How EHR and Efficient Billing Processes Can Increase Practice Revenue
Medical billing companies work to maximize the revenue of practices. They believe that this can be achieved through full schedules and a high number of patients. However, this is not the only way to improve the revenue cycle. A practice can gain a substantial amount of profit with the help of a certain number of patients. This is the revenue that exists in business but is not channeled properly. It can be found in the electronic health records kept by the company. Not only those, but it is also possible that it’s stuck in the manual billing processes adopted by the organization. Through the help of certain steps, this additional revenue can be found without any time-intensive and expensive exercises.
It is for this reason that EHR and billing systems have been introduced. The automation of such an internal system helps to improve the revenue inflow. Increase in revenue is possible due to the elimination of human error that may occur otherwise. Certain studies have been conducted which have helped to outline the revenue difficulties faced by providers. They tend to face this issue as they must balance a service payment model along with a value-based payment model. The complexity of the matter creates certain hindrances in getting paid. Therefore, to help out in such situations, EHR and billing systems have been introduced into the market.
A medical billing must focus on simplifying the reimbursement process for themselves. The difficulty they face in this regard is that they have to do it without changing the basis. Among the operations that take place in practice, there is
- Delivery of care to the patient
- Documentation of payment
- Collection of patient payments
Once these activities take place, the patient care data is retrieved from the EHR. This is done in order to code it accurately according to the charges which result in successful claims. The completion of this process is followed by the timely billing and tracking of underpayments or denials. The automation of all these operations is necessary to access the locked revenue. It has been earned and therefore, must be retrieved for the real cash flow.
EHR systems are built in a sophisticated manner. They are constructed in a manner that they help to generate revenue through the help of their powerful knowledge base. Along with this, they also enhance usability, performance, and reliability. It includes various functions of the practice, such as:
- Clinical reviews
- Patient notes
- Medical histories
- Document manager
These EHR systems address the issues of physicians, decreasing the frustrations they may face. The solutions it has brought with it are intuitive, easy to use and inexpensive. Such traits help to establish the steady cash flow a practice needs in order to operate successfully.
Integrated EHRs play a great role in increasing practice efficiencies and cost savings. It achieves this by reducing any manual labor and expenses involved. It provides benefits like
- Fewer work hours
- Reduced transcription costs
- Better documentation and automated coding capabilities
- Reduction in lost charges
This integration allows for the improvement of the practice to take place. Such improvement is evident in its care delivery, coordination, pharmacy checks, and revenue generation. These activities will no longer require the provider to attend to each one separately. Studies have shown that a good EHR report can help the business with the following efficiencies:
- Integrated scheduling systems for appointments that help to improve practice management.
- Easier centralized chart management that contributes to time savings for the practices on a whole.
- Better communication channels with other clinicians, labs and health plans through the help of:
- Easy access to patient information
- Tracking electronic messages and comments
- Automated formulary checks
- Order and receipt of lab tests as well as diagnostic images
- Links to public health systems
Administrative tasks tend to take an approximate amount of 20% of a doctor’s time. This can cause problems in the patient care time as well as result in physician burnout. This is why automation can help improve business functions by contributing to the productivity of the staff.
Medical billing companies have to face complicated processes which may result in messy revenues. Therefore, if they wish to maximize their revenue, they must consider the automation of operations. This will help them to focus on more core activities of the business. It will improve patient diagnosis, prescription, education and overall, patient satisfaction. The goals of a healthcare organization can be achieved quickly if they don’t have to deal with the complexities of the system.