Although the physicians’ role in today’s world is to treat people’s ailments, alleviate suffering, and save lives, there needs to be some consideration made for finances and the like, the economics of medical care, if you will. After all, if the business end of the practice fails, there won’t be many opportunities to treat patients, will there?
Fortunately, today’s technology offers a cornucopia of software that can help physicians and their staff to manage the business aspect of their practice, and we’re not talking spreadsheets. We’ll touch upon various types of software that are particularly helpful.
Revenue Cycle Management
Revenue cycle management (RCM) is the process by which the person in charge of a doctor’s office finances can manage claims processing, payment and revenue generation. RCM software gives your financial manager a complete view of the patient-to-pay cycle, which includes co-pay collecting, checking for patient eligibility, billing, coding, handling denials (which can be a real financial drain), collections, and even fraud prevention. This is an application that goes a long way towards plugging those revenue leaks.
Using RCM software helps to increase office efficiency and make better use of time. This especially comes in handy with smaller practices that may not have the luxury of a large support staff that can dedicate their time to chasing down claims.
In addition to claims, RCM helps handle things like tracking missed appointments (especially since most doctors’ offices charge for last-minute cancellations), spotting unauthorized procedures, and filing bills in a timely manner.
Other Helpful Software
Here’s a sample of other useful applications for consideration.
Care Cloud. Considering how cloud computing and data storage is growing, it’s inevitable that it would find its way into medical practice. Like the name suggests, Care Cloud is a cloud-based practice management system that provides a full suite of integrated billing and administrative applications.
Kareo. This is a web-based practice management/medical billing application that is considered to be extremely user-friendly, easy to purchase, and easy to set up. Kareo is favored by physician practices from one to eight providers, and medical billing companies with from one to one hundred providers. Kareo users can schedule patient appointments, verify eligibility of health insurance, manage collections, send claims and receive insurance payments electronically, and store documents online.
MedicsPrimer. Here’s a web-based application that can take on tasks like billing for anesthesia, radiology, and behavioral health. MedicsPrimer offers reliability, flexibility, and power while increasing efficiency with comprehensive electronic data interchange, allowing for the seamless exchange of data between companies. This easy to use system also integrates with credit card processing and automated telephone reminders. It provides fast patient registration, a detailed insurance plan information screen, and the ability to scan IDs, insurance cards, and other documents directly into patients’ records.
There are many more applications out there for the dedicated professional who wants to devote some time to search for them. But regardless of what software a doctor decides to employ, it’s clear that these types of applications are the wave of the future, simplifying the financial aspect of running a medical practice, and hopefully preventing waste or loss of revenue.