Finding the perfect revenue cycle management solution is daunting. While your data visibility may be enhanced, the new software may be cumbrous and user-unfriendly, or it may take too long to train your staff – and you don’t have that kind of time.
What are the most important features in a revenue cycle management system to you and your practice? Outline your needs before you begin your search, so you can gain a better perspective of what you really need from an RCM system.
To make things easier, we’ve put together five key features for you to keep in mind when choosing a revenue cycle solution.
Customizable and Usable Dashboard
The dashboard is the first sign of an RCM system’s usability. Think of it as a first impression – if dashboard capabilities aren’t user-friendly, chances are the rest of the system will lack the usability your practice needs.
Every member of your practice should be familiar and comfortable with the RCM system’s user interface and have access to a fully customizable, role-based, password-protected personal dashboard where the user can efficiently organize the tools he/she needs to enhance your practice’s bottom line.
Understanding the Revenue Cycle
A system that understands the chronology of the revenue cycle and the connection between its stages is likely to raise your chances of success.
The ability to move through the different stages of the revenue cycle in a logical manner is an essential feature for your RCM system, preferably organized in chronological order. This allows for a clear and transparent view of your practice’s revenue cycle from beginning to end, and allows for a better bird’s eye view of your practice’s financials.
Furthermore, this kind of order mimics your staff’s role in revenue cycle management – by ensuring every staff member has role-based functionality across the stages of the revenue cycle in your RCM system, you ensure every staff member does his or her job and passes it on to the person in charge of the next phase smoothly.
Integration
Integration is a software buzzword that’s often thrown around a whole lot, often in many different respects
But for your RCM system, you’re looking for a very specific type of integration. It’s inefficient to switch from an RCM system to practice management, then later open up your EHR, too. Look for an RCM system that combines all of this functionality, so you can manage all aspects of your practice from one cozy suite of applications.
Business Analytics
The days of analyzing paper metrics are in the past. It’s inefficient, prone to errors, and wasteful. Real-time analytics tools are crucial for practices to identify whether they’re using resources efficiently and what areas need improvement.
Look for an RCM system that helps you filter data to generate reports across all dimensions of your practice’s operations, with data visualization tools and easy sharing tools to distribute information to select members of your staff.
Billing Solutions and Support
Honestly, you need a complete system that handles revenue cycle management from appointment scheduling and insurance verification to claim remittance, topped with the ability to simply create an analytics report with only a handful of clicks.
Your practice will improve collection rates with your comprehensive, integrated billing service. Now mix in human support. When problems arise, your practice needs answers. Find an RCM system that offers real-time customer support and billing experts.
Have you chosen an RCM system for your practice? What features do you search for?
