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| Revenue management can be time-consuming, frustrating, and error-prone. Technology can help improve this process, however, decreasing the time, cost, and error incidence significantly. Use technology to streamline your revenue collection and management and you could see a large increase in efficiency and even revenue intake. Read more about the benefits of electronic revenue management. |
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| Revenue management can be handled electronically by a stand-alone application or it can be part of a larger practice management software system. The closer the capture of actual services rendered to the point of care, the fewer steps have to be done on paper to input all the relevant information. Wireless or in-patient billing capture systems at the point of care can eliminate the errors and time consumed documenting services on paper and then entering them into billing software. |
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| Switching your billing and revenue management system to an electronic solution will help you cut costs, increase your accuracy, and streamline your revenue collection. |
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| Depending on if you or your vendor hosts the billing system, you will have different technology needs. |
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Devices to access and use the billing system. These may be mobile devices or desktops, as well as printers or all-in-ones that provide patients and staff with hard copies of bills and services. You may have the receptionists using desktops for a variety of tasks including using the automated billing system, while a doctor or nurse might use a Tablet PC to pull up billing information during a patient check-up. See HP printers and all-in-ones, desktops, Tablet PCs, notebooks or handheld PCs. |
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Server and/or storage devices. If you are hosting the billing system on your own infrastructure, you will also need one or more servers and plenty of storage to support the system. You will also need a robust backup system to ensure valuable patient data is protected in the case of disaster. See HP servers, storage systems or virtual backup service information. |
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| Note: HP offers a discount program for savings up to 10% for health professionals. Learn more before you purchase. |
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Evaluate practice management solutions from different vendors. |
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Decide if you will host the billing system yourself or access it remotely. |
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If you are accessing the system remotely, ensure you have the high-speed connection necessary. |
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If you are hosting the system yourself, ensure you have a high-performance server and the data storage and backup in place to support the system. |
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Install the system and train staff on using it. |
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The benefits of electronic revenue management |
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| Collecting and managing revenue is one of the most important administrative tasks in a medical office. Switching to a software vs. manual system for billing and revenue management has crucial benefits, including: |
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Improved staff productivity |
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Faster payment from insurers. Paper claims usually take 30 - 60 days, while electronic claims are usually paid in 10 - 14 days |
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Fewer errors in billing and insurance. Most programs have a variety of checking mechanisms that help catch errors |
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You can correct any errors that do occur and resubmit in hours instead of weeks |
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