Friday, December 02 | EHR Solutions and Operations

How an EHR Software Platform Improves Revenue Cycle Management

By Netsmart

If you’re considering implementing an EHR software solution to improve the quality of client care, a fully integrated EHR system can also help you improve revenue cycle management (RCM) by streamlining the collection process, beginning at the point of care.

The goal of an EHR software platform is to improve your level of client care by sharing patient data among clinical staff. Another advantage is sharing that information captured at the point of care with administrative and billing staff. This creates efficiencies that have a direct impact on your revenue cycle.

Covered Procedures

When your EHR software integrates the clinical data with an RCM system as provided by a fully integrated solution, clinicians can check to ensure procedures and tests are covered by the insurer before ordering them. This reduces the risk of denial and accelerates the time to reimbursement.

In addition, alternative treatments can be explored when a clinician is able to determine what will be rejected by an insurer or if the client can pay for his or her share of the treatment. This not only improves the likelihood of claims being approved on first submission, but also allows clinicians to offer improved client care alternatives that affect the quality of care.

Increased Accuracy

A fully integrated EHR solution that includes revenue cycle management functionality allows data to be captured at the point of care and linked to claims submission. This decreases the likelihood errors are made that result in payment being denied or delayed. Billings can be issued quicker and with fewer clerical errors, increasing efficiency and accuracy.

Revenue Projections

When a clinician makes a diagnosis and determines a course of treatment, an integrated EHR solution allows administrative and financial staff to analyze the data captured in real time. This will increase the accuracy of your practice’s revenue projections, making it easier to plan for the long-term based on actual data involved instead of estimates.

When you add in data analytics, financial projections become more targeted and easier to measure. Instead of making projections based on what is expected to occur in the future, you can use the intelligence gained from the data in your system to extrapolate on actual information.

Revenue Cycle Gaps

By integrating all of your systems in one solution, you’ll be able to analyze the entire workflow from intake to claim submission. This will help you identify gaps where inaccuracies and inefficiencies exist so that you can improve your processes and close these gaps. This will impact not only productivity in a positive way, but will help you strengthen your denial prevention efforts. These gaps in your process can be identified quickly and easily in a fully integrated EHR software platform to tighten up your entire revenue cycle management from beginning to end.

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