Are you thinking about opening up your own medical practice? Managing a business can be just as stressful as working the floor. Don’t worry! The experts at ClinicAnywhere have the tools to help you get started. Learn more.

Don’t Wait

Commit to your decision. Once you decide you want to own your own practice, take the first step. You can never be fully ready, but with help from the experts at ClinicAnywhere, you can be more prepared.

It is okay to be a little nervous and excited, but not stressed or overwhelmed! Owning your own practice is a big responsibility; however, it is also very exciting. You have such great potential ahead of you. Unlike when you work for a hospital, organization, or another physician, when you own your own practice, all revenue is yours. You are not required to turn over 50% or more of it to your employer.

Take the First Steps

So, you’ve made the decision to open your own practice. You’ve committed to the idea. Where do you begin? First, consider location. Neither you nor your patients should have to commute hours to get to your office. Find a centrally located office that is near a hospital. This way, if you have patients that need to be referred to a hospital for tests or procedural work, they don’t have far to drive.

After you’ve found the perfect office, customize your practice. What sort of atmosphere do you want to provide for your patients? Purchase the right decor to give the right feel. How many patients do you plan to see a day? This will determine what your hours look like and how many employees you will need on staff.

Make sure that you comply with all HIPAA regulations, and that you have all of the right forms on hand for patients to sign to ensure their safety and your own.

Make Your Dream a Reality

Not only will you be a medical clinician, you will also be a businessperson. There are many things you need to consider to drive your business toward success. From marketing to sales, there are aspects of your business that will need tending to daily. With help from the right revenue cycle management software, you won’t have to worry about a thing.

The right revenue cycle management partner will help you improve poor cash flow and profitability. They will help reduce claims errors and rejections from insurance companies. By shortening A/R to below 30 days, the right company can help you streamline your collections process and monitor all finances.

Founded and managed by physicians, MediTouch by HealthFusion is a fully-integrated EHR and billing software used by ClinicAnywhere to help integrate all your practice data into one easily accessible database. With the right revenue cycle management partner, your practice can get started on the right foot today! Learn more about what you can do with ClinicAnywhere at your side. Contact our experts today.

Revenue cycle management is a unique process for each practice. Many are looking to reduce the number of patient rejections. Some are looking to compensate for lost revenue due to underpaid claims. Others are looking to decrease the number of days claims remain in accounts receivable. Here are what we at ClinicAnywhere have found to be the best practices for revenue cycle management.

Verify Insurance Eligibility

The first thing you should do when your patient checks in is find out if they are eligible for insurance. This will benefit both you and the patient. You will be able to verify their insurance coverage and thus tell them how much you will be collecting in the form of their co-payment. This will keep you hassle-free in the future when working with your client and with their insurance company.

Follow Up in a Timely Manner

If you have claims that come back underpaid or denied completely, follow up immediately! The longer you wait, the lower your chances are at receiving compensation for your work. If you follow up immediately, you have a better chance of figuring out why you were not paid in full or why your claim was rejected while still leaving yourself time to correct the issue.

Submit Daily Claims

The process of submitting daily claims is vital to your practice’s cash flow. Not only can you keep claims from becoming troublesome, you can focus on the daily details of your care. Submitting once a week delays your payment up to four days. This delay in funds may significantly impact your cycle.

To keep from getting overwhelmed, create a process in which claims are corrected, well-documented, and accurate. More than 90 days, and the claim is no longer valid. So even if you can’t submit daily, certainly work as quickly as you can to submit all claims as you collect them.

Create Monthly Reports

In order to reach ultimate transparency with your practice’s finances, you must report monthly on incoming and outgoing cash flows. By doing so, you will give yourself more data to work with over the year to then observe patterns and analyze billing issues.

Select the Right Revenue Cycle Management Partner

At ClinicAnywhere, we focus on creating a versatile, sure, and easy-to-use system for your practice. Our clients pay a fixed percentage of their collections. All of our cloud-based software and RCM costs are bundled into that fixed percentage, and this makes it easy for the practice to predict and document costs. Contact us today to learn more about ClinicAnywhere, your ultimate partner in revenue cycle management.

Are you experiencing issues with your current EHR software? Are you looking to integrate all data into one easily accessed database? Is your staff constantly bogged down with insurance and invoice questions from patients? It might be time to replace your revenue cycle management solution. Find out more with ClinicAnywhere.

#1 Online Access to Information

Do your patients have the ability to book appointments and pay bills online?

Enable flexibility within your practice. Work with your staff to answer patient questions about invoices and insurance quickly. You should be able to develop and implement new workflows as quickly as you come up with them. The online convenience of cloud-based software gives your practice and your patients the ability to access information anywhere at any time, even on mobile devices.

#2 The Need for Integrated Document Management

With the right solution, like the easy-to-use Patient Portal from ClinicAnywhere, your practice can streamline practice processes from a compliance standpoint as well as gain access to integrated document management. The ability to share information across care setting enables you as the provider to document more charges and thus compensate for more revenue.  

