The Mechanics of Keeping Your Patients Part 2
Running a profitable medical office requires keeping on top of key metrics such as accounts receivable ratios and net collection percentages. However, you have to look beyond those numbers to stay in the black, experts say. Successful practices prioritize teamwork and ensure that everyone on staff knows their role in the revenue cycle and that includes implementing an integrated practice management and EHR software system that best-suits your practice.
For a medical practice, EHR may be important — but practice management is essential. According to KLAS ratings, the top five practice management software systems are as follows:
- 1. – Epic has become the default system of choice for hospitals, particularly larger hospitals. As a system designed for large enterprises, it is not even an option for small medical practices. While customers may choose Epic as much for its reputation and the breadth of its suite as for any single piece of software, the KLAS rating shows they are also happy with the practice management functionality, which actually reflects the performance of multiple products
- 2. – Aethenahealth: Aethenahealth rates #1 for practices of fewer than 75 physicians. While most practice management software vendors offer some version of their product as a cloud service, Athenahealth is the one most insistent on sticking exclusively to a cloud model. Just as significantly, the AthenaCollector software is inextricably linked to the company’s business services. One major strength of Aethenahealth is that it can see where in the workflow employees are getting hung up, or how long it takes a patient to get checked in or checked out for a visit.
- 3. – eClinicalWorks: Ranking in the KLAS survey as one of the top practice management systems for practices of all sizes, eClinicalWorks is second only to Epic for practices with more than 75 physicians. eClinicalWorks boats that it’s clients currently experience a 98% first-pass acceptance rate (claims paid on first submission).
- 4. – NextGen Healthcare is another of the top-ranked practice management systems in the KLAS survey across practices of all sizes. NextGen offers a revenue cycle management service, although so far fewer than 5% of customers take advantage of it. The software’s ability to track the work that needs to be done to process claims and secure payments are among NextGen’s strongest features. While often overshadowed by EHR hype, practice management is really the core of the system.
- 5. – McKesson shows up in the KLAS rankings for two products, Practice Plus, one of the favorites for practices of 75 or more doctors, and Practice Partner for smaller practices. McKesson prodcuts are distinguished by their ability to adapt to individual locations, so it’s not cookie cutter, and adjust software workflow to the way a practice functions.
Practice management software is just one component of helping keep medical offices running smoothly. Technology systems are not the only systems that need to be adopted in your practice. Before you decide a system that fits your practice, you need to have a full grasp of every function in your practice. For example:
- What happens when a new patient contacts you?
- What actions happen when you sign on a new patient?
- What steps do you follow to deliver your healthcare services?
- What tasks need to be completed when you complete a project?
- How do you run your back office and administrative affairs?
- What roles and responsibilities do any team members (employees, subcontractors, etc.) have and what steps do they follow to meet those duties?
- What does your schedule look like? What constitutes “open for business hours” and “closed for business” time?
- What are your policies and procedures for working with patients? (Think: patient forms and arbitration agreements.)
- What are your billing and payment policies and procedures?
The above components are all a part of creating standard operating procedures and policies to adhere to at every level of your practice. If you need help with designing your operations in a way to help your practice runs efficiently, please give us a call. It’s time to start running your medical practice like a very successful business. Call us today at 702-682-8300.