Medical Revenue Cycle Management
Revenue Cycle Management
Revenue Cycle Management is a key part of managing the business side of a medical practice. The best medical practices, clinics and hospitals have mastered merging the clinical and business functions. RCM goes far beyond simply managing billing. RCM enables you to see where your money is going. From top level views to line-item details you can get the information that enables you to better manage your business.
What is the Medical Revenue Cycle
The Healthcare Financial Management Association (HFMA)
defines revenue cycle as "All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue."
Effectively this means the revenue cycle encompasses all revenue related components of a patient’s account.
What is Revenue Cycle Management?
Revenue Cycle Management (RCM) refers to the financial management of your practice relative to income from services. Leveraging the power of medical billing software your practice can manage all aspects of the process. As the name implies, revenue cycle management is the process for managing every step of the revenue generation and collections process.
The Importance of Revenue Cycle Management in Healthcare
Improving your RCM process almost certainly improves your bottom line. RCM management tools for healthcare are included in the top revenue cycle management software. The beauty of a robust RCM software is it enables you to manage all financial aspects of account management. Lytec is a leading revenue cycle management software companies with support in the United States. Relative to improving your revenue management Lytec’s medical billing software empowers your staff to:
- View and manage patient personal and financial data
- Scheduling management
- Easily assign proper ICD-10 billing codes
- Transport claims to credentialed payors
- Track and assign payments to patient accounts
- Query and run reports
RCM Improves the Patient Experience
RCM also provides benefits to patients. Through better management of claims processing the amount of denied payments is reduced, thereby lowering a patient’s out-of-pocket expenses.
Ways to Improve Your Revenue Cycle
- Develop a patient registration process that confirms eligibility and coverage. Taking time up-front to make certain that you have complete and accurate information is a critical success factor.
- Leverage pre-admission contacts as appointment reminders and to confirm coverage information. This can reduce the occurrence of missed appointments, and discovering post service that the patient cannot pay in a timely manner.
- Develop a claims quality checklist that includes reminders on the unique requirements of each provider. This minimizes the odds of claims denials for reasons such as incomplete information, missing documentation, and patient ineligibility, etc.
- Be vigilant in maintaining a good understanding of major payors regarding what is or is not covered. The terms of provider contracts can have a profound impact on your business.
- Pursue creative ways to expedite the payment process. An often-overlooked opportunity is getting payors to remit electronically. This can shorten the payment cycle by weeks.
The Benefit – Get Paid Faster, Improve Your Bottom Line
Obviously, communicating with insurance companies is a critical part of the revenue management process. Being able to quickly submit a billing statement means getting paid as soon as possible. Your medical billing software allows you to quickly prepare and submit payment requests. The ability to view current receivables reports supports timely follow-up and collections efforts.
The best medical practice software includes appointment scheduling capabilities. Using the email functionality, you can send timely appointment reminders. Reducing the number of missed appointments contributes to improving daily revenue.
This same functionality can be used to email payment reminders. This is helpful in surviving problems with the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA)
HELPFUL TIP: For ongoing process RCM process improvements you should note reasons claims have been denied. There are often things that you can teach your billing personnel such as timely filing. This should include the unique requirements and preferences of individual insurance companies. This can prevent the re-occurrence of common billing errors, which improves your A/R aging trend.
Utilizing revenue cycle management can provide an opportunity to improve the patient experience, patient care, and your operating efficiency. Lytec’s revenue cycle management software provides the tools needed to implement and manage a successful RCM process. We invite you to give us a call to learn more about revenue cycle management.
Lytec 2019 Upgrade – New Features and More Benefits
Lytec 2019 – The Best Medical Practice Software
Lytec© 2019 is a proven, trusted, and affordable practice management solution. The software is designed to simplify the way you run your medical practice. With each new release, Lytec medical practice management software gets better and more powerful. Every upgrade improves the user experience with functionalities that medical professionals have demanded.
