In today’s competitive landscape, a CFO must exhibit the agility to be successful in a variety of business situations, understand the owner’s mindset, and operate in the strategic spirit of an entrepreneur. Accomplished finance executive with a proven record of success, Dan Gotte — Chief Financial Officer ImagineSoftware— seeks to find and implement solutions at companies that are in, or planning, rapid expansion but very often struggling behind the scenes with diverse economic issues.
Dan believes that despite all the strategies that a company can entertain, a company can’t grow properly with a weak financial foundation. He says, “Having worked with many companies in a variety of industries, coupling strong accounting disciplines with strategic financial modeling is vital to a company’s long-term fiscal health, no question.”
Prior Learnings and Experiences
After becoming a newly minted college graduate in accounting, Dan spent many years at IBM; thus, technology has been where he “cut his business teeth.” He founded his own business after leaving IBM, which resulted in a profitable exit strategy. After founding and selling his own venture, Dan was unsure of what he wanted to do next. He started a consulting firm, assisting clients as a fractional chief financial officer, which is how he got connected with ImagineSoftware. From his initial interaction with Imagine, Dan saw the company’s incredible potential in their thinking and their initiatives. Upon being offered a full-time opportunity, Dan happily accepted and has continued to be very impressed with the ImagineSoftware team. Dan has a unique perspective as Chief Financial Officer because of the value of founding, running and ultimately selling his own business. He also has an understanding of the thoughts and objectives of other leaders, especially chief executive officers.
The Visionary Leader
As Chief Financial Officer, Dan’s responsibilities span across many company objectives, affording ImagineSoftware the opportunity to develop and deliver innovative solutions into the healthcare marketplace. The contributions of his role include the management of relationships with outside bankers and investors as well as the creation of activity-specific reports to support and enhance decision-making processes. Dan and his team have added a number of acquisitions and two growth investments from private equity firms since joining ImagineSoftware.
With a Bequest
The revenue cycle for healthcare providers is automated and made more effective by ImagineSoftware’s products and services. Although the company’s software does not directly provide patient care, the improved patient experience in authorization, billing, payments and insurance filings results in increased revenue and engagement-boosting transparency.
All sectors of the economy, including the healthcare sector, are currently focusing on the consumer experience. The enhancement of the client’s user and patient experience is a major component of ImagineSoftware’s product development. This entails implementing cutting-edge technology, such as automation technology for improved workflow efficiency in revenue cycle management and artificial intelligence for accurate billing and insurance filing.
ImagineSoftware’s healthcare revenue cycle management software improves medical practices’ efficiencies, accuracy, and patient engagement, thus elevating the patient experience.
Utilizing automation and artificial intelligence, profit-increasing results and patient engagement-boosting transparency work together to improve the patient experience in billing, payments and insurance filings.
Keeping Up with Tech Advancements
The healthcare sector is constantly changing, particularly its laws and regulations. To stay competitive, ImagineSoftware must be aware of these and swiftly implement changes to its software, products, and procedures that are compliant with applicable regulations. Clients of ImagineSoftware depend on the company to keep its systems up to date with changing industry regulations.
Dan claims that many provider challenges are common in the industry, including difficulties with antiquated software and bolt-on solutions. Workflow modifications, especially when introducing automation technology, require time and adaptation. An example of recent governmental changes that cut across many specialties is the new No Surprises Act (NSA). This underscores changes in the patient experience as well as a need to expand the company’s patient experience development. ImagineSoftware applications allow client practices to deliver timely, accurate, and on-point information in compliance with the new requirements.
The software suite from ImagineSoftware streamlines patient billing for medical practices by automating data entry, claims processing, denial reductions and practice performance metrics. This results in faster payments and an improved claims management experience. Manage your own billing effectively, including eligibility and collections.
Automated medical billing software that reduces the lifecycle of claims, streamlines denial management, improves cashflow and increases profitability. Designed as a complete system, the software is both flexible and scalable to increase revenue by driving billing and patient collections for over 75,000 physicians across the country.
With connections to over 8,000 payers, the clearinghouse solution can integrate with any practice management system, providing the option to manage data in the billing application or directly in a secure user portal. Customizable reporting analyzes critical portions of the revenue cycle with the ability to search, sort, and extract data for enhanced metric visibility.
Interactive toolset that delivers data to manage payments under the No Surprises Act and arms practices with the ability to wisely negotiate payer contracts. Produce average payments and volumes by State, MSA, CBSA, or Zip Code and compare payments against others in the same regions.
Monitor business health under one dashboard with enterprise-level reporting, real-time notifications, and constant system monitoring. Filter down reports by time, location, insurer, and build reports based on custom trackable metrics, plus predict trends and future performance.
Reinventing patient engagement, powered by artificial intelligence. Eliminate surprise billing and improve cash flow by providing a financial experience for patients that better meets their needs, including a propensity-to-pay scoring model, customized statement cadences, and multiple avenues for patients to pay their bills.
An easier way for patients to pay at home or time-of-service. Manage accounts receivable for multiple offices from one central platform. Take payments within the current billing, EHR, or practice management system, or enter payments manually and pull daily reports to reconcile with the billing system.
Simplify the payment workflow by checking patient insurance eligibility and provide estimate of responsibility to collect patient payments upfront. Save manual steps and consolidate the payment workflow with seamless integration into the revenue cycle management system.
Ultimate Possibilities for Doers
The healthcare market is very large and diverse, especially considering the various medical specialties and the nuances of each. ImagineSoftware’s opportunities exist across multiple hospital-based medical specialties in the U.S. Dan states, “Surprisingly, while there are many solutions in this sector, the healthcare technology industry is still very antiquated. There is a large opportunity for anyone looking to be involved – Not even in providing patient care, but in the operations of medical practices. There are so many opportunities for willing entrepreneurs to create value within various elements of medical care and operations.”
ImagineSoftware is the leading provider of medical billing automation software and revenue cycle management applications. Delivering powerful, intelligent medical billing technology, ImagineSoftware serves physician practices, billing offices and hospitals through an autonomous software platform—Creating seamless revenue cycle management processes for doctors, administrators, and patients for over 20 years. Currently supporting 200+ million procedures across 43 different specialties, ImagineSoftware solutions improve financial efficiency, build provider reputation, and ultimately improve the patient experience.