How to Improve your Revenue Cycle with Technology?

In today’s changing healthcare landscape, providers need to work smarter, not harder. They need to invest in the right tools and technology to get things done smoothly so that they get enough time to focus on patient care.

If you are a provider, looking for ways to boost the billing and collection processes at your practice, then it is time you embraced the right technology. There are innovations that may look expensive and may cost you time and effort but in the long run, you can save a lot of hassles and get to treat more patients.

Here are some of the ways in which you can use technology for the benefit of your practice:

• Going paperless is one of the best ways to boost your revenue cycle. Unfortunately, there are still many providers who invoice patients using paper. As per a survey by HIMSS Analytics, majority of patients want to be billed electronically and make payments online through their smartphones. So if you are still using paper to send invoices to your patients, then it is time you made significant changes. Start sending electronic invoices and accept payments online.
• It is recommended starting using eligibility verification software because it will help you collect more. This tool will act as an add-on to the EHR you are using, allowing you to check copy, eligibility and coinsurance of the patients. There are some software in the market that can even notify you if a patient has met his/her deductible or the amount your practice needs to collect after the visit is over. This type of technology will save you a lot of time as there will be no need to call to check verification for each patient on an individual basis.
• It is important to have a technology plan in place. You must consider technologies that have been introduced in the market and change the ones that are becoming obsolete. Plan the technology that you will be using at your practice this year and how you plan on implementing it to build your practice.
• Practices must look for data, starting with an effective EHR. EHR records a wide range of data from patient care and also allow the practice to use that data for improving accuracy in billing. Since big data and analytics are here to stay, EHR’s role cannot be ignored.