Your medical practice has probably invested heavily in software and other technologies to comply with EHR and other billing requirements and guidelines. Your clinical tracking, reporting and other documentation has never been so accurate. However, your practice may be missing out on revenues by failing to fully utilize a number of built-in tech tools that already exist within your EHR system. Take your EHR system beyond just record-keeping by leveraging its financial and clinical information to optimize revenue as well as streamline workflow. Here are a few tips to make the most of your EHR platform:
Identify problem reimbursement areas
Many practices find certain procedures and codes that have created more than their share of reimbursement problems. Using reports showing which claims were denied by code and/ or physician is a useful tool to raise a practice’s awareness of potential problems and take steps to ensure that the right code is used prior to billing. As reimbursement becomes more value-based, understanding of a payer’s methods and requirements, including shared savings or bundled payments, can reduce denials.
Patient credit card information on file
Keeping credit card information filed away is a more efficient way to collect payment than sending out invoices and playing the waiting game for the checks to arrive. With so many transactions done electronically these days, most patients will agree to have their information securely stored in a payment server, making it easy to automatically charge them after the claim has been finalized and the insurance has paid their share. As a result, the practice should see a definite uptick in revenue from the increase in prompt payments.
Estimating prices for procedures and other services
Thanks to the increase in deductibles, patients are shopping more carefully than ever before having an elective procedure, such as a colonoscopy, done. Using an estimator tool in addition to the EHR can help find the lowest cost as well as create a final estimate utilizing the patient’s copay and deductible information. The result is financial and medical peace of mind for patients as well as faster payment for your practice.
Electronic patient check-in
Take a cue from the airlines: offer kiosks or handheld devices such as tablets in waiting areas for patients to register themselves. These handy tools can reduce data entry mistakes by staff as well as patient wait times. By having patients swipe their credit cards at check-in, outstanding balances or copayments can be taken care of at the time of a visit, collection headaches are reduced for the A/R department as revenues are up for the practice.
Practices will be required to accept MasterCard, Visa and Europay or some form of chip-card technology by October 2015.
Patient portal software
This offers patients online secure access to their records as well as making it easier to update their patient profile information. Practices using these portals have reported greater accuracy of records as well as empowering patients by allowing them to communicate more directly with their health care team.
Insurance or other coverage verification
Normally performed by reception or administrative staff, obtaining patient insurance information was done over the phone or online. Now staff can use real-time verification software; any interface fees charged are usually offset by less time spent manually confirming information
M-Scribe Technologies, LLC is experienced in helping practices of all sizes with revenue management. We offer a full array of billing, coding and documentation services as well as offer specialized solutions to increase your practice’s profits. Contact us by phone at 888-727-4234 or email info@m-scribe.co for a free analysis of your practice’s needs to to streamline workflow while maximizing revenues.
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