Full Cycle Web Based Practice Management Software Solution

1. Online Practice management software

2. Full Cycle Web Based Practice Management Software Solution

3. Introduction • Full Cycle Online Practice Management Software will: • More efficiently utilize your schedule by using Resource Scheduling • Set-up scheduling rules based on your practice needs (by caregiver, room, equipment, procedure) • Maintain Caregiver Profiles • Maintain Payer Contract Fee Schedules • Set-up billing rules specific to your claim forms and payer contract requirements • Automatically track your collection efforts and all follow-up • Complete revenue reporting for financial reporting to stakeholders

4. Scheduling • Healthcare practices that do not invest in efficient billing and collection processes may find themselves in a cash crisis without resources to meet financial obligations. • Your collection practices must be communicated, and adhered to, by all individuals within your practice. • From communicating the patient responsibility, collecting this responsibility at time of visit, and thorough follow through until the account is paid in full should be one of your organization goals throughout time. • Patient collections are an important part of your collection process as well. From the appointment each patient must understand his financial responsibility. • That responsibility must be collected at time of service. If the amount is not collected, your collection processes must include how and when to collect any remaining patient responsibility.

5. Billing • Billing errors can cost your organization thousands of dollars. This section analyzes manual billing pitfalls, costs to your organization, and proven ways to recover lost revenue. • Most billing errors can be eliminated prior to the submission of your claim. • Managing these errors with little labor (i.e. people) intervention increases your overall profit. • Relying on simple billing/claims software and/or personnel to remember specific billing requirements will result in an increase of denials and delayed cash. • Instead, invest in billing software that has the capability of building your specific billing rules into the system. • For example, some Payers have different billing requirements for the same procedure code. Your system should have the ability to generate a claim specific to the applicable Payer.. If your system does not have the capability of managing these types of rules, you are relying on personnel to catch the requirement up front and edit the claim prior to submission. Or, the claim will be submitted to the Payer and then denied for missing information.

6. Collections • Healthcare practices that do not invest in efficient billing and collection processes may find themselves in a cash crisis without resources to meet financial obligations. • Your collection practices must be communicated, and adhered to, by all individuals within your practice. • From communicating the patient responsibility, collecting this responsibility at time of visit, and thorough follow through until the account is paid in full should be one of your organization goals throughout time. • Understanding where you are today, and deciding on your organization's goal for the future should be the first step in developing your collection processes. • So, first calculate your current days sales outstanding (the average time it takes to collect your receivables). • To do this, divide your net sales by the number of days in the period (I recommend monthly to effectively manage your cash flow). • For example, if your sales for month is $75,000, divide that by 30, which equals 2500.

7. Revenue Reporting • In addition to scheduling, billing, and collections, your software must provide you the tools to accurately analyze your financial picture. • These tools should be in the format of reports. These reports must have meaning to your organization. • Understanding where your practice is today, and how you can improve will provide Online Practice Management software the necessary information to make important strategic decisions. • Performing routine financial analysis will quickly provide to you not only the items mentioned above, but will also quickly provide you the return on investment you have seen. Source: http://EzineArticles.com/730178

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