Get Lytec 2019 UPGRADE DISCOUNTS
If you buy Lytec 2019 by November 2, 2018!
Call MediPro at 1-800-759-1321 and select Option 2 for details.
Meet Lytec 2019 – The Best Medical Practice Software
Explore the Benefits of Upgrading to Lytec 2019 Medical Practice Software
Move Credits Workflow – New in Lytec 2019
Faster and Easier Correction of Payment Posting Errors
You can now quickly choose the correct patient, find the billing entry with an incorrect credit, move and apply it to correct billings, and click to post.
This feature makes correcting posting errors quick and easy!
Watch the video to learn about the new Move Credits Workflow feature
Patient Email Connect – New in Lytec 2019
Better Marketing Communications Via the New Patient Engagement Tool
Patient engagement and marketing help to inform and retain patients. Lytec now makes it even easier to keep in touch with your patients. Use email and other methods to communicate important information and news. Lytec 2019 offers Patient Email Connect for email blasts to keep in touch with your patients.
Leverage email marketing to help your practice. Imagine what you can do with timely emails to send:
- Monthly PR newsletters
- Healthcare treatment news
- Birthday or holiday greetings
- Payment due reminders
- Patient satisfaction surveys
- Requests for Google or Bing reviews
The Patient Email Connect tool can generate personalized letters and create contact lists for phone campaigns.
Watch the video to learn about the new Patient Email Connect feature
Accounts Receivables Tracker – New in Lytec 2019
Reduce Lost Revenue from Missed Billing Deadlines
Timely filing denials are frustrating and can hurt your bottom-line. Because each payer has their own unique filing deadline schedule it’s easy to miss a deadline. The new filing calculator in Lytec 2019 Accounts Receivable Tracker keeps your billing moving on-time. Now you can calculate the time remaining to file a claim while you work your insurance receivables. Medical statement billers can now quickly view how many days remain before timely filing expires. They can also see which claims have already been billed or are past due. This enables your team to prioritize claim submissions and promptly work rejections. The Accounts Receivable Tracker feature is customizable to each payer’s filing requirements to mitigate problems resulting from missing billing deadlines.
Improve Collections with Real-Time Views of Patient Balances
Every medical practice needs a fast way to view or print a receivables report. Patients are increasingly responsible for a larger share of the cost of treatment. Following up to collect a patient’s out-of-pocket costs for medical care is more critical than ever. Updates to Lytec’s AR Tracker’s unpaid billing transactions grid show the patient’s copay responsibility at a glance. This makes it easier to view the current account balance and outstanding debt. Billers can now quickly determine if the unpaid balance is a patient’s co-pay or co-insurance remaining after insurance adjudication.
Faster Patient Account Management with the AR Tracker Refresh Button
Tired of starting over when making changes to a patient’s account? Now you don’t have to. The new refresh button in AR Tracker allows you to refresh your screen and see changes immediately, avoiding the hassle of re-running your AR query.
Better Records Management to Mitigate Duplicate Patient Record Problems
Duplicate patient records are a hassle that can be solved with new features in Lytec 2019. Lytec 2019 goes beyond simply finding social security numbers. It now compares a patient’s last name and date of birth to help your team find and resolve duplicate records.
Improve Efficiency by Viewing All Hold Codes at Once in the Scheduler
Lytec 2019 eliminates manual lookups of your pop-up notes for patients. Now you can see all hold-notes by hovering over the Hold Code column in the appointment scheduler. This saves time and reduces the number of clicks required to view patient notes.
Greater Flexibility Posting Patient Payments
In Lytec 2019, you will enjoy having greater flexibility when posting patient payments. Lytec 2019 allows posting of cash payments and an ability to open previously locked fields. You can also incorporate payment plans and credit card on file capabilities. With the BillFlash OfficePay integration you will find it easier than ever to manage patient payments.
