Already using EMA™? Interested in learning more about our Revenue Cycle Management service? Click here and we’ll be in touch.
Wondering what Revenue Cycle Management (RCM) is and why it matters to your practice? According to the Healthcare Billing & Management Association, RCM is: The process that manages claims processing, payment and revenue generation. It entails using technology to keep track of the claims process at every point of its life, so the healthcare provider or medical billing company doing the medical billing can follow the process and address any issues, allowing for a steady stream of revenue. The process includes keeping track of claims in the system, making sure payments are collected and addressing denied claims. RCM encompasses everything from determining patient insurance eligibility and collecting co-pays to properly coding claims using CPT and ICD-10 codes. Time management and efficiency play large elements in RCM, and a physician’s or hospital’s choice of an EMR can be largely centered around how their RCM is implemented.
Our Revenue Cycle Management service is one of the offerings as part of the modmed Dermatology™suite which includes our specialty-specific electronic health record (EHR) system, EMA™ and other dermatology-specific solutions for a practice.
To paint a more detailed picture of RCM in action, we sat down with Marie Miller, the Office Manager at Danville Dermatology located in Danville, Ky., to hear her perspective on how their practice has increased efficiency with Modernizing Medicine’s Revenue Cycle Management service.
Modernizing Medicine: Can you give us some background about your dermatology practice?
Marie Miller: Sure! Danville Dermatology has been in practice for over 35 years and we specialize in general, surgical and cosmetic dermatology services. As our practice has continued to grow, our staff was faced with numerous in-house billing challenges. In an effort to increase efficiency and revenue, the leaders at Danville Dermatology made the decision to outsource billing operations with RCM services that integrate seamlessly with our electronic health record (EHR) system, EMA by Modernizing Medicine.
Modernizing Medicine: Can you expand on some of the challenges you faced prior to implementing a revenue cycle management service?
Miller: In addition to running our office operations, I was also managing all of our billing. Getting the correct information billed out in a timely manner was becoming challenging. I was spending an overwhelming amount of time managing denials. I have billing experience, but with limited staff resources and government mandates approaching, it was becoming too much to handle. We were apprehensive about giving up control of our billing process, but as our accounts receivables were climbing, we knew we needed help.
Modernizing Medicine: What was one of the biggest factors in helping to make a decision in selecting a revenue cycle management vendor?
Miller: Trust was at the top of the list. Selecting a vendor to outsource our billing was an easy decision. I had received an email from Modernizing Medicine explaining their Revenue Cycle Management services. We had been utilizing specialty-specific EMA since 2013, which had proven to save us time and increase clinical efficiencies. We trusted Modernizing Medicine with our EHR system, so why wouldn’t we trust them with our billing? We pushed our fear and apprehension aside and made the decision to move forward with Revenue Cycle Management and never looked back.
Miller: Our practice immediately began to see improved financial performance and our denials went from over 15 percent down to 2 percent. Since using Modernizing Medicine’s Revenue Cycle Management services, our patient collections have been the best they’ve ever been and our accounts receivables have decreased significantly. Modernizing Medicine manages the entire billing process, from the time the patient comes in until the time we are paid. We have a dedicated account manager who is with us every step of the way. I contact her with any questions, and I always get an immediate response. Modernizing Medicine’s well established processes, modern technology and continued ongoing support make us feel like we are their only customer and we really value that.
Modernizing Medicine: How do you feel knowing that our billing specialists are dermatology certified coders by the American Academy of Professional Coders (AAPC)? Does it add a level of confidence?
Miller: With Modernizing Medicine’s Revenue Cycle Management services, I have peace of mind knowing that we can leave the billing aspect of our practice to the experts so we can focus on patient care. EMA was also designed with the ICD-10 codes built in to the system for automated coding. EMA coupled with Revenue Cycle Management has increased efficiencies and streamlined workflow and billing processes at the point of care. By having the pertinent information we need readily at our fingertips through Modernizing Medicine’s technology along with the patient support team available for billing questions, we are fully equipped to be successful.
Modernizing Medicine: What would you share with a dermatology practice considering implementing revenue cycle management services?
Miller: Since using Revenue Cycle Management, our patient collections have been the best they’ve ever been and our accounts receivables have decreased significantly. Modernizing Medicine manages the entire billing process, from the time the patient comes in until the time we are paid and we have 100 percent visibility in real time throughout that process. We can now focus on what we do best, providing quality patient care. We couldn’t be happier with our experience.
To summarize, here are some key benefits of modmed Dermatology’s Revenue Cycle Management service:
- Specialty-specific solution
- Improved revenue cycle
- Lower claim denials
- Management by billing experts increases revenue potential
- Specialized billing processes improve financial performance
- Courtesy patient calls drive higher collections
- Grow your practice!
To download the full case study, click here. Want to know more? In this video, you’ll hear from another dermatologist, Dr. Jerome Potozkin, on his experience with Revenue Cycle Management. Still wondering why you should implement Revenue Cycle Management in your practice, read more from a recent blog post.Interested learning more about our Revenue Cycle Management service? Click here and we’ll be in touch.