According to a 2016 study from the Annals of Internal Medicine, physicians spend 49% of their office day on paperwork. Your practice is very likely utilizing an electronic health record (EHR) to record patient data and care, but are you using it in the most efficient way possible?
One way to streamline tasks is to add practice management software (PM) to run the business end of the physician practice, including scheduling appointments, or a revenue cycle management (RCM) service to help with the billing and accounting tasks. Maybe you’re only using one or two of these solutions. But did you know that integrating all three components can not only save you time, but also may help to increase your collections and improve your practice financials?
Having an integrated EHR, PM and RCM to organize the clinical, administrative and financial aspects of a physician’s practice can be an effective path towards reducing the amount of time between providing a service and receiving payment. Software that follows the patient from your first point of contact through the office visit and beyond can greatly improve office efficiency.
For instance, when a patient phones in or visits the patient portal online to make an appointment, the office staff uses the practice management software to not only review physician schedules, but to also ensure accurate patient data, verify insurance information, or remind the patient of existing balances. The system reviews eligibility and copay information and can generate reports so that when the patient arrives for their appointment accurate payment can be collected.
During the patient visit, the provider uses the EHR to review test results, document the patient encounter with SOAP notes, prescribe medicine, order labs, and share plans of care with other doctors. The EHR streamlines diagnosis and CPT code selection, saving time during the encounter and while billing as well.
Speaking of medical billing, the RCM verifies proper coding, creates a superbill, and submits claims directly to insurers. It works to collect payment from the insurance company, patient, or third-party insurer on your behalf. An effective RCM can reduce denied claims by prompting healthcare employees to enter all the information needed for claims processing before the claim is sent, saving them from having to revise or resubmit the claim. A typical RCM also has a dashboard that tracks the number of new patients, claims pending, claims denied, claims refiled, and current accounts receivable so that the practice has a complete picture of their financials at any time.
In this era of value-based care, a 3-in-1 solution can also give providers a more detailed look at their patient population, with insight into which chronic diseases are affecting them, and additional methods to monitor those patients. The information from these software solutions can also help with reporting for the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA), which is driving value-based reimbursement.
By streamlining office workflow, the physician staff can spend more time with patients and less time on administrative tasks. Together, these tools can promote physician loyalty, provider collaboration, and positive patient outcomes.
For a demonstration of how the Quanum EHR, PM, and RCM solutions work together to streamline practice workflow, watch our video, or call 1.888.491.7900.