Top 6 benefits of integrated medical billing system

Are you aware of the patient-centric RCM? In a formal description, this is a concept that enforces regulatory authorities to introduce the Health Information Technology for Economic and Clinical Health (HITECH) act in 2009 and the Affordable Care Act in 2010; as per these regulations, medical specialties are required to deploy a technology-enabled revenue cycle that begins and ends with a patient. The implication of the patient-centric revenue cycle requires eliminating all of the complexities by empowering them with all of the information and tools to resolve their balance.

This can only be achieved by integrating medical billing systems such as Electronic Health Records (EHR) into practice management, allowing clinicians and medical practitioners to improve operational efficiency and give patients an innovative treatment experience. EHR systems streamline the process of appointment scheduling by cutting down the patient’s wait times. Along with this, these systems facilitate patients with the electronic prescription, where they are not required to interact with the provider physically by visiting the pharmacy. More than that, it eliminates the communication gap between the patient and the physician with instant access to messages, sharing notes, and even video calling. If I conclude, an integrated billing system in practice management assists medical providers in adhering to the state of the law by giving the best experience to their patients.

Having said that, this post aims to elaborate more precisely on the benefits of integrating EHR in practice management.

Improves efficiency by eliminating the paperwork, manual work, and errors

RCM has already been described previously; you may already know that medical billing is a fundamental function of RCM where the first and foremost step is patient registration, which is the most complicated part of it, and most of the errors are reported in this part as it includes the massive data entry work — we are currently discussing a Traditional approach, that has been replaced by the healthcare software such as electronic health records and the medical records. Traditionally manual medical billing requires 30 to 40 hours of laborious paperwork in a week, and fulfilling the connected RCM is also critical. It leads to critical errors such as misinterpretation of the rendered medical services and procedures by a medical practitioner because of the wrong code insertion, duplicate charges, services not received, and unbundled charges.

Essentially the implementation of an EHR system reduces the risk of these mentioned errors improving both the patient care and revenue stream and the efficiency of RCM by providing the benefits such as the streamlined medical coding and billing process, streamlining the reimbursement process through electronic claims and the attachments, report generation for outstanding claims/patient balances and providing secure, online access for patients to their records through patient portals so on and forth.

Improves Patient’s Experience — Build Trustworthy Relationships

It has already been mentioned at the start of this particular post; that the deployment of the cloud-based and transparent RCM is crucial for medical organizations and also a part of the healthcare regulatory regulation to give the best patient experience, this directly impacts the specialties revenue. Integrating the EHR in your RCM is a part of this context to boost the patient’s experience. Here in this section, we will be describing concisely how the EHR software and the RCM collaboratively play a vital role in assisting medical providers in giving the best experience to their patients, which ultimately increases their collection rate. So, as far as the patient experience is concerned in the RCM, the medical specialty must spend their maximum time with their patients, and the EHR assist them in adhering to the state of the law by increasing the workflow process and reducing the amount of time, effort, and the resources spent previously on the manual work.

Additionally, The probability of ambiguity is far less because a detailed log of all communications between patients and providers is recorded and maintained. Solid encryption is used to protect patient data, which lowers the possibility of illegal access. The EHR records are also maintained on the cloud, which provides a secure backup of the data that can be viewed remotely.

Streamline medical coding with the innovative technology

You may already know that the patient encounter is the first step in the medical coding process, where the specialty enters the details about the patient’s visit and the services he rendered. The medical procedures he performed in the patient’s EHR. RCM, integrated with EHR software, assists medical providers in explaining the purpose of their rendered services and performed medical procedures. Additionally, EHR systems streamline the insurance collection process by automating all of the tasks in the practice revenue, including the electronic prescriptions and claim processing, which ultimately saves the physician’s time and energy.

Maximise revenue collection with increased productivity

With the integration of EHR into the RCM, medical specialties experience the seamless data flow between your clinical tool and the practice management system. It ultimately helps eliminate the likelihood of errors that may occur because of the manual data transfer. When the errors are minimized, it leads to cleaner claim rates with minimal rejections and denials from the insurance carrier. When the interruptions from the insurance provider are minimal, an excessive amount of the time gets saved on insurance collection & A/R follow-ups, patients’ insurance coverage verification, and determining their financial responsibility resulting in the payment posting without delay. Additionally, the EHR can create automated workflows based on the specific rules with which the claims are edited and corrected, which results in maximizing the revenue of the medical specialty.

How can MedsIT Nexus RCM services help?

MedsIT Nexus medical billing services are integrated with the cloud-based electronic healthcare software, ensuring 100% data privacy as you would have complete access control over your data, ensuring the only authorized access to your medical information that ultimately makes your patients feel safer about their data ensuring the maximum data security that ultimately maximizes the patient’s experience. Therefore, our financial partnership is the scalable option for your medical specialty to maximize the reimbursement collection rate.