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Revenue Cycle Management EMR Software

Revenue Cycle Management EMR Software Guide

Revenue cycle management software is the financial CPU of medical practices. It tracks all the billable patient interaction from scheduling to payment completion. It must sound easy but there are many tools and capability options within the RCM software. 

Revenue cycle management EMR software will add value to your infrastructure by simplifying your clinical and business tasks such as patient entries, diagnosis, imaging, lab tests, accounting, billing, human resources, check insurance updates, follow-up treatments, etc.

An EMR software system solution that increases customer satisfaction on a whole new level by reducing:

  • manual tasks
  • hardware maintenance costs
  • human errors 

When it comes to EMRs, there are a million choices on the market. Finding quality-care software is a daunting task. While many practices use a paper-based healthcare system, they are time-consuming and prone to errors. 

Implementing EHR software will make your life a hundred times easier. And to get you started, this guide will help you begin your process of searching for EMR systems for your practice by providing you with information on features and tips to consider. 

Get the hang of all the ins and outs of EMR software with our detailed guide!

Features of Revenue Cycle Management EMR Software:

Choosing an EMR will help you improve patient care. It makes the entire administrative, clinical, and billing process seamless. Hence understanding how the EMR software works are essential. To understand the software mechanics, it is advisable to learn about its various features and functionalities. Before choosing, you should check if the software has the following prospective characteristics:

Patient Scheduling & Registration:

Track scheduled patient appointments and record initial overreach. 

Check out the two opposing views on the healthcare system of Trump VS Biden.

Insurance Validity:

Gather all the insurance information of the patients and verify their eligibility. 

Documentation of Visit:

Revenue Cycle Management EHR software should manage the code output based on the type of visit and services that take place during the visit.

Accounts Receivable Management:

Keep a regular record of the accounts receivable of your practice and generate constant reminders for payment.

Claims Management:

Create, maintain, and update a database showing all the past and current claims. 

ICD-10/CPT Codes: 

Catering to a specific specialty does not require additional clutter of codes. ICD/CPT codes are designed explicitly for RCM, making billing processes accurate and fast. An EMR software solution should have built-in CPT and ICD-10 codes to assure a seamless, efficient billing process. Better evaluation and management standards ensure that healthcare payers have all the clients’ information at checkout.

Have a look at the latest E&M coding changes released in January 2021!

Copayment Facility:

Top RCM EHR software must be able to validate the copayment amount covered by insurers and adjust the remainder due accordingly.

Denial Management: 

An EMR software must be able to organize denials on critical signifiers such as the source of denial and reason for denial all through one place. 

Patient Portal: 

The electronic medical record has patient-user workflows and patient engagement (recent doctor visits, lab results, educational materials, etc.) A comprehensive EMR platform should have an appointment-setting feature that allows team members to quickly register patients, schedule them, and choose a purpose for their visit. It sends automatic appointment reminders to the patients as well to decrease no-shows. 

Top Benefits of a Revenue Cycle Management EHR Software

Workflow Management: 

Working in any specialty-specific practice comes with dealing with heaps of data. Hence you should make sure your EHR facilitates care and support rather than interfering in direct patient interaction. One visit may call for a symptom-based approach, while another may call for a condition-based approach

EMR software workflow will give you the comfort of electronic patient charting, diagnosis and surgery, mapping, interpretation, and managing/maintaining the documentation to how you, as a practitioner, practice medicine. It eases the process of data entry by allowing users to input information into patient records electronically. Some EMRs also offer speech-to-text functionality (voice command). This helps doctors better understand patients’ conditions and help them make the right decisions at the right times.

Increased Operational Efficiency:

Revenue cycle management EMRs can cater to all types and sizes of practices to define optimized processes and newfound automations for managing each step in the revenue cycle. 

Financial Health:

Easily track critical financial metrics to gauge the financial health of your organization. Drill down to see specific components of the payment process that might be stalling final retribution.

