Finance Fridays: Optimize Your Healthcare Revenue Cycles: A Chat with Matt Seefeld

Your Bio and Social Media links: Website: https://medevolve.com/
LinkedIn: https://www.linkedin.com/in/matt-seefeld-521319/

Matt Seefeld is the Executive Vice President at MedEvolve, a top provider of data-driven solutions that help healthcare businesses optimize their revenue cycles and medical billing teams to lower money collection costs, increase efficiency, and enhance revenues.

MedEvolve collaborates with tens of thousands of physicians and 50+ provider organizations nationwide, who in 2022, submitted $3.8B worth of claims with their assistance. They have over 90 employees, and their annual revenues are close to $20M.

Matt has over 24 years of management consulting experience in the healthcare sector and is very skilled in the evaluation, design, and execution of process improvement programs and the development of new technologies that can be applied across the entire revenue cycle.

He spent most of his early career assisting health businesses of all sizes in aligning people, processes, and technology as a revenue cycle consultant with Stockamp/Huron, PwC, and Deloitte.

Matt also founded and served as the CEO of Interpoint Partners, a provider of business intelligence solutions, which he sold to Streamline Health Solutions in 2011. He remained in the company after he sold it as the Chief Strategist of Revenue Cycle and later as the Senior Vice President of Solutions Strategy until 2014.

Before taking a full-time position at MedEvolve, he managed worldwide sales for NantHealth and offered consulting services to healthcare technology and service companies around the country.

Quick recap Summary Matt Seefeld's Journey and My Life Link App Matt Seefeld, a former Deloitte consultant turned healthcare software entrepreneur and recovering alcoholic, discussed his personal and professional journey with Michael. Matt shared how his experiences with addiction and recovery inspired him to create a free app called My Life Link, connecting people struggling with various addictions to a supportive digital community. Michael agreed to promote the app and show notes on his platform to help those in need. They also touched upon the skills and challenges required in entrepreneurship and leadership. Concerns Over Healthcare Challenges and Transformation Michael, who has a long-term experience in healthcare administration, expressed his concerns about the challenges and reluctance in the healthcare industry to make necessary adjustments and take risks. He highlighted the increasing older population's need for more healthcare providers, yet many are closing their practices. Matt furthered these concerns, pointing out the rising costs of delivering care, the apathy in the system, and the lack of transparency in payment and administrative processes. He emphasized the urgent need for a comprehensive understanding of the business side of healthcare, likening it to Henry Ford's early 1900s revolution in the automotive industry. Transforming Healthcare Revenue Cycle Management Matt emphasized the need for a significant transformation in the healthcare industry, particularly in revenue cycle management. He identified the issue as one of high turnover, low wages, and a lack of motivation due to the high number of touches required to get payment for services. He suggested reducing touches and using non-emotional objective data to hold people accountable for their work. He also pointed out the problem of select patients in certain communities, which is a result of the high cost of healthcare services. Matt proposed that AI and machine learning technologies could help transform the industry, but only after identifying the areas where human involvement is crucial. Finally, he stressed the importance of helping providers drive margins and retain their independence to ensure access to quality healthcare services. Employee Clarity, Ownership, and Attitude Matt and Michael emphasized the importance of employees understanding their roles and the company's mission. Matt argued that lack of clarity on these points often leads to workplace dissatisfaction. Michael concurred, stressing that employees should take ownership of their experiences and strive to improve processes. He also highlighted the need for discipline and a positive attitude to make work more enjoyable and fulfilling. Both agreed that this approach benefits not only the individual but also the organization as a whole. Overcoming Burnout Through Self-Actualization Burnout in the workplace affects individuals differently despite having the same job and workload due to factors like mindset, energy levels, and approach to life. Michael and Matt emphasize the importance of self-actualization, discipline, and taking ownership of one's goals, using the example of a potential professional athlete who needs to be obsessed with achieving their dreams through consistent actions and effort. Self-Worth, Maladaptive Behavior, and Goal Setting Matt spoke about the challenges of self-worth and maladaptive behavior. He emphasized that individuals should not derive their self-worth from external factors such as other people's opinions or career success. Instead, he advocated for setting personal goals and building a lifestyle based on intrinsic values, highlighting that this approach fosters greater satisfaction and reduces stress. He also shared his own career journey, expressing regret for not following his instincts earlier in his career, and offered advice to his younger brother, encouraging him to pursue his passions without fear of failure. Goal Setting, Emotions, and Discipline Matt and Michael discussed the importance of setting and achieving goals, as well as the role of thoughts and emotions in their pursuit. Matt emphasized that one should question whether they are in the right role and passionate about their work. Michael suggested writing down daily goals and dealing with negative thoughts by understanding their triggers and learning from them. They both agreed on the need for discipline and consistency in pursuing goals, and the impossibility of escaping one's own thoughts by changing locations or circumstances. Matt's Journey to Sobriety and Lifelink App Matt emphasized the importance of living in the present moment and not dwelling on future worries or past failures. He shared his struggles with anxiety and how it manifested in his sports activities as a child. He also discussed his journey towards sobriety and the creation of the sober app, Lifelink, with his twin brother. Matt highlighted the importance of personal responsibility in overcoming addiction and encouraged listeners to seek help if they were struggling. Selflessness and Kindness: Making a Positive Impact Matt emphasized the importance of selflessness in life, stating that focusing on others and serving them without expecting anything in return had a positive impact on himself and those around him. He shared his hope to inspire others to continue this selfless spirit even after he's gone. Michael also shared a personal experience where his small act of picking up litter and disposing of it properly made a positive impact on someone else's day, highlighting the significance of such simple acts of kindness. Empathy, Gratitude, and Helping Others Michael and Matt discussed the importance of helping others and being grateful for their own blessings. Matt shared how a simple act of kindness, like coaching a child in baseball, can make a significant impact on someone's life. They also discussed the value of empathy and how it can lead to a ripple effect of positivity. Matt encouraged people to take small steps towards helping others, and invited listeners to connect with him through his LinkedIn and LifeLink app.