5 Tools your medical group needs to handle the revenue cycle challenges!

 AdamDenySmith Tags: , , , , Software
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5 Tools your medical group needs

The recent healthcare reforms have brought about seismic changes to the way group practices function.  Improving patient care and maintaining a positive cash flow remain key challenges. Many group practices are employing technology to optimize their revenue cycle, handle provider network management and resolve operational issues.Technology to boost the revenue cycle of group practices in 2016

We live in an era where technology is the key to every door. Similarly healthcare is one such industry that makes technology its forefront in every aspect of its growth. Revenue cycle management is the financial circulatory system of healthcare organizations.

As Catherine O’Leary, managing director of KPMG (Chicago) said: “You want to get every dollar you’re entitled to. You want to receive payment as fast as possible. And, you want to make sure you’re doing it in a legal manner. That’s the core of a revenue cycle.”

Healthcare Finance News reports that healthcare professionals are calling 2016 “the year of the integrated revenue cycle”. Aren’t we excited to be a part of it?

Many group practices deploy varied technologies to manage their revenue cycle and make it evolve effectively. In the past years several group practices have invested in clinical technology to capitalize their revenue cycle and are still on the road to development.In today’s unyielding economic climate, the majority of health systems are keen in improving performance while embracing innovation can help to improve the functionality of their revenue cycle.

Where is the best place to start?

Why not start with implementing technology?

What if you had five technological tools to boost your revenue

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Read on to know more about these tools…

Every group practice is well versed with the stream of technology that their revenue cycle revolves around with. As changes are made in the healthcare system, it is evident that the similar changes occur even in the hospitals revenue cycle management too. Keeping pace with these changes ultimately requires that the group practices streamline their process and make sure that their revenue cycle is proactive with technology. Every revenue cycle is a showcase of a business’s financial health.

Let’s boost your group practice’s revenue cycle with these five technological tools…

  1. Physician productivity tracker:

Over 70% of physicians get paid based on their productivity, it is therefore essential to know your productivity in the long run. With the advent in technology, real time productivity tracking software’s can be implemented to eliminate revenue cycle drain and increase the group’s productivity on the whole and individually.

In addition to examining the physician’s activities, every practice should critically assess the functions performed by nurses, technicians, and front office executives for a better revenue cycle flow. However a physician’s expertise is the sole driver of the group’s revenue. With the growth in technology Physician productivity can be made into an amalgam of all the activities including administrative and organizational responsibilities.

A physician’s productivity is measuredby tracking the amount of time a physician works in a single day, and then subdividing those hours by the type of work being done.

Is it confusing?

Won’t it be good to have an application that does this calculation for you?

Every group practice functions under the axiom that the physicians are the productive providers for the group’s financial success. Practice managers can introduce a relative value unit based system to measure and provide compensation plan and maximize productivity. This productivity system should be an embodiment ofpractice revenue, visits, and patient contact hours.

  1. Live claim status:

Are you tired of waiting on the phone for an update of your claim?

Due to the huge volume of claims processed in a group practice, it is an uphill task to monitor the claims cycle and know the individual status of each claim. Installation of tools to track a real time claim status can help claims from being unseen and rejected in the case of group practices.

Well as Jonathan Tropper quotes in,How to Talk to aWidower “But that’s why you pay for insurance, right? If you never file a claim, then they’ve beaten you.”

When it comes to multiple claims and specialities, this technology would help the practice and the physician to view a claim status in a secured manner and take measures to avoid rejections. This technology allows you to view claims intimation, track claim status in real-time, and also access your claims history in digital format on the move.

  1. Patient scheduling status:

As Jacobson says “The physician of the future is going to be faced with making decisions with so many data points that they cannot make the best decisions without computer-assisted support,”

Patient scheduling is the most difficult and intricate responsibilities in the practice. The art of scheduling is an overview of a month that is made up of evenly productive days. Every physician’s schedule should be monitored with a tracker that showcases the number of patients the physician has viewed and his contribution to the month’s productivity.

It is said that by the end of 2019, 66% of US health systems will offer digital self-scheduling and 64% of patients will book appointments digitally, delivering $3.2 billion in value.

A query system would help the practice manager reintegrate and structuralise the work flow in a chaotic group practice. This would make the physician be vigilant and help them contribute more towards the revenue cycle. It also helps the practice manager to have a clear knowledge of the physician’s appointments and produces an organised workflow.

  1. Clearing-house technology:

Large-scale health info structure initiatives have been growing largely. Practices don’t have the time to keep forwarding and waiting for the answers through emails for clearinghouse reports.

How good would it be if clearinghouse reports were monitored on a daily basis through an app?

The integration of information technology into group practices includes a variety of electronic methods linked with tracking the claims in the clearinghouses.This form of technology integrates with any practice management system to securely view the status of the claim in the clearing house and the transfer information, instead of putting reimbursement at risk.

This would help increase claim processing efficiency, manage time efficiently, ensure claims are submitted to the correct payer and confirm eligibility prior to the office visit.

  1. Collaborative technology:

“It’s a technology whose time has come,” says Mike Liard, research director for the RFID and Contactless Group at New York’s ABI Research.When concerned with a group practice, communicating in a secured manner is the need of the hour. There are situations, when professionals are on a different system and each system stands aloof, is indeed a vexing problem.

But thanks to technology it helps to bridge the gap and create a collaborative platform to communicate within. The evolution from a fee-for-service model to a value-based customer centred approach was the intuition for a collaborative technology.  As Phil says, “It is no longer enough to be a team player. To succeed in today’s highly dynamic and networked world, it is necessary to master the art of collaboration.” And healthcare is no exception to this collaborative technology.

Most claims are rejected due to incomplete provider information. Not mentioning the DOS or giving the wrong info will result in denials. With the advancement in technology a platform is created to help providers and billers, communicate securely.

Wondering if all these five tools can be in one application….

You can stop wondering and start exploring with thebillingbridge app…

Thebillingbridge is one such app that serves as a treat to many physicians and group practices. It showcases scintillating features apart from the above five, such as

  • AR Aging Report
  • Reimbursement Velocity
  • Monthly Revenue Analytics
  • Live claims status
  • Clearing House Rejections
  • Patient Schedule Analysis
  • Top Denials
  • Claim & Payment Transaction Summary

With their real time reporting software and a 24/7 support team, they portray a clear revenue strategy for a better revenue cycle. They optimize your revenue flow with a sound healthcare revenue analytics. Reports can be generated and customized by practice managers as per their specific needs. It’s completely automated and avoids human errors in the long run.

Summary:

Even though providers spend a large amount to modernize their IT infrastructures, a typical revenue cycle technologystill consists of numerous stand-alone software applications chained together through a complex web of revenue cycle and home-grown interfaces and manual processes.

A group practice requires an integrated system that not only connects the EHR with the RCM system but also enhances the operational capabilities of the revenue cycle. This helps to streamline the revenue cycle for greater insights into treatments, costs and outcomes. Every financial transaction is always a bridge from volume to value.

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