One of the greatest areas of uncertainty and unease in any given medical practice is revenue cycle management. Without a strong RCM process, a practice can very quickly find itself in financial trouble. From there, it isn’t long before other areas of the practice start suffering. Clearly this is of the utmost importance, but what can we do to create a streamlined RCM process? Read on to learn more.
Why is a streamlined RCM process vital?
Streamlined RCM increases revenue while decreasing the administrative burden of collecting revenue, freeing up more time for focusing on patient care. A thorough RCM process can help to identify and fix coding errors before they result in denied claims. This ultimately helps to get your practice paid faster and more accurately, providing the financial security necessary to be able to consistently provide outstanding patient care.
4 Tech Tools to Improve RCM
Since revenue is so vital to the financial health of a practice, it’s wise to implement as many RCM tech tools as are feasible to put your practice in the best possible position. Here are four solutions you may want to start with when working to improve RCM in your practice.
- Choose a user-friendly EMR that fits in with your practice’s workflow and supports accurate, thorough documentation. Documentation is the foundation of billing, as you need to have a complete record of services rendered to the patient in order to be able to code your claim properly. By selecting an EMR that supports your ability to capture the complete picture of a patient’s encounter without disrupting your interaction with the patient, you can set your billing staff up for success while continuing to provide outstanding patient care.
- Choose a robust, integrated Practice Management system that will translate what has been documented into the accurate codes. Once you’ve completed your documentation, that information will be transferred to your practice management solution where your billing staff will work to create the claim. For best results, your EMR and PM should be interfaced together, even better if both are from the same vendor and are integrated.
- Choose a clearinghouse partner that allows you to check eligibility, scrub claims, process claims, and review performance analysis. Submitting an accurate claim is the best way to avoid a denial. Properly coding the claim is the first step, but it’s also important to make sure the patient is eligible for coverage and that the claim is filled out according to the standards the payer has set. It’s also important to be able to monitor performance to quickly catch and correct denied claims in order to avoid going long periods of time without being paid.
- Implement a convenient way to collect patient payments, such as ePayments. Responsibility for healthcare costs has been shifting to patients for the past several years. Even patients with insurance coverage typically owe some sort of co-payment or co-insurance. With digital payments becoming the standard for most industries, it’s wise for healthcare to follow suit and allow patients to electronically pay their statements.
Revenue cycle management can feel intimidating due to how vital it is to a practice’s financial health, but with the right tools it’s possible to streamline this process and ensure that the revenue continues to flow into your coffers in a timely manner.
Understanding the importance of this process, Henry Schein MicroMD has worked diligently to ensure that we are providing the best possible solutions to help your practice in every area of operation, including RCM. From our simple, customizable, and connected EMR and our robust Practice Management, to our preferred clearinghouse partners and valuable add-ons in our Solutions Central, we are here to help optimize your practice so that you can place a greater emphasis on patient care.
For more information or to get started with one of our solutions, visit micromd.com or call 1-800-624-8832.
About the author,
Crystal is a Digital Marketing Specialist at Henry Schein MicroMD. Content creation, social media management, and SEO optimization are just a few of her areas of concentration as she seeks to educate clients and prospects alike about the simple, customizable, and connected solutions we offer at MicroMD.
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