August 2024 Newsletter

In some ways, August is another time of the year when folks look ahead, anticipating changes, growth, and even to some degree, new beginnings. As a busy summer full of vacations, camps, pool time, beach time, picnics, visitors, concerts (the list goes on) gives way to back-to-school shopping, orientations, dorm move-ins, the (sad) end of summer vacation, and a focus on closing out the 2nd half of the year, it’s natural that we look back and forward to reflect on what has been and what will be.

It has been an incredibly busy and exciting year for CampTek Software. We continued to grow in staff, customers, and partners. And as if that is not enough, we are very pleased to share two big pieces of news:

We have been added to the AVIA Marketplace! This means we are an easily accessible resource as a recommended Managed Services provider for health systems and hospitals looking for innovative ready to go solutions. Looking to transform your automation strategy? Check us out!

And *just announced* we rank #861 in INC 5000’s Fastest Growing Private Companies in America!

As we reflect on these big accomplishments, we are incredibly proud. But this is also a reminder that this is not the time to simply rest on our laurels and sit back and relish our successes and milestones. This is just a further indication that we have work to do. The future needs companies like CampTek to stay ahead of the technological wave, guiding the path forward, supporting our customers through the back-end business challenges they will inevitably face as technology advances.

A HUGE thank you to our hard working, innovative, creative, solution-oriented team. YOU did this. Additionally, we thank our customers (and maybe, after reading this, our soon-to-be customers?) for your trust and support in our evolution over the years.

The future looks bright!

CAMPTEK SOFTWARE Ranks No. 861 on the 2024 Inc. 5000

With Three-Year Revenue Growth of 579 Percent, CAMPTEK SOFTWARE Ranks No. 861 Among America’s Fastest-Growing Private Companies

NEW YORK, August 13, 2024 – Inc. revealed today that CampTek Software ranks No. 861 on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Microsoft, Meta, Chobani, Under Armour, Timberland, Oracle, Patagonia, and many other household-name brands gained their first national exposure as honorees on the Inc. 5000.

"We're honored to be included among the strongest and fastest growing companies in the country. I'm very proud of the success we have had so far as an Intelligent Automation Managed Service Provider. This would not be possible without our people and their contributions to our success and continued growth. I'm excited for the next chapter at CampTek Software."

-Peter Camp, CTO & Founder, CampTek Software

The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate is 1,637 percent. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. All 5000 companies are featured on Inc.com starting Tuesday, August 13, and the top 500 appear in the new issue of Inc. magazine, available on newsstands beginning Tuesday, August 20.

“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, who recently joined Inc. as editor-in-chief. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller. Congratulations to this year’s honorees, as well, for growing their businesses fast despite the economic disruption we all faced over the past three years, from supply chain woes to inflation to changes in the workforce.”

What I Wish I Knew About RPA: A Letter from a Former Revenue Cycle Specialist

I worked in revenue cycle for nearly ten years, and I never once heard the term “RPA,” nor did I even know what that was. When I started at CampTek and began reading numerous articles and case studies, I wondered why I had never heard that term before. Revenue cycle and RPA should go hand in hand because I know firsthand that revenue cycle burnout is real.

I know there can be many reasons why the healthcare system is apprehensive about RPA, and a major one I have heard a lot is “it has worked for years.” It has, but the revenue cycle is ever-changing, and it is imperative to make changes to adapt to that. I recently read an article from Becker’s Hospital Review about the top 10 processes providers said are getting most regularly backlogged, many of which were part of my old job and could benefit from RPA. These processes are time-consuming tasks that one could argue have been working for years. But they have always been time-consuming tasks that anyone in revenue cycle would appreciate assistance with.

As mentioned above, the revenue cycle is ever-changing, and with that comes software changes. As someone who was a part of a billing and medical software change, I know how difficult that can be. There were days when we all wanted to throw the towel in, so hearing about implementing RPA can bring back some bad memories. Implementing RPA is not the same thing; it is something that will only help, and it is not something that should disrupt your workflow.

The revenue cycle is just that; it is a cycle. When you think you finally have time to get to some of these backlogged items, the cycle begins again, and it is time to shift your focus elsewhere. Those backlogged items have been problematic for years. The first thought many have is to hire more people to do that job, which is unrealistic due to finances, burnout, or simply finding staff. RPA should be the first thought that comes to mind; it is realistic, safe, and a cost-effective solution.

Dealing with insurance companies is frustrating, from remembering what insurance company requires on their claims to which website you need to use to even knowing which phone number to call, and this is just one aspect of the entire cycle. It can be frustrating, exhausting, and time-consuming, which ultimately could lead to burnout. The tools are at our fingertips to help, if not prevent this from happening. Now is the time to open the door to RPA, tackle those never-ending backlogs, and to focus on more valuable tasks. The revenue cycle burnout is real, but that needs to change, and RPA is a great place to start.

Written by: Katie Roscia, Executive Assistant

Challenge: CampTek Software recently worked with a large healthcare provider with fifteen hospitals in the Mid-West. The goal was to alleviate their RCM staff of 1,000 FTE’s of having to perform manual processes. After a quick analysis it was determined that Claim Statusing was a process that could be automated.

As part of this daily process, Full Time Employee’s (FTEs) had to manually update Epic with claim status from Availity. The average number of claims was 54,000 per month.

Solution: CampTek Software was able to analyze, design, build and place this bot into production within 4 weeks. The bot includes business rules and exception handling and reporting. The automated solution takes the manual process out of their hands so they can focus on other revenue cycle activities that before were not able to be addressed.

CONTENT

Additional Resources

CAMPTEK SOFTWARE Ranks No. 861 on the 2024 Inc. 5000

What I Wish I Knew About RPA: A Letter from a Former Revenue Cycle Specialist

Epic/Availity Claim Statusing Bot

Real RPA Case Studies, Real Verifiable Solutions

About Us

Services

Case Studies