#3 Effective and Efficient Claims Process

Your patients and your office staff should know which services are covered by insurance, in real time. Being able to verify insurance eligibility reduces risk of denied claims and lost revenue.

Many practices use third party companies to help submit claims. With the right EHR program, your practice can experience a more efficient and less expensive claims process and work directly with payers.

#4 Unable to Manage Growth

As your practice advances, you must be able to manage that growth. The right system can help you manage even a multi-clinic practice. If your current software is unable to build or grow, or if your current program does not allow for customization, it may be time to replace your revenue cycle management solution.

Invest in the Right Solution Today!

Choose the right revenue cycle management partner today. Allow ClinicAnywhere to handle the stress. Focus on clinical care and improving patient service. We will handle the rest. Our experts and technology can help your practice see an improvement in both efficiency and effectiveness. Minimize loss today. Replace your outdated revenue cycle management solution with ClinicAnywhere’s cloud-based software.

With technology that is easy to use, give your practice the ability to create intuitive reports, gain access to integrated document management, and manage your practice from any device. Get started today. Contact the passionate professionals at ClinicAnywhere.

An integral part of your practice’s revenue cycle involves successful billing and collections processes. Without both, your practice suffers from lost revenue and gaps in the cycle. Learn more about why collections processes have changed and how your practice can keep up with ClinicAnywhere.

Once Upon a Time…

In the past, practices used to send a statement once. After no response, that practice may have sent another statement. After the second statement, most practices would give up on collecting from that patient. The more often that happened, the more revenue was lost in the process. At the time, insurance paid around 95% of the expense. However, that is no longer the case. Patients are having to pay more of the expense, so the stakes are higher.

Time to Implement a New Process

At 60 days, if your practice does not hear back from a patient, there should be a process in place for making sure that revenue is collected. Some practices have resorted to hiring an individual to specifically handle billing and collections. However, most find that the job is confusing and overwhelming. With new policies in place, billings and collections must be handled with meticulous care and an attention to very specific rules and regulations. Your practice must comply with the policies laid out by legislation and by the insurance companies themselves in order to receive appropriate compensation. 

How Hiring a Third-Party Collections Company Can Help

For this reason, it is incredibly beneficial for your office to consider a third-party collection company like ClinicAnywhere. Choosing the right revenue cycle management partner requires that your practice consider billing processes and evaluate gaps. Ask the right questions, and choose a partner that can meet your practice’s specific needs.

ClinicAnywhere specializes in revenue cycle management. The experts at ClinicAnywhere have a clear understanding of all healthcare rules and regulations as well as insurance policies. With years of experience in the field, Mike Jones and Darryl Hendrix, CEO and CFO respectively, and Casey Cottam, COO, have built a business that provides versatile, secure, and easy-to-use cloud-based solutions to your practice’s needs. Learn more. Contact the passionate professionals at ClinicAnywhere today!

Is your practice losing revenue due to too many days in accounts receivable? ClinicAnywhere has the experience and knowledge you need to turn your practice around. Don’t lose another dollar. Check out these tips on how to improve your medical account performance and better manage your revenue cycle.

Medical Account Performance

It is understood that your monthly accounts receivable should never be more than 1.5x your monthly charges. When you conduct your practice analysis, you may ask why the practice is not collecting more accounts receivable. There are multiple ways to measure your performance. Using these, you may find the issue.

One of the most common ways to measure your medical accounts receivable performance is to measure the number of days it takes to collect the payments. You can calculate the number of AR days by dividing the number of charges over the number of days.

Calculate Days in AR

Let’s say you have $100,000 in total charges over the last six months, which is a span of 182 days. Your average daily revenue is equal to approximately $550. Your total AR divided by that number gives you the number of days. So, if your total AR is $80,000, the days in accounts receivable is 109. That means it is taking your practice an average of 109 days to collect payment.

Because it takes about fourteen days for most insurance companies to pay after receiving a claim, your practice should ideally strive for thirty to sixty days in AR. Patient copays only make up about 20% of practice revenue. So if you haven’t been making revenue cycle management a priority, you could be losing hundreds of thousands of dollars over the year.

The best way to make sure no revenue is lost is to implement an effective revenue management plan. Define payment rules for patients. Consider cash flow and claim rejection solutions. Hire a third party medical billing company to help ensure accuracy and efficiency.

ClinicAnywhere Can Help!

ClinicAnywhere has been helping clients improve data management, boost profitability, and shorten AR days for years. We have experienced experts waiting to get your practice back on track. Don’t wait! Revenue is on the line. Contact ClinicAnywhere today to get started with effective revenue cycle management.

Incorrect coding is a bigger issue than most practices realize. Due to the implementation of new policies like ICD-10 and new codes, it can be easy to code incorrectly. Beyond coding issues, there are many reasons that claims go unpaid.

#1 Patient Deductible

If a patient changes insurance plans, you will need to make sure that you are networked in the new plan and get preauthorization to be able to serve that patient. If your patient has an unmet deductible, you can also get denied.

For example, if your patient’s co-pay is $20 but they have not yet paid their deductible, you will not receive even $20 from the insurance company. Your claim will get denied.

