Improve Revenue with AdvancedMD EHR Software
Dealing with revenue collection rates is frustrating and comes with a lot of financial pressure. Whether it is a small independent practice or a medium-sized one, the strain of reimbursements, patient responsibility, debt, claims, etc., is the same for all. Although it is the most important part of your clinical operations, it can only be managed and improved the most with AdvancedMD EHR.
No doubt that patient care should always be your primary focus before anything, but your RCM should also be continually optimizing your collection rates. AdvancedMD EHR excels at handling the billing process for practices of all sizes. There are multiple benefits with its practice management solution.
Check out our article on top EMR Platforms for Revenue Cycle Management in 2021.
- Offers an integrated EHR & practice management software system that works seamlessly with its RCM services—helping charges pass directly from EHR to various billing tools.
- Charges only 3% to 8% of monthly practice collections.
- Does not perform coding services, but it can handle most of the billing operations, including claims scrubbing (providing 100% first-pass claim acceptance rate) and denial management.
- Offers automated ICD-10 updates.
Pro Tip: Get your hands on the AdvancedInsight module and have extensive reporting functions with helpful planning tools. It will also hold out a complete view of your practice’s financials.
If you are looking for ways to improve your collection rates with AdvancedMD EHR software, then follow up with the steps given below:
1. Key Performance Indicators
Set up and run automatic reports weekly on your key performance indicators for RCM such as (claim denial rates, patient revenue cost, net collection rate, claim denial reasons, DAR). Review your reports with the manager, RCM team, coding & billing staff to identify positive and negative. Tackle these problems and set future goals of performance.
2. Financial Benchmark & Dashboard
Benchmarking is the primary key to understand where you stand in the larger industry. AdvancedMD EHR tools will help you compare your practice with others based on geography, specialty, and size. It will show your strong and weak points. In comparison, the dashboard will display all your financial data into charts and graphs to understand your cash flow and income sources.
3. AdvancedMD Suite
Investing more in technology for RCM means more revenue. AdvancedMD EHR software solution suite will offer a variety of opportunities to help you increase maximum potential.
- Automated revenue cycle KPIs.
- Claims scrubbing.
- Denied claims resubmission.
- EHR integration.
- Patient portal.
- Insurance verification.
- Practice management database.
4. Integrating Clinical Software
Moving towards full integration is the easiest and most cost-effective way for small/independent clinics, small/medium-sized practices. AdvancedMD EHR offers a unified and modular system that you can grow and expand over time. This feature removes all the data entry errors, manual processes & bottlenecks that slow down claim submission and payment collection.
- The AAFP estimates the average claim denial rate for clinics is 5% to 10% (for some clinics, that could even be as high as 15% to 25%).
- A study by The Advisory Board estimated that 90% of those denied claims are preventable.
- 65% of denied claims are never reworked because of staffing shortages, lack of time to follow up, or lack of knowledge about following up.
- According to AdvancedMD, approximately 3% of claims are denied by payers.
5. Revenue Collection Goals
Educating your team is crucial. Hence, set goals:
- To follow up and minimize denied claims.
- Provide updates on progress.
- Train everyone in your practice on improving collections.
6. Revamp Workflows
To support medical coding and billing efficiently, streamline processes that can lead to higher collections, such as:
- Scheduling – your staff should review every scheduled appointment at least twice prior to the visit to prevent errors with insurance or patient information.
- EHR – it will provide alerts, reminders, and notifications to capture all the relevant information to avoid missing information that can affect your claim submissions.
- Patient check-in – allow patients to take forms at home or electronically through kiosks or tablets for patient verification.
- Claims denial – create a workflow for staff to follow up on any denied claims immediately.
- Pre-visit verifications – before any appointment, run a second insurance verification at least 24 hours before.
7. Collect Cash Up-Front
- Draft policies that will explain payment responsibility and timelines.
- Use kiosks or an online check-in that prompts patients to co-pay and clear outstanding balances before the appointment.
- Offer flexible payment plans for patients to pay off high balances monthly instead of all at once.
- Provide estimates of the total cost to each patient to determine whether they can move forward with treatment.
- Staff should know deductibles, out-of-pocket costs, and other insurance terminology that can be confusing for patients.
If you still require more information or help, reach out to our consultant for FREE EHR recommendation & consultation!