Customizable Appointment Schedules – New in Lytec 2019
Improve Staff Productivity with Customized Appointment Schedules
In Lytec’s 2019 medical practice software you can create customized printed appointment schedules. Even better is a feature that enables any staff member to customize their schedule view. This software functionality gives staff members the ability to create a schedule format that works for them.
Compare Lytec 2019 to Previous Versions
New Features – Lytec 2019 Upgraded Medical Practice Software
EHR Medical Software Programs
CureMD Electronic Healthcare Records Software
This article provides an overview of the CureMD All-in-One EMR software solution for medical practice management. We will introduce the practice management software features that make CureMD among best medical software for clinicians.
Why Use EHR Systems
Medical software programs empower you to improve the efficiency of managing electronic health records. The CureMD All-in-One EHR solution maximizes the experience with cloud-based technology. With a cloud-based EHR, multiple doctors and staff can securely access and manage information from desktop computers, laptops, tablets, and smartphones. With fast access for multiple users, your practice can improve both the patient experience and your bottom line.
CureMD – the popular EHR software
CureMD EHR software is extremely popular and highly regarded because it delivers everything a practice might require to manage electronic health records. With a sleek knowledgebase filled with your data managing information is as simple as point-and-click. The CureMD EHR software allows you to easily manage patient information, communication with patients, labs, payers, pharmacies and more.
Why is CureMD Software So Highly Respected?
Compliance with HIPAA and Health IT regulations is perfect. CureMD EHR is ONC 2015 Edition certified. It is also MIPS, Meaningful Use Stage 2 and Stage 3 ready.
Affordability is one of the top reasons CureMD is so popular with smaller medical practices. The monthly subscription pricing means you don’t have to spend huge sums to buy the software. Updates, including ICD-10-CM codes, are included at no extra cost.
Performance and practice specific customization heighten the value when compared to one-size-fits-all EMR software. The user-friendly customization functionality allows you to adjust your user experience to serve the unique needs of your practice. CureMD users can download a user-friendly App for Apple devices which provides full management of appointments, patient records, and other data.
What Are Advantages of Using CureMD Software?
Electronic Prescribing Functionality
Electronic submission and management of prescriptions are made easy via our E-Prescribing functionality. This feature connects your practice to more than 40,000 pharmacies in the United States. With a few clicks of a mouse or taps on your mobile device you can manage:
- An up-to-date drug knowledgebase
- Medication reconciliation
- Retrieve recent medication history from pharmacies
- Mail order and retail pharmacies
- Age & weight-based dose adjustment
- Process refill requests through patient portal and pharmacies
- Controlled substance e-prescribing (additional service)
- Real-time prescription eligibility and formulary
Advanced safety features ensure utmost quality and reliability by providing access to prescription benefits, prescription history, formulary, eligibility, adverse reactions (drug-drug; drug-allergy, drug-diagnosis) and recommended dosages.
CureMD offers lab interfacing technology to keep you connected to your preferred labs. You can easily send electronic orders and electronically receive results from most labs. With advanced reporting you will be able to provide safe, reliable patient care. The software features include the ability to manage:
- Trending and task assignment
- Comparing current and past results using both graphic and table formats
- Color specific alerts for abnormal results
Medical Practice Workflow Automation
Integrated workflow adapts to your unique preferences and practice style, enabling you to truly personalize your operations. The system mirrors your existing processes and revitalizes them with powerful automation and collaboration tools.
Your practice can realize tremendous improvements in efficiency via a Key Performance dashboard. Most elements of the software are customizable to facilitate learning, user adoption and efficient workflow output. From patient scheduling, account billing, and general EHR management you will be able to:
- Improve Productivity
- Accelerate Revenue Cycle
- Decrease Cost and Risk
- Optimize Collaboration
- Enhance Service Quality
- Ensure Compliance
- Engage Patients
Interoperability & Communication
CureMD enables the seamless exchange of information between all stakeholders. Interoperability provides connectivity with:
- Health information exchanges
- Radiology / imaging services
- Hospital networks
- Referring providers
- Cancer registries
- Syndromic surveillance agencies
- Immunization registries
- Specialty registries
- Electronic devices
- DICOM compliant imaging equipment
Mobile Access Via the Avalon EHR App
The Avalon iPhone app provides flawless mobile access and management capabilities. The Avalon app makes working remotely relatively easy and allows you to respond quickly to urgent situations. Physicians and authorized staff have 24/7/365 access to the information they need.