Billing Assistance:

Since many medical practitioners hesitate to accept insurance and Medicaid payments, some vendors have started facilitating billing operations and documentations. Some also partner with third-party billing services. This changes the whole ordeal and simplifies the process and tracking system even more for small to midsize practices. 

Please read our article on the top medical billing companies in 2021.

User Interface: 

Not all doctors are not tech-savvy; it would not be right to expect them to be experts in using EMR software. Effortless and straightforward software should be a top priority as it will also be easy for the customers to switch to electronic service. Good software also has in-built recording systems for specialty practices. Some vendors offer free training too. 

Health Information Exchange: 

EMRs with HIE connectivity allow doctors and hospitals to stay connected across the US. 

E&M Coding: 

Coding integrated with the EMR presents better evaluation and management standards, ensuring that healthcare payers have all the clients’ information to payout.

Quick Tip: Get precise guidance by looking at the top EMR platforms for practice management in 2021

User-Friendly Interface: 

This feature provides quick access to commands and standard features. It is the most critical factor in facilitating interactions between the customer and doctor through its easy-to-use navigation and customization. 

Tips for choosing an EMR vendor

When selecting a revenue cycle management EMR, providers should consider features deemed necessary to improve efficiency and care at your clinic or solo practice. For example, some EMRs will allow you to create and store custom, reusable notes in a database for quick retrieval during a patient encounter. Besides, many clinics benefit from administrative features, such as a calendar application or patient scheduling for clinical appointments. 

Also, keep an eye out for vendors who will also give you a free EMR demo. Keep reading our guide for an insight on useful facts to consider before purchasing:

Mobility: 

Since smartphones rule the world and are easy to carry around, to keep up with a fast-paced world of technology, a vendor must have a mobile application service for its software solution. Having an application 24/7 on the go will make it convenient for the doctor to take notes of symptoms, patient history and electronically prescribe medication. 

Automated Systems: 

A solution system with automatic medical processes to improve office efficiency and provide a more consistent patient experience.

Legal Systems:

For a seamless operational efficiency, your vendor must offer greater reliable federal compliance for more transparency into the financial well-being of your practice.

One RCM System: 

Putting together disparate applications impedes the growth when it comes to scalability. Therefore, an EMR system solution that can move into a single RCM system will enable practices to get a clear view of the status of the organization and also drill down to see critical information at the patient level.

Cloud-based EMR software:

Cloud-based EMR systems offer to maintain and managing patient health files in the cloud (off-site) than on internal servers located at a medical facility or practice. Due to its multiple advantages, Cloud EMR has grown increasingly popular. It can support various devices and can be accessed anywhere, anytime with internet access. Some cloud-based vendors include ChartPerfect, CareCloud, CureMD, and ChartLogic, etc.  

System Architecture: 

Site computer servers or cloud-based software should be available anywhere through the internet. Selecting a design depends solely on your comfort level and choice. Some medical practitioners prefer a computer server as it covers the HIPAA requirements, while others want database access.

Customer Support Quality: 

Having an efficient and quick customer support service available all around the clock is essential when your software faces a technical glitch. Most of the EHR software vendors provide customer support as part of the plan without any additional cost.  

Beware of the hidden costs that vendors try to sell.

Certification: 

This goes without saying that whatever software you decide to opt for in the end should have a certification. For any specialty-specific software, look out for the ONC-Authorized Testing and Certification Body (ONC-ATCB). They will make sure that your vendor meets applicable objectives and, most importantly, is HIPAA compliant. Security of patient data and medical records is a principal concern for clinicians, medical providers, and your patients. Top EMR Software Vendors from today like AdvancedMD EMR, PrognoCIS EMR, Modernizing Medicine, Chirotouch Kareo, etc., use data encryption technologies and other advanced tools in every section of the EMR Software to make sure they safeguard patient records.

24/7 Access: 

Verifying that your EMR is accessible on both PC and Mac is required. You never know what computer you will be accessing the software or which device your patient will be using.

Conclusion

Choose wisely and find the best EHR service provider for your practice with our vast resources. With the right technology—make your work life easier and your healthcare dynamic. Find the suitable EMR with SoftwareFinder.

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