Douglas Kegler, CEO, CollaborateMD
The revenue cycles in healthcare today continues to grow and progress—that being said, medical billing is the backbone of any medical management revenue cycle practice. However, many medical institutions experience challenges with accurately and efficiently billing payers and patients for their services. The medical billing process includes multiple steps, various healthcare stakeholders, and communication across payers and departments. Ill-planned processes and policies or billing errors are some of the challenges that rise. It is immensely essential that medical providers find immediate ways by which they can improve their organization’s overall revenue and optimize the revenue cycle. This is where CollaborateMD steps in with its innovative and intelligent cloud-based medical billing software to ensure claims get to the medical insurance payer as quick as possible. CollaborateMD provides cloud-based medical billing and practice management software services for independent medical practices and hospitals. The company’s software uses real-time claim submission and built-in edits to integrate with various electronic health records (EHR).
CollaborateMD’s suite of medical practice management software is designed to streamline and optimize clinical and financial workflow
In the current scenario, the lack of having a streamlined method for collecting payments from their customers, administrative delays, and errors as a result of manual claims management process is failing to capture patient information accurately. This can further lead to failing to inform patients of financial responsibility, and unidentified coding issues could cause significant total revenue lost. The entire claims process requires close monitoring at every point of its life cycle.
Monitoring the claims is one of most essential parts of a provider’s revenue cycle management processes. Furthermore, a good financial policy will also serve as a helpful tool for healthcare professionals involved in the billing process to track and resolve claims.
To develop a better understanding of their patient responsibility and maintain financial stability in this quickly changing landscape, the providers need an effective health information technology—an efficient revenue cycle management that allows the healthcare professionals use information technology effectively. Collaborate MD’s suite of medical practice management software is designed to streamline and optimize clinical and financial workflow—thus, reducing costs in a challenging economic environment. The company provides affordable and straightforward solutions that can verify data integrity and reduce claim rejections. The end goal is to enhance the client’s revenue cycle—resulting in increased revenue and patient satisfaction.
The CollaborateMD’s software delivers real-time analytics and visibility into the financial performance and health on an interactive dashboard to speed up productivity and day-to-day workflows. This state-of-the-art module also features one of the most resource-based appointment schedulers and allows end-users to access several functions from within the scheduling program, thus optimizing front office and back-office workflow. Furthermore, the appointment scheduler can be customized to fit client needs in addition to configuring scheduling rules that will help maximize the physician’s time. CollaborateMD also offers an integrated payment processing system within the software, aimed to reduce follow-ups on co-pays, deductibles, and co-insurance balances.
The Central Business Intelligence (CBI) areas in the dashboard allow users to retrieve the data they need, how they need it, and when they need it. The CBI contains a Report Viewer and Report Builder. These features enable users with the capability to modify report templates on their own will allow them to visualize, analyze, and report on their data with the ease of drag-and-drop fields, filters, grouping, and charting. CollaborateMD provides over 125 standard and customizable template reports to give a 360-degree overview of daily and ongoing business and patient activities. Users can specify selection criteria to return only their desired statistics and view multiple reports at once, or export them for use in Microsoft Excel, Word, or PowerPoint.
CollaborateMD is HIPAA and HITECH compliant, and since its inception in 1999—the company is catering small to medium practices with a software solution that provides a return on investment. Recently the company has launched the latest version of the software called ‘V10’ in a bid to further enhance its capabilities to help improve the medical billing processes.