What You Can Do Through Avalon
- Schedule patients
- Review clinical notes
- Dictate using Siri
- Manage billing
- Verify insurance
Get in touch with us if your practice or clinic is interested in migrating to a top EHR software. We will be glad to answer questions, show you a personalized demo and provide pricing for CureMD EHR software. Reach out to us at to 1-800-759-1321 and learn more.
EMR Security, Privacy and HIPAA Compliance
Protecting Electronic Medical Records and Medical Practice Liabilities
EMR discussions usually focus on what are the best EMR systems and specific functionalities. Most medical practices shopping for one of the best medical software programs overlook two very important considerations – EMR security and HIPAA compliance. Read further to learn why they should be part of your decision-making process.
ITEM 1 – EMR / EHR Security and Privacy
EMR security and privacy confidentiality concerns are something most electronic medical records vendors shy away from discussing. For the owner or manager of the medical practice, EMR security and privacy protection need to be explored. Even a seemingly small disclosure could be grounds for a lawsuit or generate government fines for non-compliance. Let’s take a realistic look at how your choice of record keeping can impact your practice.
Paper Files are Safer Than EHR . . . Right?
Paper-based medical records can pose greater risks than EHR. How is this so? Paper records can be viewed by anyone in your office. This includes people at your front desk looking at an open file, your cleaning staff, visiting salespeople, and even burglars. Add to this the real risk that a tornado or other natural disaster could toss your records out into the streets.
Prior to the mid-1990’s most small medical practices had no choice except paper-based medical records. Private practice clinicians just accepted, never had or never considered the risks. The current legal and financial risks for records breaches are greater than ever. Now though, even small medical practices have affordable options for EMR management.
How EMR Protects Your Practice and Your Patients
How Safe is PC-based EMR Security?
Many practice managers think having PC-based software provides the best security. This is not necessarily true. It does make it relatively impossible for your system to be hacked, but what if your computers are stolen? A practice would be foolish to not have an active computer backup system. This means relying on someone to do time-consuming manual backups to an external hard drive. This is almost always inconsistent, and it presents the question of how do you safely store the backup? The other option is a cloud-based backup system. The choices here go from lousy to good but can be expensive. There is yet another way to go in this situation – cloud-based medical records software.
How Safe is Cloud-based EMR Security?
If you choose a quality EHR vendor a cloud-based system can be a near perfect solution. A cloud-based system offers 24/7/365 access for multiple users from desktop computers, laptops, and mobile devices. CureMD software is hosted in a secure managed IT system using Best in KLAS EMR security features. If you have any concerns you can call for immediate help, and not wait for your IT guy to “come sometime tomorrow”.
What About Legal and Ethical Issues?
With cloud-based systems (i.e., CureMD, etc.) your medical practice is supported by EMR security specialists. These specialists protect your practice from security legal issues with medical records. There is also a need to clearly avoid security-related ethical issues with electronic health records. It is recognized that third parties may interact with patient records. It is legally recognized that non-clinicians may be exposed to data in the course of doing their job. This does not present an ethics issue. The appropriate assignment of different levels of access to systems administrators resolves any questions on how privacy confidentiality is balanced with electronic health record security.
Electronic Health Records Security and Privacy Concerns
Are there security threats to electronic health records security? Yes, but there are threats to every type of record keeping system, be it paper-based or EMR. What controls and minimizes EMR security risks with a cloud-based system are the types and layers of protection.
