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Posted By Amanda Guerrero
June 6, 2012

Running a medical practice not only means providing quality care for patients, but ensuring that payment is received for services rendered. However, while patient care and well-being should be your organization’s top priority, neglecting the business side of things can also have negative consequences for patients. Providers concerned about their practice’s financial health should consider contracting the help of a revenue cycle management company.

What can revenue cycle experts do for me?

Many smaller practices lack the resources to collect insurance information during a patient’s initial phone call, which marks the start of the revenue cycle for that patient. This means that insurance coverage and benefits are oftentimes not verified before an appointment. If you have someone checking benefits a few days before a scheduled visit, it gives your staff time to contact patients who aren’t covered so that they can either reschedule or be made aware of expected visit fees.

Automating other processes can along the revenue cycle line, such as electronic claim submission and remittance payment posting, can also help improve your practice’s accounts while making better use of staff resources. In addition, providing e-statements and offering online bill payment options can help shorten the revenue cycle by allowing patients to pay their medical bills conveniently and on their own time.

According to Mark Snow, chief marketing officer and director of business development at a Pennsylvania revenue cycle firm, “[F]orward-thinking hospitals and practice groups are changing the way they bill patients, using systems that are more accessible, reliable, technologically current and have proven track records with electronic billing and paying.”

With the help of a revenue cycle management company, your practice will be able to recover old account balances with the use of automated tools and increase profitability moving forward, giving you the tranquility to focus on what you do best: practice medicine.

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Catergories : Accounting, Health Care IT tags :
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Marie
 
Posted By Marie
April 18, 2012

Automating the workflow at your medical practice helps to improve every aspect of your office functioning.  By improving the flow and availability of information within your practice, the staff members handling your billing will better be able to access the data that they need in order to perform basic tasks without needing to consult paper files or other employees.

Workflow Automation

What is workflow automation?

Workflow automation is the implementation of software technology to improve efficiency within a company by coordinating the transfer of information between different staff members.   This includes ensuring that the right person has access to the information they need in order to properly perform their job.

Many medical practices and hospitals are choosing to automate workflow within their offices by implementing a medical revenue cycle management solution.  There are a variety of different services available, ranging from installable software solutions to completely third-party healthcare revenue cycle management programs, but most agree that having a system in place to automate medical collections and billing is the best way to increase revenue and collect 100% of what is owed to the practice.

What types of office functions can workflow automation help with?

An automated system can help with a number of basic office and administrative tasks, allowing your staff to save hours and hours of time each week.  A workflow automation system could help you with:

  • Entering repetitive data.  Labor-intensive tasks like entering patient information eat up hours and hours of time.
  • Generate data and reports.  Imagine a report detailing which patients owe money, how long they’ve owed money, how often they’ve been contacted about their outstanding bills, and whether they’ve responded.  This information helps you and your team both analyze the effectiveness of your collections process and how much money is owed to the practice.
  • Helps improve collections frees up your staff.  Choosing a third-party revenue cycle management company can actually save your practice time and money in the long run by allowing a team of experts to dedicate their day to collections.

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The mission of New Wave Enterprises has and will always be very simple: deliver a quality custom solution to every client within budget. Founded in 2003 by John Deutsch the company was originally known as New Wave Marketing.
 
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