How Your Practice Management System Can Improve Your Cash Flow and Patient Care

A practice management system covers a broad range of functions in your office. It engages patients, helps simplify operations and drives your revenue cycle. Utilizing the right system can automatically accelerate your cash flow so you can focus on patient care and satisfaction. Here are some of the fundamentals you should seek in a practice management system to streamline revenue management, advance your cash flow and improve care.

Advanced Automation Reduces Administrative Costs in Your Medical Practice

A practice management system that includes a Patient Portal provides automated features that reduce the costs associated with patient scheduling. It allows patients to request or schedule appointments and fill out forms prior to their visit. Superior systems will also offer automated eligibility checks to predetermine the amount your patients will owe before their appointments. This feature permits you to collect any co-pays and deductibles due at the point of care, reducing collection costs associated with past-due balances.

A Practice Management System with Advanced Statement Generation Expedites Billing

Your software should provide the ability to track patient financial data, identify past-due bills and generate statements to reduce time spent on collections – all done automatically. It should allow you to choose whether to aggregate family members onto a single statement, or to send statements to individual patients. An advanced system will provide the ability for you to send a statement electronically – thus reducing the overall use of paper as well as reducing the cost of sending statements altogether. Driving this efficiency enables you to enhance your bottom line.

A Practice Management System with Advanced Authorization Tracking Reduces Denials

After obtaining patient authorization details, practice management systems can track how many visits are allowed for each patient and how many have been used. It can also track expiration dates for specific procedures to ensure your practice is providing care that is authorized and reimbursed. Increasing reimbursements while reducing denials doesn’t just generate additional cash flow, it saves money spent on the hours that can add up quickly using manual tracking and manual management mechanisms.

Choose a Practice Management System that Improves Patient Care and Cash Flow

Practice management systems should combine improved patient care with improved practice cash flow through advanced automated features focused on streamlining your office. Boost your bottom line and patient satisfaction by contacting TriMed Technologies today at (866) 874-6339.

November 1st, 2016