Explore EHR Security Measures
Active Risk Identification. Proactive measures make the difference in EMR security. Preventing data breaches is the key to personal data privacy and HIPAA compliance. CureMD leverages 24/7 automated vulnerability assessments and analysis. This includes network scanning, workstation scanning and port scanning. A highly skilled IT staff manages security and responds immediately to any perceived issues. Among the many EMR security measures CureMD employs are:
- Server Maintenance
- Critical Updates, Patches and Hotfixes
- Information Classification
- Access Control Measures
- Preventive, Detective, Deterrent and Corrective Measures
- Media Disposal Policies and Procedures
- Object Reuse Policies and Procedures
- Unique User Identification Procedure
- Workstation Security
- Devices and Peripherals Security
- Local and Group Policy Deployment
- Data Backups, Recovery and Encryption
- Mainframe Security
ITEM 2 – HIPAA Compliance and EHR Implementation
Fear of change and implementation hassles plague many medical practices. For these reasons, some continue to rely on outdated paper-based records. Some medical practices rely on low-budget records management software. Both of these groups are learning that staying current on HIPAA change implementation is a real problem. The need for a secure, cost-effective and HIPAA compliant solution makes cloud-based systems very attractive. With a customer-focused vendor, there is no need to fear EHR implementation.
A primary benefit of converting from paper-based records is resolving numerous potential HIPAA problems – present and future. Electronic medical records and HIPAA compliance go hand-in-hand because the software understands what is required. Moving forward, clinicians can expect ongoing modifications and additions to HIPAA compliance requirements. When the U.S. Department of Health & Human Services (HHS) revises a HIPAA privacy rule or regulation your EMR software will be updated to ensure compliance and avoid HIPAA violations.
Cloud-Based EHR and HIPAA Compliance
There are no HIPAA problems using a legitimate cloud service provider (CSP), however; there are regulations that must be respected. When a medical practice hires a CSP to manage or transmit electronic protected health information (ePHI), the CSP is viewed as a business associate of the practice. This effectively authorizes the CSP to interact with data. The HHS has specific guidelines on HIPAA and cloud computing.
Cloud-based solutions offer EMR security, privacy confidentiality, and HIPAA compliance. An affordable subscription-based solution eliminates the old requirement to pay full price for expensive software. Utilizing a cloud-based service minimizes the necessity to continually upgrade and expand IT infrastructure. Patient information security is managed by teams of trained and highly skilled IT professionals. Your EHR system is kept up-to-date with relevant HIPAA rules and regulations.
Advantages and Disadvantages of EMR vs. Paper-Based Records
Electronic Medical Records vs. Paper-Based Records
This article presents the advantages and disadvantages of electronic health records (i.e., EMR, EHR) and paper-based medical records advantages and disadvantages. This article takes a practical look at how converting from manual record keeping to EMR software typically affects a private medical practice.
The Growing Need for EMR – The Elephant in the Room
Private practice clinicians have or will become involved in discussing the pros and cons of switching from paper-based records to electronic medical records. Clinicians often apply a negative focus on government pressure and regulations to implement EMR as reasons they have yet to make the transition. The positive focus that is too often given a backseat is realizing the opportunities that EMR / EHR can provide. With EMR, a medical practice can improve front office efficiency, increase patient care quality, and mitigate high-risk situations.
How Does Your Choice of Medical Record Keeping Affect Your Practice?
Rather than force-feed you our opinions we’ve prepared questions that let you arrive at your own conclusions.
Which System Improves Efficiency and Financial Performance?
- Simultaneous Access to Records: Operational efficiency is increased when information can be simultaneously accessed by multiple users. Paper files must be retrieved or tracked down and shared desk-to-desk in order for a paper-based system to function.
- Lost or Misplaced Records: Which form of record keeping mitigates problems from misplaced records or damaged documents? Does your staff lose productivity searching for files that could easily be viewed on a cloud-based system?
- Billing Accuracy: Which system strengthens the billing and collections process? Which system provides the optimal record keeping, and ability to produce reports?
