Good revenue cycle management is vital if you want to ensure your income stream runs smoothly and without hiccups. Today we have many tools that help you manage your revenue cycle and increase your profits.
Read on to discover the most important features any revenue cycle software should have, and learn about our top picks.
The Most Important Features of a Revenue Cycle Management Software
Revenue cycle refers to the process from the patient registration to their last payments for provided services. It helps streamline the income of your healthcare practice and avoids any late charges, fines, and other obstacles that interrupt your workflow.
Medical practices use different tools to ensure the most efficient revenue cycle management (RCM). Here is what any RCM software should include:
- Patient Registration
The software should be able to record patients’ basic information during their first contact with your practice. From that point, it should keep track of all the appointments and important patient information.
- Insurance Verification
Validating insurance is an essential step in any revenue cycle as it helps prevent later issues. You should collect the patient’s insurance information during the initial contact, and help the system verify its eligibility.
- Electronic Medical Records
Electronic medical records are a perfect way to provide easy access to a patient’s medical information. You should record every procedure, complaint, treatment, and other important parts of each appointment. Doing this will help you during follow-ups and future visits.
- Online Billing
Your software should include online billing options so that you can generate, accept, and process all payments from debit and credit cards, and other electronic transactions. The crucial thing about this part is the software’s security to ensure safe online payments.
- Accounts Receivable Management
A revenue management software keeps a record of accounts receivable so that your medical staff can keep track of everything. In addition, it sends payment reminders to your patients.
- Financial Dashboard
In addition to keeping track of your financial records, a good RCM software should have a dashboard with all data. That may include charts, month-by-month comparisons, and other useful tools that can help you get a better insight into your finances.
- Claims Management
Your RCM software should be able to keep track of all past and current claims. Maintaining this database is vital as it helps you keep track of all submitted claims and most common errors.
- ICD-11 Compliance
The IDC-11 came into effect on January the 1st 2022, and you need to ensure your medical practice is compliant with all regulations.
- Patient Portal
A patient portal is vital for patient engagement, and any proper RCM software should have an integrated patient portal with a secure way of communication with your patients. That way, you can assist them in their treatment, offer guidance, and provide educational materials.
What’s the Best Revenue Cycle Management Software?
If you are looking for software that includes all of the mentioned features, Peregrine Healthcare has a solution for you. We offer integrated revenue cycle management services that maximize your reimbursements. Click here to learn more.
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