Managing highly-specialized implementation, such as the shift to ICD-10, requires highly-skilled team members. Over the past few years, hospitals and health systems have invested hundreds of millions of dollars collectively to prepare for the complex implementation. And, while physicians have not faced the arduous challenges that vendors, payers and hospitals have experienced, they can benefit from the lessons learned. For example, outsourcing medical coding and billing services may be the key to managing a healthy revenue stream and improving your practice as a whole.

Revenue cycle management (RCM) must evolve for health care organizations to not only remain solvent, but to thrive in the current environment. The best path to managing the evolution, or more precisely, where to start the journey, depends on which industry expert you believe. However, there is a common thread whether you are listening to a marketing expert, a customer service coach or a financial advisor – process optimization is business-critical.

The following excerpt is from an article found on Healthcare Finance News. It was written by James Larson and Nancy Henry. Just like focusing on providing quality care to patients is critical to a health care practice, bottom line management can make the difference between successful claims handling and a battle of denials and errors. Time and again we hear clients express frustration that collections are down, and more often than not it’s due to time spent dealing with inefficiencies and mistakes in the back office.

The more streamlined the financial processes are at your medical practice, the more time and attention your team can spend on diagnosing and healing patients. A financially strong medical organization does a better job at retaining talented employees, as they won’t have the same level of anxiety as they would if they worked at a facility that is not doing so well. Patients can tell the difference too, between thriving practices and those that could use some help in managing their revenue cycle. This is where revenue cycle management software comes in. It helps you gain better control over claims and billing and will let you generate customized reports so you can stay on top of crucial data.

In a busy medical office, staffers don’t have time to waste when it comes to the billing cycle. The faster you can submit claims, the shorter the turnaround time should be, of course. Organizations with an eye on their bottom line require medical billing software companies that will fully meet their particular needs, especially in terms of speed, accuracy and ease of use for their staffers. If you are displeased with your current medical software company or are starting up a new practice and need to quickly select and implement billing software, you should know that not all medical billing software companies are created equal.

Are you on the lookout for a medical billing company? If so, you likely have a number of questions that must be satisfied before you will make your final decision. It doesn’t matter if you have been in business for some time now or are just about to launch a new practice. The medical billing company you choose to work with will figure greatly in the financial health of your practice. With that in mind, here are four features that medical billing companies should have.

Just as you cannot expect to use a standard home tool box with its hammer, wrench, and screwdriver to repair something tiny such as a watch or a pair of eyeglasses, you wouldn’t expect to get the best results with generic billing software in your medical practice. It’s crucial to use the right tool for the job, which is why so many medical practices look for a dedicated medical billing software solution. If you are early in your medical career and have limited experience with medical applications, or if your medical organization has been relying on old-fashioned software for a while now, you’ll want to get an overview of how the latest medical billing software will improve things in your office.

The following is an excerpt from our whitepaper, Multiple Tax IDs: Get More Revenue With Fewer Clicks. One of the major challenges faced by medical practices is in managing the flood of information on all their patients in such a way that employees can work as efficiently as possible while maintaining the highest levels of security.

The following article is an excerpt from Healthcare IT News. It was written by Barbara Allen. There’s no question the transition to ICD-10 will bring with it a significant loss in coder productivity. If left unaddressed, this loss of productivity will cause hospitals to get bills out more slowly. And if addressed incompletely, it will cause hospitals to incur excessive expense in increased coder headcount. Fortunately, there is still time to greatly narrow the productivity gap to protect revenue and to minimize the need to add coding resources that are increasingly difficult to secure. The key is to move quickly and with precision in addressing the root causes of productivity loss.

Medical billing software provides increased convenience for providers, less tracking of paperwork, and a more streamlined office. Physicians no longer spend valuable administrative time looking for records and retrieving past patients medical records from off-site storage facilities. Medical billing software can save money by avoiding claim denials and avoid the possibility of submitting incorrectly formatted claims.