providers and partners achieve highly accurate and compliant medical coding as a key strategy to optimizing their revenue cycle," said Anurag Mehta, Chief Executive Officer of Omega Healthcare.
"We expect to stay in the top right quadrant as Omega Healthcare has invested in game-changing technology that physicians can use to improve clinical documentation and RVUs. By empowering physicians with the right data via RevCDI, we’ve seen clients enhance compliance and quality, and optimize reimbursement by 5 to 15 percent. We feel our CDI-led approach to coding sets us apart from the competition," said Mehta.
"We have seen firsthand the challenges providers face when managing the complexity of medical coding. The new code sets, the ever-changing regulations and the wide variety of payer contracts create a difficult environment for provider coding departments, and these challenges pale in comparison to staffing shortages that impact the entire revenue cycle. We invest in the recruitment, management, and professional development of our 6,000 medical coders with specializations in HCC, professional and facility coding, so our clients don’t have to," said Michael DiMarco, President & Chief Revenue Officer. "Our technology-enabled solutions and analytical approach help healthcare organizations transform and improve their business operations."
Everest Group’s Medical Coding Operations Services PEAK Matrix® is a detailed analysis of top medical coding operations service providers. The matrix provides a relative positioning and analysis of the service providers’ capabilities and market shares and Everest Group’s evaluation of relative strengths and limitations. The study enables healthcare providers to identify suitable partners to transform their business processes.
To view the Everest Group’s Medical Coding Operations #PEAKMatrix® Assessment 2023 and how 22 medical coding operations service providers stack against each other: https://bit.ly/3Dsl8b3
Founded in 2003, Omega helps providers, payors, pharmaceutical companies, and clinical research organizations increase efficiencies, accelerate cash flow, and reduce costs while enhancing the patient care. The company streamlines medical billing, coding, and collections processes to provide industry-leading, comprehensive, and scalable outsourced revenue cycle management solutions. Omega Healthcare offers remote patient monitoring and telephone and message triage to simplify clinical communications to members and patients and provides clinical data management and cancer registry services to the oncology market. Combining the largest medical coding staff with proprietary technology, analytics, and automation capabilities, Omega is ranked among the top revenue cycle management and business process services providers by industry analysts.
Omega Healthcare has more than 26,000 employees across the United States, India, the Philippines.
For more information, visit https://www.omegahms.com