As we start the New Year, getting into better financial health is at the top of just about everyone’s list of resolutions. Keeping this resolution can be a whole lot easier than dropping those extra “holiday pounds” gained from Aunt Bertha’s delicious roast turkey and apple pie – yes, I’ll take another slice, thank you.
Your medical practice is just like you – it needs the tools to make wise financial decisions. Here are four simple ways that having a Practice Management (PM) system fully integrated with an Electronic Health Record (EHR) system can make a real difference in the financial health of your practice:
- Protect revenue by pre-checking patient eligibility – What if you knew that a patient’s insurance coverage had been changed or canceled before their visit? How about knowing exactly what a patient will owe you for their upcoming visit? In a world of changing coverage and high-deductible health plans, you can’t protect your revenue without this vital information. When your office schedule is shared by an integrated EHR+PM system, you can easily pre-check insurance eligibility and accounts prior to visits and then take appropriate actions.
- Eliminate payment delays with denials management – Did you know that 10 to 15 percent of the bills you send to a payer will get denied? How much value would you put on a solution that could help you determine the top reasons your claims are being denied, allowing you to eliminate payment delays and rework for your billing staff? An integrated PM system analyzes your claims and denials and then shows you how to avoid denials in advance.
- Gain power with greater knowledge – Your practice is your business. Get a firm grip on your account receivables today. Be in a better position to negotiate with your payers and get paid faster by focusing on problem areas like:
– Your most commonly billed procedures and reimbursement levels;
– The average time it takes for each of your health plans to pay you on outstanding claims;
– The percentage of revenue from cash-based services, patient copays, and deductibles – and how long it takes to collect these balances.
- Optimize office workflow – To make your practice more efficient as a business, you need to optimize your workflow. Want a better tool to track patients throughout the visit at the practice? The front-desk module of the Amazing Charts PM system can be customized to meet your practice’s workflow, from check-in to check out and all the steps in between.
Those were four simple ways you can boost your practice’s financial health and bottom-line profitability, with an integrated Practice Management system. Click here to learn more about Amazing Charts PM.