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50 Smartest Companies of the Year 2022

Prakash Jayaramaraju, iMagnum Healthcare CEO: “We are a group of highly dedicated; thoroughly trained professionals with experience of more than fifteen years in end-to-end healthcare RCM leveraging technology and new-age process to accelerate the cash flow”

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Revenue Cycle Management (RCM) is among many factors that ensure a successful medical practice. With Revenue cycle management, healthcare providers are assured that they’re properly and quickly reimbursed for their services. The goal of revenue cycle management is to identify any points of friction in the provider’s revenue cycle in order to resolve them. With proper revenue cycle management, care providers can maximize their claim reimbursements and increase their revenue.

Globally there are various companies delivering excellent solutions for RCM, but iMagnum Healthcare stands out from the rest. iMagnum Healthcare’s pre and post-billing RCM ensures that customers have a smooth and seamless payment experience. iMagnum Healthcare is a dynamic, technology agnostic company that enables faster payments, more revenue, and greater financial stability. iMagnum will help you process clean claims, improve payment accuracy, and facilitate value-based care.

In conversation with Prakash Jayaramaraju, CEO of iMagnum Healthcare

Q. What was the motivation behind starting iMagnum Healthcare?

Healthcare Providers – Clinicians and Non-Clinicians have been incurring a high cost for deploying resources for their back-end operations to get their reimbursement from the insurance; on the other hand, their reimbursement rates have also reduced over the past several years. This happens to be the case even if they offshore or near-shore their Revenue Cycle operations to a 3rd party company due to claim resolution issues and value adds not in place, leading to claims getting aged and reimbursements getting lesser as the aging increases. That’s when iMagnum Healthcare was born to create a solution for our clinicians and non-clinicians clients in providing services that would help them to get their aged claims (Old AR) getting paid through their experienced talent pool without having the impact of incurring costs upfront.

Our business model has evolved over the years, which has helped clients to see more significant outcomes than their average benchmark. The success of iMagnum is because of the vision that our Technology and RCM services must guarantee maximum reimbursements from insurance while the cost of delivery is cheaper and quicker. iMagnum Service Offerings and AI Technology Solutions should be made available to the smallest of the practice and physician groups and help them service the patients with comfort and sustained cash flow.

Q. Can you explain about your services in brief?

We provide End-End Revenue Cycle services and Technology solutions. We have expertise in Front, Middle, and Back-end services experienced in Revenue Cycle Operations.

  • Scheduling
  • Pre-Registration
  • Eligibility Verification
  • Insurance Verification
  • Patient Liability Calculation
  • Referral Verification
  • Pre-Authorization Initiation
  • Coding & Coding Audit (IP & OP)
  • Charge Entry & Audit
  • Claims Filing
  • Remittance and Denial posting
  • Denial Management
  • A/R
  • Underpayment Review
  • Credit Balance
  • Insurance and Patient Adjustment Review
  • Claims Dispute Resolution
  • Claim Conversion
  • Work Edits
  • EMR Clinical Documentation
  • Provider Credentialing
  • Document Indexing
  • Patient Statements
  • Returned Mails
  • Bad Debt Review

In the technology division, we have our in-house technology products that cater to AR & Denial Management, Auto Coding (for Radiology, Emergency Room, OB/Gyn, Ortho, Internal Medicine, and Family Practice specialties), Credentialing, and Prior Authorization.

Q. What are the challenges you had to face while developing solutions for iMagnum? How did you overcome them?

Venturing into a new business as an entrepreneur always has its own challenges in terms of getting the right mix of people, transforming our ideation on paper into a full block process or product that works seamlessly, and, most importantly, the conversion ratio of prospects to clients. Like any other Start-up, when iMagnum was launched, we too had similar challenges in onboarding the initial few clients as conviction of quality service were only on paper, and there wasn’t anything to exhibit as iMagnum capabilities. However, the trust they had in our leadership, who collectively have 100+ years of experience, and our commitment to make sure their revenues will not get impacted, and most importantly, taking complete accountability for their revenue (if not taking a hit on our revenue) were the key success factors to onboard our initial few clients to get convinced.

iMagnum Healthcare Values are completely different where the client and their interests come first above all, and we keep exhibiting these not just from an SLA standpoint but also taking ownership and accountability has further increased the trust our clients have in us. The trust factors established during the initial few years have helped us to win several clients, and we are proud to say that more than 60% of our clients are through references.

Q. Experts predict that failure of trusted algorithms is bound to happen. How can you make your solution foolproof?

Yes, this is TRUE, BUT there is an IF statement, the algorithms are bound to have failures if they are unverified, untracked, unrefined models. Our algorithm models are phased for success.

Phase I – Localized model – Derive algorithms from the client’s historical data ONLY. We consider this to be the first step toward alleviating their pain points. It is accomplished through extensive patterns and continuous improvement programs.

Phase II – Compare the success of Phase 1 with specialized industry benchmarks for improved outcomes and predictions

Our approach towards A.I. and ML has been through an intense time-tested approach in continuous monitoring of the results for any huge impacting outliers.

Q. Do you have any new services ready to be launched?

Currently, the following products are under development:

  • Electronic Health Record and Practice Management System
  • Automated Prior Authorization Workflow System
  • Auto-Coding Application for Orthopedics, Rehab Services, and Emergency Department specialties.

These products are in different stages of development. Starting Sep’22, these products will be launched and available in the market. Our goal is to launch all these products by Q4’2022.

Q. What does the future hold for your company and its customers? Are exciting things on the way?

Our Aspiration towards providing technology-enabled services to our clients has been yielding great feedback and results. The products like the AR & Denial Management A. I Platform, which was launched in April’22, have received great feedback and appreciation from our clients and prospects. It has been a great source of motivation to strive hard to provide the environment the medical fraternity they deserve to make the reimbursement process quicker and more cost-effective. We are currently in talks with two large Private Equity Firms in the US who have expressed their excitement to partner with iMagnum Healthcare to take our vision to a larger terrain. The EMR & PMS for Orthopedic and Rehab Services are being developed by collaborating with Medical Officers who are leaders in these specialties. So, acceptance of such products, which are developed from inputs from such great people, will help iMagnum Healthcare to present its capabilities on a bigger forum.

Meet the leader behind the success of iMagnum Healthcare

Prakash Jayaramaraju, the CEO of iMagnum Healthcare solutions is a seasoned, dynamic RCM professional with over two decades of experience. He is a leader with diversified expertise in Operations Management, Client Relations, and Sales. Prakash has the unique leadership style of building strong networks in this industry and has a proven record of building an organization from scratch through his intuitive business acumen for onboarding clients and creating an environment that makes the clients feel comfortable to grow the business. His diversified knowledge on the ground level challenges experienced by Hospital, Clinics, ACO’s, IPA’s and RCM companies helps iMagnum to constantly re-visit the offerings and ideate solutions that will address the challenges through its technology applications.

“Empower your healthcare system to meet aggressive regulatory requirements, improve quality metrics, and achieve productivity goals.”