#2 Waiting Time

If you wait to file your taxes, you could incur issues with reimbursement. Most insurance companies allow practices 90 days to a year. Some only allow 30 days. The waiting period begins the day the service is made. Any claims filed after the allotted time are rejected.

Why are your claims taking so long to file? The culprits could be disorganization and a lack of time. Unless you have a third party revenue management company, you may find that your staff is not equipped or does not have the time to get all of your claims filed in a timely manner.

#3 Primary Care Provider Referral

Sometimes insurance companies require a referral from your patient’s PCP before any services can be rendered. Most insurance companies also have a strict policy regarding how many services can be rendered in one day. For example, for behavioral health and group therapy, only one service a day is allowed.

ClinicAnywhere Can Help

Reduce your paperwork and get the reimbursement you deserve from insurance companies. ClinicAnywhere is a Platinum Partner with HealthFusion®. We have the revenue cycle management software to help get your practice out of the red tape and back to the clinic. Contact ClinicAnywhere today to learn more.

Managing your revenue cycle can be both complicated and time-consuming. Instead of worrying about revenue management, focus on patient health management and let a third party handle the rest. Revenue cycle management companies are equipped with experts and technology that can improve coding and billing services within your practice. As a result, you’ll see improved efficiency and minimized loss.

Once you’ve decided to turn the reins over to a competent third-party revenue cycle management company, how do you choose the right partner? The best way is to assess your specific needs and consider which company can best meet them.

What Do You Need?

Consider your billing processes and the areas in which your business falls short. Are you having trouble following up with your patients? Are your insurance claims getting denied? Your revenue cycle management partner should be able to help fill the gaps and smooth your processes. From coding and billing to collections and compliance, a revenue cycle management partner can follow up and collect reimbursement from both insurance companies and patients.

What Will Your Provider Offer?

Your partner should be able to provide solutions to your specific needs. Many providers offer software-based solutions that allow your practice to access vital information any time, on any device. ClinicAnywhere software streamlines the practice from a compliance standpoint by integrating document management and a patient portal into one solution. Compare competitors to evaluate whether they offer the services you need. To do this, you must ask questions like:

• Do they follow up on denied claims?
• Can they help your office handle patient inquiries?
• Do they offer a patient portal system to help with scheduling and payment?

ClinicAnywhere Has What You Need

The professionals at ClinicAnywhere provide our clients with quality revenue cycle management. We want to help improve revenues for your practice through better documentation and training. Shorten your accounts receivable to below thirty days. Collect on your copays. Contact ClinicAnywhere today to get started!

Start in-house. Did you know that patient copays make up about 20% of a practice’s revenue? If you haven’t been making revenue management a priority, you need to start.

As deductibles and copays continue to rise, patients frequently face bills they are unprepared to pay. And when patients don’t pay, revenue suffers.

On the other end, medical practices are struggling to implement a proper plan to receive patient payment. On average, only 60% of collections are being captured by medical practices. That’s a whopping loss of $400 for every $1,000 dollars a practice should be receiving!

In addition to a patient revenue solution, consider a solution to cash flow and claim rejection issues. ClinicAnywhere has some time-tested tips and software available to help your practice improve its revenue cycle management.

#1: Clearly Define Payment Rules

In order to begin improving patient collections, start with the payment rules themselves. Create a payment policy that defines your patient’s requirements. Guidelines should include acceptable forms of payment (cash, checks, and/or credit cards), deadlines, late fees, payment plan options, and procedure costs.

Be as specific as possible. Patients cannot contest a clearly defined payment plan. Additionally, the more specific the payment rules are, the less awkward it is to follow up on a late payment, making management of cash flow a lot less arduous on your billing staff!

#2: Go Online

Accessibility is key to upping the percentage of reimbursement your practice receives, and what is more accessible than the Internet? In today’s technology-driven world, an increasing number of consumers have turned to online bill payments for the sake of convenience.

Allow payments via your Patient Portal. You will save money on resources by forgoing paper billing, your cash flow will improve, and you’ll increase the Meaningful use of the Patient Portal.

As defined by Medicare, Meaningful use, stage 2 must be met to avoid a 1% penalty. The rules state that 50% of a practice’s patients must have online access to their medical information, and that 5% of these patients must be actively engaged on the patient portal. Providing online payments could be the answer to bypassing Medicare’s amercement.

Beyond the Patient Portal, the ClinicAnywhere software solution allows for easily customizable, robust reporting and integrated document management. Minimize delinquency by ensuring accurate and timely statements. Invest in the right revenue cycle management solution for your practice today.

#3: Hire a Medical Billing Company

Improving your practice’s revenue cycle management methods can be difficult. No practice likes having to resort to collections to get paid, and working with a medical billing company like ClinicAnywhere can minimize the amount of billings that reach that point.

ClinicAnywhere can help you improve your revenue cycle management! We have a history of helping our clients not only improve their data management but also reduce claim errors and rejections, shorten accounts receivable days, and boost profitability. Contact us today!