Features Navigation

Live Chat (800) 825-0224 Live Demo

← Back

Are You Managing Your Practice’s Revenue Cycle, or Optimizing It? (Part 3)

Revenue Cycle Management

Reporting

Parts one and two of our blog post covered some key ways you can better optimize your revenue cycle, rather than just managing it. Using technology to your advantage and making some small tweaks to your workflows can help you improve your bottom line immediately. Here are two additional things to keep in mind.

Best Practice: Find a System that Meets Your Exact Clinical Needs

There are a lot of software programs available today. Some were built with large hospital systems in mind. Others were built with sprawling multi-location clinical practices or physician groups with hundreds of practicing providers in mind. While the software program might be great, it probably won’t meet the needs (and fit in the budget) of a smaller independent clinic with just one or a few providers.

Managing RCM: if you’re just trying to manage your revenue cycle, you can choose a system that offers a bunch of bells and whistles outside the scope of your practice’s needs. You’ll spend a lot more money and probably won’t use a significant part of the system, though.

Optimizing RCM: to optimize your revenue cycle, start with a system that is built with a smaller clinic in mind. These systems provide all the core features you need at an affordable price for an independent clinic, and systems like AdvancedMD can be built piece by piece until you have the perfect system for your practice.

Best Practice: Regular Reviews

An often-cited business adage from Peter Drucker says, “what gets measured, gets improved.” Nowhere is that truer than in your revenue cycle. If you have no idea what’s happening at every step along the RCM process and you are only looking at the bottom line, you won’t be able to identify places where you can optimize, improve efficiency, streamline workflows, or remove steps that aren’t working.

Managing RCM: if you look at your reports that only show high-level metrics like your total revenue compared with collections, you might be frustrated that it’s low. It’s frustrating because you’re missing some key indicators in the details that could quickly improve collections with some small tweaks.

Optimizing RCM: using an RCM software program that provides a detailed analysis based on best practices for revenue cycle management—using templates that are already created so you don’t have to figure out what data you should be looking at—can help you find the small details that dramatically improve your total collections.

Start Optimizing Today

AdvancedMD offers a simple and effective RCM system to help you not only manage your revenue cycle but optimize it. Find out more by scheduling a demo today.



Topic: Revenue Cycle Management


Other Resources Related to This Topic


Revenue Cycle Management

In- or Outsource RCM for VBC for Laboratory Clinics

This eBook was created for laboratory/pathology clinic administrators who are evaluating in-sourcing versus outsourcing revenue...

Medical Billing

7 Ways to Immediately Improve Your Revenue Collection Rates

Revenue collection is a necessary part of your clinic operations, but it’s also one of...

Revenue Cycle Management

12 Hidden Costs and One Knockout Punch of In-house Medical Billing

Learn why outsourcing might be much less expensive than you think. At some point in...

“The money I have invested in AdvancedMD is miniscule compared to the return. I have never been more efficient – ever – in my professional life as I am now.”

Jed Shay, MD
The Pain Care Center

Read the story  ›

“[Our] patients are very well-educated and well-informed, and they want to see results quickly. The practice has to run extremely efficiently and be accessible to them. The nice thing about [AdvancedMD] is it has allowed me to be more efficient both in and out of the office. Now I don’t have to come back into the office, which is great for my family and everything else. It saves me a lot of time – probably an hour a day on the three days I work in the second office.”

Keith Berkowitz, MD
Center for Balanced Health

Read the story  ›

“The best thing I ever did in private practice was getting AdvancedMD—it has liberated me.”

Estaban Lavato, MD
La Loma Medical Center

“Having integrated practice management and EHR is absolutely wonderful, you don’t have to flip back and forth between systems—all of your information is at hand when needed.”

Raju Raval, MD

Read the story  ›