How to Increase Practice Revenue with EHR and Billing

 

Full schedules and large patient panels are only sometimes the best way to maximize office revenue. You can only see so many patients each day, and you can't take on more than your providers can handle. However, the additional revenue you seek already exists. It can be buried deep under cumbersome manual billing systems and ineffective electronic health records (EHR). It is possible to generate additional cash within the confines of your practice, and it can be a process that requires more time and effort. That is what robust EHR and medical billing systems are for; they automate and streamline internal operations so that you can generate a steady stream of income. 

Using EHR and Billing to Improve Practice Efficiency 

The most challenging task for practice income is reducing the reimbursement process's complexity without affecting the fundamentals. Patients' needs should be satisfied regarding service, paperwork, and quick payment collection. Patient care is directly impacted by the effectiveness of billing and revenue cycle management (RCM), which generate the resources needed to support all clinical activities. The patient care data must then be extracted from the EHR Software and precisely tagged to capture all charges and establish accurate, successful claims. Following that, fast billing is required, as are underpayments and denials. The revenue generated in practice might be locked away and never be retrieved for actual cash flow if these activities are kept from manual means. 

Increasing Practice Effectiveness and Reducing Costs 

The health information technology platform of the federal government acknowledges the necessity of replacing ineffective EHRs. The following advantages are provided by integrated electronic health records (EHRs), which can improve practice efficiencies and cost savings by decreasing manual labor and expenses. 

• Reduced transcription costs 
• Less time spent manually retrieving, saving, and re-filing charts. 
• Documentation enhancements and automated coding skills 
• Reduction in lost charges 

The practice functions' interoperability and simplification give providers the most relief. The provider can perform only one of the small jobs within the practice that must work together to enhance care delivery, communication with other clinicians, pharmacy checks, and revenue creation. The use of the best EHR Software can generate more money. 

Increasing Revenue and Productivity 

Administrative duties use the majority of providers' time. It cuts down on face-to-face patient care and contributes to medical burnout. When automated business activities boost physician and employee productivity, revenue also grows. Practices can experience: 

• CMS quality metrics reporting has improved, and reimbursement rates have increased. 
• Enhanced regulatory compliance and reduced risk of penalties or lost reimbursements thanks to automatic EHR alerts 
• Reduction of vendor/insurance denials due to late filing and charge lag days 
• Less time is spent by personnel manually entering charges, resulting in more accurate and timely billing 
• Automated notifications that reduce CMS's claim denials and lost expenses, such as the Advance Beneficiary Notice