- Sharing Records with Third Parties: Which form of record keeping presents a more professional image of your practice? Is it easier to take time and cost to copy and fax, or simply email information?
- Ease of Use: Accuracy is critical. Which form of record keeping provides the most legible and organized information? Which system makes it easier for a person to quickly go to the exact information they need?
Which System Is Most Likely to Improve Patient Care?
- Intelligent Alerts: The best EMR systems contain a patient’s medications and known allergies. This information supports the capability for automatic interactions with newly prescribed pharmaceuticals and existing medications.
- Emergency Response Capability: Information gathered by a primary care provider and recorded in an EHR tells a clinician in the emergency department about a patient’s life-threatening allergy, and emergency staff can adjust care appropriately, even if the patient is unconscious.
- Organized Patient Care Details: An EMR / EHR provides a well-organized, searchable system for all patient information. From physician care to insurance billing, everything is organized and easy to find.
- Identify and Correct Problems: An EMR / EHR can enable clinicians to quickly identify and manage operational problems. With paper-based records finding problems is generally left to chance, and correcting errors can be a difficult and time-consuming process.
- Reduce Potential Dangers: An EMR / EHR can actively reveal potential safety in a timely manner, thereby enabling clinicians to avoid detrimental outcomes or severe consequences for patients.
Which System Reduces Liabilities and Risks Your Practice May Encounter?
- Compliance Chaos: It’s easier to make a change when you have control and time on your side. What would happen within your practice if total EMR compliance became law this year? Would the ensuing urgency be something you could manage while smoothly running your front office?
- Liability Issues and HIPAA Violations: Which system would benefit you the most if you faced a legal situation? Which system best supports your adherence to evidence-based practices, informed consent and reconstructing events during the time of care?
- Natural Disaster: What would happen to your practice in the event of a tornado, hurricane, catastrophic fire or flood? Could you maintain continuity of business? Do you have up-to-date copies of medical records stored off-site?
- Criminal Sabotage: Criminal Sabotage: Which system protects your practice’s ability to function in the event of criminal activity? What if a burglar or disgruntled employee destroyed or stole records?
- Inability to Collect: In the event of a disaster, can your system enable you to manage your billing and receivables? Can you reconstruct records in order to maintain collections, meet timely filing, view current ledgers, and reference active billing?
Imagine Gaining More Office Space When Paper Records Become EMR/EHR
Why Should You Upgrade to EMR / EHR?
When clinicians have access to complete and up-to-date patient information they can make better decisions. Electronic medical records software simplifies records management, enhances the ability to diagnose problems, assists in preventing treatment errors, and improves operational efficiency. EMR can play a pivotal role in fighting malpractice claims, and audit-related problems.
Does Procrastinating Really Help Your Practice?
Ultimately every medical practice has to decide what works best for their practice. The history of business over the past 100 years includes countless examples of resistance to adopting new technologies. Until 1940 many businesses dismissed the value of telephones. In the 1980’s many businesses stubbornly decided to keep typewriters instead of buying computers. Eventually, every business adapted these technologies, and soon realized the tremendous value they had been missing. The correct decision to leverage automation has always had a positive impact.
How to Maximize Your Decision to Move Ahead
You have a many choices for EMR/EHR software solutions. Each software system has its own unique aesthetic and navigational layout. Certainly, ease of use and cost are top things to consider. There is, however, one thing that makes a huge difference in customer satisfaction; the vendor you choose. It is absolutely critical to select a vendor who is committed to providing excellent customer support. MediPro is known in the healthcare industry for its award-winning, exceptional service offerings after-the-sale. Among the many benefits of working with MediPro are:
- A friendly and skilled team that will work closely with you on implementation and records conversion.
- Easy to follow training on how to maximize usage with your new EMR / EHR system. Our training process consists of private, topic-centric sessions and along with a myriad of ways to contact them for support assistance.
- Reasonable pricing for EMR software installation, training, support and project management.