Revenue Cycle Management Because You’re A Doctor, Not an Accountant

May 22, 2017 by

Everyone knows that a patient waiting room in a hospital or medical clinic is a busy place. Staff and doctors are dealing with many things all at once and the stakes are high. The most important thing for everyone is that people’s needs are handled efficiently, their needs are met and the patient is better going out than they were coming in. In other words, the medical practice must be concentrating more on helping the sick and injured patients, and less on client records management and billing.

However, a medical practice is a business and an important concern for every business is client records management and billing. However, you have no time to be an accountant. Revenue Cycle Management will ensure that you are spending more time on patient care and the medical practice rather than the accounting aspects of the business.

Revenue Cycle Management is electronic medical records (EMR) software that is more than a billing system. It’s a patient management system, a patient records system, and yes, a billing system. This software allows you to keep track of that patient and the service needed and provided from the moment the patient makes the first phone call. The software follows the progress from pre-visit to visit, and from billing to financial reconciliation. It also keeps track of the patient’s medical conditions, prescriptions, follow-ups and all that you need to know to serve their needs.

The Revenue Cycle Management software allows you to spend less time on financial matters and more time on the patient care. Because of this software, the business will more easily collect patient information. When the patient initially books the appointment, the software will help you track their insurance, check Creditrepairxp for more insurance and credit help. This saves time during the visit. In the business aspect of your practice, you will collect fees more easily, and reduce costs and waste of time that goes into chasing clients for the money. Without this anxiety and worry, your business will be the best medical practice it can be.

The AMA says that a medical business loses 15% of its revenue due to unpaid bills. In a two physician office with $1 million in expected revenue, that’s $150,000 lost. There are many financial benefits to using the Revenue Cycle Management to maximize your revenue. You will be able to reduce the costs of the business, spending less money on accounting, payroll, employee turnover and related costs. Another good reason is that you will be able to accelerate the revenue coming in. Bills will be paid faster, and cash balances will increase. Every part of the business aspect will run more smoothly, increasing productivity and efficiency. You will be able to focus on patient care and quality, which will also be improved by the ease of information now available in the records management system. You can even use it on your handheld electronic devices, meaning that you will have access to all your patient information no matter where you are.

The pros of using this Revenue Cycle Management software are as mentioned. Records management software increases productivity, reduces costs, accelerates cash flow and maximizes revenue. Documentation will improve and be easily accessible (and legible!) to everyone. It can be accessed from any computer, tablet or smartphone. It will also eliminate some of the time-consuming tasks, such as phone calls to pharmacies, or prescription refill request calls. All patient data can be integrated throughout the system, eliminating mistakes.

The cons are that it does have a bit of a learning curve. Staff at the clinic will all need to learn how to use the Revenue Cycle Management software and to make sure that they enter every important piece of information. This may take a little bit longer, but it certainly leads to better, more efficient documentation.

Software that manages all aspects of the medical practice at one time is just what you need. After all, you are not accountants. Choose the Revenue Cycle Management software that will help you to manage your business like a medical practice. Without the headaches of billings, dealings with pharmacists, insurance companies, and bill collectors, keep it all in one place with Revenue Cycle Management. Your medical practice will grow into all that it can be when you are able to focus all your energy on patient care.

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