A Medical Practitioner is responsible for their Patient’s health but is that possible without considering their Medical Practice’s financial performance?
A research states that a regular day being a doctor who owns their own Medical Practice means 10 hours or longer work day. Add to it the stress of getting accurately reimbursed for all the services provided, hectic right?
Being a Practice owner, your main concern is your patients but your Medical Practice cannot survive without revenue. In addition to aiding to your primary goal of taking care of your patients you are always worried whether you are paid in time or not. With every denied claim, your revenue is getting low. To avoid this situation, its highly important for your medical billing to be accurate.
If your revenue is stuck or pending than not only your morale to care for your patients dwindle but so does your margins.
Synergize your Medical Practice’s financial health with Optimal Resources
To make sure that you are not leaving money on the table you either depend on your Practice Manager or on a Billing company. No matter what you choose you need to make sure that all your time isn’t spent on monitoring your practice’s daily activities instead it should be utilized to gauge your practice’s medical billing performance.
Daily activities at your Medical Practice can be over whelming and may not leave time or energy for in depth data analysis but one thing that is mostly ignored is the role of a good Medical Billing software for a Medical Practice financial management. A good Medical Billing software can point you towards the performance bottle necks without any extra effort from your end.
Track relevant KPIs to have easy access to your practice medical billing performance analysis
The best and the least time-consuming way is to look at the performance through the relevant KPIs. This can prevent you from going into detailed day to day transaction and allow a bigger picture for efficient medical billing performance analysis.
A smart Medical Billing and Practice Management Software can calculate and track important KPIs that can help Medical Practice analyze their medical billing performance effortlessly. It can allow your Practice a clear picture of all the data i.e., the number of appointments made, the number of claims submitted, the number of claims denied (with reasons), the amount of reimbursement stuck (with corrective action plan) and proactive plan to avoid RCM hiccups in future based on machine learning techniques.
What is the best way of getting these KPIs? It can be built by your practice manager or your billing companies or you can have look at our article: https://altumed.com/5-positive-key-performance-indicators-that-will-earn-new-clients-for-your-billing-company/
Additionally modern medical billing software enables KPI monitoring by presenting smart dashboards.
You can download a copy of Medical Billing Performance Measurement template and gauge your Medical Billing performance yourself within few minutes.
Click here to access Medical Billing Performance Audit template
Track the RCM key performance indicators from month to month and year to year to gauge problematic areas
Medical Practitioner who owns their Practice can hence depend on the Medical Billing software to guide them and even take action on their behalf, relieving them of most of the administrative and operational tasks. It enables them time and mental space to aid to their patients.
Benefits of having a smart Medical Billing and Practice Management Software:
- Reduce/eliminate manual effort for acquiring data from multiple clinical financial and administrative systems by 90%
- Reduce repetitive manual effort by 60%
- Improve patient satisfaction by 70%
- Improve point of service collections by 90%
- Automated claims status requests by 100%
AltuMED pushes its client Medical Practices and Labs to conduct systematic Medical Billing Performance Audits. A Medical Billing Performance Audit is often viewed as a defensive measure where as it should be practiced regularly. Think of it this way, what would you rather prefer? A visit to preventive care or to an emergency room? Why not start your Medical Billing Performance Diagnostic instantly, Click the button below
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