How RCM can help improve cash flow at your eye practice
Improve your cash flow and offer better patient experiences? With RCM, it’s possible to do both.
Face it – there is not much that matters more to your practice than cash flow. Cash flow is what keeps the lights on and the doors open – not to mention the shelves stocked and the employees paid and happy.
But cash flow is not as simple as seeing patients, selling services, sending out bills, and counting your money. Cash flow is the revenue that you generate directly from your patients and from insurance reimbursements. Medical billing, and in particular billing for eye care practices, is increasingly important today as eye care providers look to fill gaps in their revenue cycle and bring some predictability to their operations and balance sheets. New challenges, particularly related to decreased reimbursements and more competition for fewer patients, mean that many eye care practices have realized that their billing and collections systems, and all of those associated practices and processes, need to be upgraded – an in a hurry.
This blog will look at revenue cycle management software, how it can be used to optimize healthcare claims and healthcare insurance, and how these tools can improve the flow of cash at your eye care practice.
What is revenue cycle management software?
Revenue cycle management software, also known as RCM software, is a tool that is being used widely in the health care field to unify the clinical and business sides of a practice. This happens in a number of ways, including the use of automation to handle administrative tasks and pull data from electronic health records (EHRs). With a revenue cycle management program in place, you can easily send bills, receive payments, and generate reports that can be used to illuminate the overall revenue situation of a practice and make informed decisions that will impact future business operations.
Revenue cycle management software is typically sold as a software as a service solution, where vendors give customers like eye care clinics access to an online tool that replaces old resource-intensive medical billing processes.
Why is revenue cycle management important?
Revenue cycle management is an important tool because it allows eye care practices to streamline operations and enhance their revenue. With good RCM software, practices can spend less time on administrative and clinical functions, and in the process devote more time to treating patients.
Revenue cycle management software can be used for:
- Enhanced pre-authorization and eligibility verification
- Charge capturing and coding to ensure the right medical codes are used and claims are not denied by insurance companies
- Streamlined claims submissions and easy payment collections
- Analysis of medical services rendered to find where errors are being made and identify ways to lower expenses
Top features to look for in leading revenue cycle management software providers includes tools for:
- Credentialing: Tools that ensure participation and compliance and keep profiles up to date
- Charge posting: A review of a practice’s entire documenting process to ensure that the appropriate charge capture is taking place and that all billing rules are being followed precisely
- Claims filing: An analysis of all claims, including those made to Medicaid, Medicare, and commercial insurance companies, with a review of any problems and concerted efforts to identify and fix any problems
- Payment posting: Processes to ensure a smooth flow of payments to the eye care practice
How can you increase your healthcare claims and healthcare insurance reimbursements with revenue cycle management software?
Revenue cycle management software allows health care providers and eye care clinics to enjoy a number of benefits that not only help boost office revenue but also help avoid delayed or denied revenue and let providers focus on patient care, not administrative tasks.
Some of the benefits of revenue cycle management include:
- The ability to easily and clearly identify and fix errors. With RCM tools providers can more easily identify errors that are related to revenue and in the process decrease the likelihood that claims will be denied due to technical issues like missing information or improper coding.
- Spending less time focused on admin tasks. Since revenue cycle management tools automate many of the most mundane parts of the billing process, staff can focus their time and attention on more important matters.
- Avoid healthcare and insurance fraud. Because RCM can automate many coding processes, eye care practices can avoid both intentional and accidental medical coding – the sorts of things that lead to nasty investigations. RCM can help pinpoint procedures that were not medically necessary, services that are being billed for but were not rendered, services that were performed by an unqualified provider, and tests or procedures that were not administered correctly.
- Identify instances of patient fraud. Revenue cycle management tools can help pick up when patients are providing inaccurate information or even engaging in identity theft.
- Overall increased eye care clinic revenue. Since revenue cycle management tools are engaged in all of the processes described above, your office will get more revenue – simple as that. Therewill be few claims denials, fewer instances of fraud, less time spent on mundane tasks, and better and more efficient operations.
How can I learn more about revenue cycle management software tools and solutions?
Revenue cycle management tools from Eye Care Leaders are found in its myCare line of services. In addition to revenue cycle management, myCare includes proven and effective tools for analytics, patient engagement, statement processing, clearinghouse, and MIPS assurance.
myCare Revenue Cycle Management can help practices effectively and efficiently address their finances, protect revenue, reduce compliance risk, and improve customer support. With myCare, eye care providers can identify all of their available cash opportunities, streamline their claims submission, supercharge their electronic remittance and payments posting, improve accounts receivable follow-up and collections, and provide insight with detailed reporting.
Revenue cycle management from myCare includes two packages – myCare RCS Partner and myCare RCS Evolve. Both are focused on expanding an eye care provider’s current revenue and making the claims process more efficient, with all operations and services backed by professional staff, dedicated resources, and continually follow up.
To learn more, schedule a consultation with Eye Care Leaders today
Drop a line for our sales representative to get in touch with you
7 Challenges of Practice Management and How to Overcome Them with Software Solutions
- 16 May 2022
Optometrists face new challenges each year. Thanks to the rapid acceleration of digital transformation, patients’ demands are changing. Competition in the market is also evolving. You need tools li...
Valuable tips to increase your optometry patient retention
- 10 May 2022
Customer retention is serious business these days, especially in healthcare and optometry practices. Just as with any customer-facing business, customer retention is just as important as, and ma...
Important tips for making your ophthalmic practice a success
- 06 May 2022
Your eye care practice is not a static enterprise. Every week, you gain patients, lose patients, encounter new challenges, confront new obstacles, adopt new technologies, and gain new insight into ...