The Website use cookies to improve user experience, analyze traffic and performance and to assist marketing campaign to deliver personalized content. You can either select ‘Accept All’ or customize your preferences by clicking on ‘Cookie Settings’ .
Lost revenue and uncollected reimbursements have hounded the healthcare industry for the longest time. Medical practices across the country lose billions of dollars every year due to inefficient systems and poor revenue cycle management (RCM) operations. Chances are, your practice may also be suffering significant losses.
With the constantly changing regulations and complex, time-consuming processes involved in medical billing, manual and paper-based methods will only perpetuate inefficiencies in your practice. And while automation may seem like the most sensible solution to this problem, not all healthcare RCM platforms are created equal — many are either outdated or not suitable to address modern medical billing challenges.
Medical financial processes are unique from other industries. The cycle spans multiple stages of the patient journey and involves an intersecting web of different payer organizations, regulatory bodies, and varying guidelines. Thus, choosing a platform specifically designed for medical practices and other affiliated healthcare organizations is crucial.
Choosing the right RCM software that best fits your needs is the first step in securing every dollar you’ve earned and maximizing your revenue potential. Here are five things to consider to ensure that your RCM platform can meet your needs and won’t lose your practice money:
1. Comprehensive
One of the first things you need to look for in a healthcare RCM software is a full range of medical billing tools. Ideally, you want to choose a system as multifaceted as healthcare billing.
Every aspect of the revenue cycle requires different functionalities to perform properly. So if you want to improve efficiency, you need medical RCM software that supports every stage of the billing workflow, from
patient eligibility verification to payment processing, claims submission, and data analytics, just to name a
2. Cloud-Based
The fast-paced, constantly evolving healthcare landscape demands better mobility, accessibility, and security. These are needs that only cloud-based solutions, like billrMD, can meet.
billrMD is a two-in-one practice management and medical billing platform designed for medical practices, medical billing companies, labs, and independent diagnostic testing facilities (IDTFs). As a HIPAA-compliant, cloud-based software, billrMD provides secure technology and advanced RCM features without the hefty price.
The
advantages of cloud-based software over traditional, on-site systems are immense. Platforms like billrMD eliminate the need for physical servers, helping you save money on infrastructure and maintenance costs while improving data security and access.
3. Automated Eligibility Verification
Many people think that the revenue cycle only revolves around billing. In reality, though, it starts with appointment scheduling — essentially, before the patient even walks through your doors.
A crucial part of this stage of the cycle is patient eligibility verification. Rather than calling insurance companies and waiting on long call queues, your staff can use your healthcare RCM platform to verify eligibility status and benefits electronically.
Real-time patient eligibility verification saves you time and money while accelerating your check-in process, reducing claims errors, and improving reimbursements.
4. Billing Reports & Analytics
Your ability to make smarter decisions depends heavily on the accuracy and completeness of your data. A truly comprehensive system must include reports and analytics in its suite of features and functionalities.
Generating detailed summaries directly from your system allows you to stay on top of your practice’s performance with better convenience and ease.
5. User-Friendly
A user-friendly interface is a vital yet often overlooked feature of RCM platforms. Cumbersome systems have been repeatedly linked to physician and staff burnout. Not only do they negatively affect productivity, but they chip away at your quality of life as well.
On the other hand, the benefits of a user-friendly system extend beyond the user experience. It streamlines workflows and fast-tracks processes, improving productivity while boosting patient satisfaction.
It’s ironic how a supposed solution can actually exacerbate the problem it is meant to solve. That’s what happens when you settle for generic software.
When looking for a healthcare RCM platform, it’s vital to understand that there’s no substitute for compatibility. The healthcare revenue cycle is far too nuanced for any commercially available systems to adapt to.
You need a solution like billrMD, built for and around the billing challenges that medical practices and their affiliate organizations face. By simply creating a
FREE account, you can submit claims right away. You can also upgrade your account to any of our
affordable packages to unlock more powerful features.
As an adaptable platform, billrMD expands to match your growing needs.
