Understanding the Value in Practice Management

Written by: Sandi Soucy, VP Solutions Management, Veradigm

During the height of the COVID-19 pandemic, New York City deaths attributed to hypertensive diseases increased by 164% and ischemic heart disease by 139%. Researchers attribute this to patients delaying routine care out of fear of infection. Although the pandemic is no longer top of mind for many, patients are still delaying routine care checkups. The reason is simple-it's getting harder to find available providers.

Many patients today wait longer to see doctors, often to the detriment of their health and satisfaction with clinic services. However, with the help of practice management solutions enhanced by innovative technology, patients with chronic conditions can get care sooner reducing the negative impact on clinical operations or wait times for other patients.

In this article, we explore how practice management software can save time and reduce costs while providing improved patient care. Core benefits include reducing the burden of routine administrative tasks for both back and front office staff while optimizing scheduling and improving revenue management.

Practice Management for Appointment Scheduling and Patient Intake

Patient scheduling can present significant challenges for practices. Double bookings, slots left open due to missed appointments, and frequent rescheduling can disrupt operations and lead to lost revenue. Practice management software, in contrast, can save time and reduce errors by automating appointment scheduling through digital workflows instead of manual steps.

Veradigm Predictive Scheduler uses machine learning and artificial intelligence (AI) to predict patient demand. It strategically leaves slots open so that patients with high needs can more easily access appointments without disrupting already scheduled visits. Practice management software can also help practices follow complicated scheduling and reimbursement rules and distribute patients across providers to ensure resources are used effectively.

Practice Management and Billing

Navigating the complexities of medical billing can be a constant source of frustration for healthcare providers. Any errors in data entry or event classification can instigate events that could negatively impact practice finances, such as claim denials. A recent analysis found an 11% claim denial rate in recent years, which amounts to billions lost in revenue. The arduous process of resubmitting claims to insurance companies also adds to staff administrative burdens.

By automating claim submissions, practice management software can eliminate data entry errors and streamline the process. Integration with coding databases ensures medical codes for procedures are correct. Real-time claim tracking allows for faster resolution of denials, and detailed reports provide insights for practices to improve their revenue collection processes.

Practices seeking to optimize their financial health need to prioritize streamlining operations by focusing on administrative efficiency. This can lead to faster reimbursements, improved cash flow, and, ultimately, a healthier financial standing.

Operational Efficiency and Patient Satisfaction

According to a recent Medical Group Management Association (MGMA) poll, 56% of medical groups report staffing problems hindering productivity. In another poll, 89% say operating costs have increased in recent years. Now is the time for solutions that can increase operational efficiency, helping practices lower costs and serve patients despite staffing challenges.

Practice management solutions allow users to customize workflows to help manage their revenue cycle. This includes tasks like processing referrals, verifying eligibility, and reviewing pending and unpaid claims. Office Manager, which includes with these capabilities, is an intuitive virtual workspace that front, and back-office staff can use to streamline revenue cycle tasks.

Another way practice management solutions increase operational efficiency is through task automation. Automating repetitive, tedious tasks frees staff to focus on more nuanced responsibilities and patient care. Task automation applies to every aspect of practice management, from billing and scheduling to patient engagement.

When staff spend time focused on patients instead of performing routine tasks, patients will have a better overall experience. This may lead to patients returning for care and recommending friends and family. More efficient operations can also lead to practice growth. Streamlining administrative processes and providing scalable solutions allow clinics to efficiently manage a larger patient base without hiring additional staff.

Veradigm Practice Management and Your Practice

Many healthcare organizations are struggling to care for patients and communities, and practices are under pressure to find solutions. Veradigm Practice Management is a powerful practice management software that can help your practice improve its operational efficiency and revenue. By automating routine tasks, it can minimize errors in billing and scheduling. The software's data-driven insights can also identify cost-saving opportunities, ultimately leading to faster reimbursements and improved cash flow.

Veradigm Predictive Scheduler is a particularly helpful practice management tool because it provides insights through data processing that were not previously possible. It helps patients get the care they need while optimizing practice resources. When combined with the oversight of practice staff, administrators, and providers, robust machine learning models and AI are an ideal solution to pressing healthcare problems, such as increased costs, labor shortages, and patients feeling overwhelmed by administrative tasks.

With Veradigm Practice Management, clinics can achieve improved financial outcomes, enabling them to remain competitive during challenging times. Solutions that combine automation with data-driven decision-making empower healthcare providers to focus on what truly matters: delivering exceptional care to their patients while maintaining a thriving practice.

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