Through the introduction of electronic medical record (EMR) software and other IT advances, healthcare reform is changing the way doctors practice medicine. New technologies are also making a powerful impact on medical organizations’ revenue cycle management processes, as they present opportunities to manage patient accounts in more efficient ways and increase revenue. Following are three ways technology can help your medical organization:
1. Implement new software solutions. If you already use practice management (PM) software to keep track of patient demographics, billing and insurance information, consider integrating an EMR solution in order to help your company improve charge capture and automate its billing tasks. With integrated EMR/PM software, billing codes and capture charges will transfer automatically from the EMR to the PM system, where they can be easily reviewed for claims submission. This reduces the risk of data entry errors and results in quicker processing times.
2. Outsource revenue cycle services. When hospitals and independent practices are understaffed, or employees are under-trained, it is easy to fall behind on billing and accounts receivables. However, running a successful practice hinges on the financial health of your organization. If your employees are spread thin or you simply want experts who know the ins and outs of revenue cycle management, consider outsourcing your revenue cycle services to staff who work in this arena full-time. Most revenue cycle companies employ advanced technologies and tools to monitor accounts and process claims, resulting in quicker reimbursement.
3. Install check-in kiosks or offer online bill pay. Providing patients with different options to pay their co-insurances, co-pays or deductibles can drastically increase the chance of on-time payment. Invest in kiosks where patients can check in and easily swipe their debit or credit card to make a payment. Another option is a bill pay feature through your medical facility’s online patient portal. Either way, your patients will appreciate the alternatives, and your practice will benefit from fewer late payments, as well as a reduction in collection letters and phone calls.This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.