Key Physician Practice Management Operations Insights for 2022
The previous years, 2020 and 2021 were very challenging, the medical industry needs to be very intentional about the plans it makes for 2022. The key to the survival and growth of individual practices is ensuring that all aspects of the office run in the most efficient way possible.
Medical practice management is sure to be a very hot topic. In addition to providing top-quality patient care, the biggest administrative concerns in practice management include:
- Reducing paperwork
- Improving time management
- Enhancing Revenue Cycle Management (RCM)
- Incorporating telehealth advantages
- Improving patient communication capabilities
- Keeping up with changing compliance policies
- Contract and management services
Your practice can use the latest practice management software to minimize administrative efforts while still achieving an efficient work environment and maximizing revenue flow. Physician practice management means organizing information capabilities, enhancing billing procedures, tracking results, and making changes where needed.
Modern Medical Practice Management
Revenue cycle management manages a practice’s finances and assumes the tasks that keep cash flow running smoothly. According to one AMA report, today’s medical practices are focused on automating time-intensive administrative tasks through the use of standardized electronic transactions. The right practice management system is critical to automating and streamlining administrative and billing functions.
The best practice management software can:
- Capture patient demographics
- Schedule appointments
- Preregister patients (including insurance eligibility and benefit checks)
- Determine patient financial responsibility for collection at the point of care
- Maintain insurance payer lists
- Perform billing
- Generate reports
Tips for Efficient Practice Management
Considering that the use of a practice management system can significantly boost revenue, it is important to follow these tips in 2022:
- Electronically Verify Insurance Eligibility Before Every Appointment: Switched plans, out-of-network coverage, and unauthorized services lead to unending administrative and payment headaches. The only way to solve this is to use up-to-date practice management software to electronically verify eligibility before each appointment.
- Integrate PMS with EHR: A practice management system that does not integrate with your EHR will only add to your worries. This key factor will enable your practice to view patient visit details while billing, access patient outstanding data while seeing the patient, automatic claims creation on closing the patient encounter, identify and confirm patient insurance benefits, work with multiple clearinghouses, reconcile patient accounting and insurance billing, oversee EOB/ERA processing, and produce customized statements.
- Improve Charge Capture: Even a few small changes in this area could result in an impressive return on investment. Accurately capturing an additional $100 a day in missed or under-charges could result in over $25,000 in increased annual revenue.
- Submit Claims Electronically: This step alone can save substantial time, eliminate postage and mailing expenditures, and easily track claim status. It also speeds health plan adjudication and payment.
- Streamline the Billing and Payment Process: Use medical billing software that is capable of electronic claim submissions, claims management, receivables management, denial tracking, claim scrubbing, and batch EOB posting to free up staff time, improve accuracy, and speed payments.
Benefits of Efficient Physician Practice Management
There are numerous benefits that can be achieved with more robust medical billing practice management software:
- Capture charge entry during EHR documentation: Instead of having the provider or a coder to assign codes, applicable codes are automatically included in the claim while documenting the visit and are ready to be scrubbed. This sends claims directly into a bucket to be scrubbed and ready to be submitted to the clearinghouse in a bulk fashion. Customized claim scrubbers can be created by payer, provider, and location.
- Quickly find and assign claims to be worked: Analyze patient and insurance responsibility to ensure you pursue the proper party for payment. Focus on older claims that are in danger of being written off and look at denial reasons that can be resolved. This gives your team a directed approach, much better than trying to work claims on a random basis.
- Follow rejected claims: Automatically enter rejected claims into a bucket that is monitored daily for correction and refiling. Assign tasks to prioritize rejected claims processing. Use existing templates for appeal letters and send them directly from the system. Refile claims at the clearinghouse level from the Billing Software instead of logging into each payer’s website.
- Aggregate account information by patient: Use one screen to accumulate all information regarding a patient’s claims. Find links to any supporting information such as progress notes, EOBs, previous payments by all parties, and patient statements from a single screen. Make patient statements available electronically through the patient portal software and save postage money.
- Batch posting for EOB/ERA statements: ERAs can be edited in batches prior to posting instead of editing each one separately. Copays can be automatically applied when the ERAs are posted.
Key Takeaways About Physicians’ Practice Management in 2022
Practice management software seamlessly integrated with a top-class EHR is designed to
- Efficiently capture patient demographics
- Schedule appointments
- List insurance payers
- Perform billing and
- Generate reports
This gives medical practices the ability to manage daily operations quickly and easily, especially administrative, and financial functions, without relying on outside services.
Without physician practice management software, many routine tasks would need to be carried out manually, leading to time consumption and greater potential for error. With the right software solution, however, the billing process can become easy and convenient.
The best way to ensure user-friendly physician practice management efficiency is to work with a secure and trusted software like PrognoCIS. We work hard to make sure your practice has all the PMS features you want, need, expect, and more.
We have a reliable support team that provides ongoing training and educational resources to ensure you are making the most of your software. Our goal is to reduce your administrative tasks, so you can focus on what you do best, provide outstanding patient care.
PrognoCIS by Bizmatics delivers a customizable, tailor-made workflow with rich and specialty-specific content for medical clinics. Our cloud-based EHR streamlines workflows through a platform of stable and mature modules, features, and services that include Practice Management System, Revenue Cycle Management, Telemedicine, Patient Portal, and e-prescription.