Behind every thriving medical practice are efforts from its administrative and clinical staff. These bodies act as the brain for the practice and make considerable judgments and decisions. They not only gather and store significant PHI but also share it using authentic, safe portals. Thereby, they do the critical thinking required to fuel their healthcare facility efficiently. Overall, it improves the quality of the medical billing they do. As a result, the practice collects revenue on time, which increases its financial stability.
What would now function as the body’s heart? Well, Technology holds the key.
A successful practice is dependent on technology, exactly like the heart pumps blood to sustain life. Adaptive technology disseminates information via EHRs and practice management systems. Thereby, technology ties together with the organization’s “brain.”
So, we must consider the necessity of technology in medical billing. Therefore, we must be cautious while choosing one for organizing the medical billing tasks. In this blog, we will shed light on the best practices for the selection of revenue cycle technologies.
Top Considerations for the Right Revenue Cycle Technology
Right now, if we envision the medical billing business, we see changing regulations. These all augment the shift in the healthcare industry to supplement or replace technology. So, the fulfillment of this imperative need will have an impact on the practice of health. That’s why the facilities have to consider a lot of factors before implementing or advancing technology.
However, the facilities often emphasize clinical documentation capabilities. It helps them make a final decision about technological advancement. Likewise, RCM functionalities take a secondary position in this decision-making process. This is analogous to transplanting a new heart, as the old one fails to pump enough blood to the brain. Although the organization has a chance of surviving, its efficacy will probably face difficulties. So, it would be better if we replaced it or strengthened it by making or implementing more advancements.
Listed below are the top considerations before finalizing a new RCM technology for your medical billing outsourcing company.
- Balance EHR and revenue cycle functionality
- Analyze the impact on revenue cycle workflow
- Evaluate the data feeds to the technology
Let’s discuss all of them in detail.
Balance EHR and Revenue Cycle Functionality
While the functionality of an EHR is essential, revenue cycle functionality holds equal significance. Sometimes practices piece together disparate operating systems to enhance their clinical workflow. No doubt, it proves beneficial for them as they achieve their goals of labor improvements and savings. However, this parchment can prove dangerous in the long run. They may impair your billing functions over time. That’s why you must trust your technology vendor the most. They will guide you professionally and recommend suitable technologies. For this reason, vendors closely analyze the limitations and benefits of new features. Also, they give instructions for safe integrations with EHRs to provide additional billing facilities.
Analyze the Impact on Revenue Cycle Workflow
Look closely at the information collection process at your medical billing company. How may a claim be made? What impact will the new technology have on this process? For instance, think about how the data will be included in the process if you’re thinking of a new system to validate eligibility or an extra system. Will the new system need an additional log-in, which would take time? Will it involve the manual transmission of data to a patient account, raising the possibility of human error? Evaluating whether the new system offers the most effective solution or whether better options exist is crucial.
Evaluate Data Feeds to the Technology
Now, let’s take into account the collaboration of large medical practices with hospitals. Here, sensitive patient data flows directly into the practice’s software systems. Therefore, we have to count on the clarity of procedures and timeframes when making new changes. It is the utmost requirement for the smooth transition to new RCM technology by medical billing services. Moreover, provide a way to validate the data streams before going “live.” To avoid backlogs, it is essential to identify any information gaps during the claims process.
Endnote
As it stands, while implementing new technological solutions, medical billing outsourcing companies must take everything into account. It aids them in making thoughtful judgments based on their potential to improve workflow operations and functionality for the revenue cycle. We hope this information supports your ideas. For the success of your medical practice, QPP MIPS is here to help you make wise decisions. So feel free to get in touch with us if you want advice. Our experts will tell you how technology, processes, and people can be combined to revolutionize your revenue cycle.
