What challenges impact your practice?
Small medical practices continue to struggle in the ever changing healthcare landscape. As with many other small business, keeping a sufficient cash flow, at times, proves difficult. Medical practices, however, face other challenges, namely regulations that are changing the game in what Medicare and Medicaid reimbursements look like. Additionally, dealing with multiple payers, each with a specific claim process and differing timelines and levels of payment prove challenging as well. Let’s explore three pain points that affect your small medical practice and how health IT helps.
The 3 Pain Points and MicroMD’s Solutions
Problem: Manual revenue cycle management
Many practices elect to keep billing in-house, allowing for a hands-on approach utilizing the staff available over outsourcing. This is a valid choice, but it becomes a pain point for practices who choose to manually manage their billing. This requires them to enter claims individually, research and dispute denials one by one, and make collection calls in-house. However, with the right practice management system, keeping your billing in house may be a great decision. Using the right PM system streamlines this process significantly, giving you all the benefits of in-house billing without the pain.
Solution: Medical practice management software
MicroMD Practice Management allows you to check claims for common errors with our MicroMD PM Code Scrubbing functions. This results in less denials which saves you time and money. Electing to sign up for one of our four preferred clearinghouses can make your in-house billing go even more smoothly as you secure payments faster, keeping your cash flow going. Also, the use of a preferred clearinghouse improves your reimbursements. These give you better control and reporting tools to help you verify patient eligibility ahead of time, monitor rejections, and fix your submissions easily. The final headache of billing is collections, and we assist with that too. TSI Collections help to increase your cash flow. Create an automated workflow within your MicroMD software for your outstanding self-pay accounts, and reduce the overhead costs of collections.
Problem: Lack of financial and technical preparation for value-based payments
Value based repayments remains at the forefront of healthcare, and this movement revolutionizes the way all providers get paid. This transition, most evident through MACRA and its components, means that practices of all size are restructuring their workflow. Additionally, restructuring workflows provides them the data analytics, cost and quality performance monitoring, and standardization of care they need to be compliant.
Solution: Electronic medical record software
MicroMD EMR is 2015 Edition certified. This makes MicroMD EMR the perfect fit for small practice success in the value-based payments, particularly related to MACRA and MIPS. Our system features the ability to track numerous Quality measures across multiple specialties. Also, MicroMD integrates with ReportingMD’s Total Outcomes Management (TOM) reporting registry tool. This enables you to have your Quality data from the measures you’ve selected fed automatically from MicroMD EMR to ReportingMD. This feature makes MACRA participation easy and painless.
Problem: Difficulty with cash flow
Every small business experiences difficulty with cash flow from time to time. In the medical field that difficulty is often caused by not enough understanding of where your money is coming from and when. Also, the administrative tasks associated with getting paid can be difficult enough to begin with. Finding the time to analyze, understand, and correct billing processes proves to be difficult when you juggle other high priority tasks.
Solution: Financial and claims data monitoring
MicroMD understands the importance of understanding the inner-workings of your practice. Our practice management system offers robust reports allowing you to gain an understanding of the business side of your facility. DashboardMD is a MicroMD eSERVICE that integrates directly with MicroMD PM to extract key financial and claims data. Most notably, DashboardMD crunches the numbers for you, and provides a clearer picture of your financial standing.
Maintaining independence as a small practice presents with challenges. However, staying independent remains possible if you automate time extensive tasks, remain compliant with regulations, and understand your cash flow.