How Enterprise Medical Practices Can Streamline RCM and Strengthen Financial Health
Did you know that nearly 15% of all medical claims submitted to private payers are initially denied, with each denial costing healthcare providers an average of $43.84 to appeal? This means that a practice handling 1,000 claims per month could incur approximately $6,576 in additional costs solely from managing denied claims.
These staggering figures highlight the critical need for efficient revenue cycle management strategies to mitigate financial losses and streamline operations, especially as you scale your practice.
Frustrating, right? And bad for your financial health. If you’re looking to reclaim financial control without it taking valuable time away from other operational objectives, cloud-based solutions like CollaborateMD could be the answer. Simplified revenue cycle management (RCM) through integrated tools and intelligent automation helps you overcome inefficiencies that drain your revenue. CollaborateMD was designed with large practices in mind. We know the unique challenges you face and built a solution to address them. Learn more about what makes CollaborateMD ideal for large practices.
Understanding the Challenges of Scaling Your Revenue Cycle
The distinct challenges of scaling RCM can result in bottlenecks, delayed payments, and costly errors. Whether you’re handling 2,000 claims or scaling up to 10,000 claims a month, inefficiencies add up fast.
In this blog, we’ll explore some of the problems you may face during scaling. Then, we’ll discuss solutions.
Delayed Payments and Accounts Receivable Issues
Delayed insurance reimbursements and inconsistent patient collections can choke cash flow. If you are part of a practice with 20 or more providers and more than one location, you know that the complexity of aging accounts often causes billing and payment delays and, consequently, directly impacts long-term financial stability and operational efficiency.
Complex Insurance Billing and Coding Rules
With constantly evolving ICD-10, CPT, and payer-specific coding rules, staying abreast of changes and nuances is a full-time job. Coding errors often result in denials or payment delays, requiring additional staff hours for correction and resubmission.
Evolving Healthcare Regulations and Policies
Federal and state-level regulations like HIPAA, MACRA, or surprise billing legislation are moving targets, and keeping pace with them is cumbersome—but necessary. Falling behind on compliance requirements can result in fines and compliance risks that jeopardize your revenue and your reputation.
Staffing and Training Issues
High turnover within your practice results in frequent retraining and expensive mistakes. It takes time and effort to bring new employees up to speed with complex billing systems, which disrupts workflow continuity.
Technology Limitations and Interoperability Challenges
Legacy software often fails to integrate with electronic health records (EHRs), patient portals, and lab systems. Without seamless interoperability, manual entry increases, error rates climb, and overall workflow efficiency drops.
CollaborateMD Helps You Overcome Revenue Cycle Challenges
Despite these challenges, the right technology can help you optimize your revenue cycle. CollaborateMD offers a unified, cloud-based platform that helps you scale your practice with streamlined workflows, improved patient communication and overall experience, and increased revenue. Here are some of the system features:
Automated Billing and Claims Processing for Speed and Accuracy
Simplify claims processing with real-time submission, claims scrubbing, and CollaborateMD’s built-in clearinghouse. This helps you reduce errors and accelerates reimbursement. Practices benefit from first-pass claim acceptance rates well above the industry average—about 99%. Our Revenue Calculator will help you understand how the system can improve your revenue; there’s no signup required.
Integrated Solutions for Seamless Workflow
You won’t need multiple tools for appointment scheduling, document management, and billing. With CollaborateMD, these tools are integrated into a single solution, reducing administrative load and boosting team productivity across departments and optimizing your revenue cycle.
You experience:
- Seamless claims management with real-time claim submission, built-in clearinghouse edits, code scrubbing, and claim tracking tools
- Minimized patient wait times with appointment reminders, real-time insurance verification, patient portals, and digital intake
- Timely and accurate patient collections with online payment portals, text-to-pay, prompt-pay discounts, and automated patient estimates
- Simple payment posting with integrated payment processing, credit card saving, and Electronic Remittance Advice
Learn more about streamlining your practice with CollaborateMD.
Advanced Reporting and Analytics for Informed Decision Making
Use CollaborateMD’s custom reporting tools and financial dashboards to monitor key performance indicators, assess cash flow, and identify areas for improvement. There are more than 125 reporting options to select from to create your custom dashboard. In addition to tracking revenue, these insights help you think strategically about the long-term growth of your business.
Enhanced Patient Experience Through Technology and Time Saving
Digital intake forms, real-time eligibility checks, appointment reminders, patient estimates, and clear communication through the patient portal create a more efficient patient experience. CollaborateMD can also arrange patient-directed payment plans with an option to apply prompt pay discounts, improving patient satisfaction while accelerating collections. Our patient engagement features can help you decrease missed appointments, increase communications, and give patients more visibility and control with their healthcare decisions. The seamless integration of EHRs and labs can significantly improve patient care and outcomes with real-time access to critical patient information and full care coordination. Learn more about CollaborateMD’s EHR and EMR software integrations.
Reducing Staffing Burdens through Automation and Compliance and Regulation Updates
Automated appointment reminders, patient statement generation, and in-app credit card processing greatly reduce administrative time as well as the need for follow-up collections. CollaborateMD’s integrated charge capture and electronic remittance advice further streamlines payment posting and reconciliation, allowing staff to focus more on patient care.
Staying current with regulatory changes is non-negotiable. The CollaborateMD platform continually updates to reflect the latest rules, helping you avoid penalties and ensuring consistent compliance.
BlueSky Health and CollaborateMD
BlueSky Health, a multi-provider practice, faced many challenges including inefficient billing workflows, slow reimbursements, and outdated systems. After switching to CollaborateMD, it saw dramatic improvements in claims processing time and staff satisfaction. Read the story.
Scaling Your Revenue Cycle Doesn’t Have to be Overwhelming
We get it. There’s so much that goes into growing your business, and it can seem like a constant uphill battle. But the right tools can make the difference between growing pains and profitable expansion. CollaborateMD’s cloud-based solution can address the unique needs of your practice with automated workflows, improved compliance, enhanced patient care, and strengthened revenue streams. CTA: Ready to see how CollaborateMD can transform your practice’s revenue cycle? Schedule a free demo today and explore the platform built to scale with your success.
