Maximize Your Practice’s Profitability

With states and government officials easing restrictions and beginning to authorize phased reopening, medical practices will certainly begin to see a revitalized surge in patient visits while society continues to learn how to adapt to the new normal. Over time, schedules will start to fill up as patients feel more comfortable venturing outside their homes, regular work days will resume for your staff and of course, the challenges of efficiently monitoring as well as managing your patient revenue cycle will reappear once your business reopens. 

As a solutions and SaaS-based software for the healthcare industry, Raintree has also been experiencing the same financial and operational interruptions the rest of the world has; however we have the sole advantage of utilizing tools built to optimize RCM, Billing and Collections instead of primarily treating patients. Now that healthcare providers have shifted their focus to elevating patient engagement and streamlining internal operations, Raintree can help you facilitate innovative care that keeps revenue flowing and maximizes your business’ profitability. In order to achieve these goals, we wanted to provide you with some advice on how to effectively save time and money so that your practice can balance the influx of appointments with increased revenues.  

  • Make sure your RCM and Billing software is tailored to your needs and helps you minimize mistakes by alerting you when errors are made. You should also utilize a platform that features integrated Business Intelligence and Analytics tools that provide you with key insights that influence informed decisions as well as track productivity metrics. 

  • It is important that your business uses a system that features interactive reporting modules that make it easy for your staff to manage appeals, denials, exceptions and payments. With a simplified ledger and customizable reporting data, your business will be better able to pinpoint issues with AR and efficiently fix any problems with your RCM process.

  • High level automation makes the RCM process simpler for your staff and easier for your patients, but if your employees are constantly logging onto a payor’s website or calling insurance companies for patient information, your business is wasting time and losing money. In order to substantially increase productivity, be sure to utilize a billing software that features automated insurance verification and eligibility processes, so that all of your patients’ important information regarding demographics, insurance, contacts etc are kept up to date for follow ups and other billing claim data. 

  • In the case of your staff and faculty having been on reduced hours, it is important to ensure that aging AR and denied claims are being proactively reviewed and processed. If not, claims will lose their chance to be submitted and appeal packets will be rushed. That is why comprehensive, easy to use dashboards are critical in helping maximize your RCM as well as avoiding preventable errors and omitted information. 

  • While your business may already have the ability to process patient payments in various formats, you should also prepare to initiate payment plans that accommodate your patients if they are unable to pay their entire bill at once. Make sure your software has a payment processor functionality that allows your patients to easily access their accounts and schedule personal payment plans all from the convenience of their mobile device. By offering your patients this flexibility, you are sure to stabilize cash flow as well as  improve patient retention. 

All of these features and more are possible with Raintree, but whether you choose us or another leading provider, we want to make sure you are best informed about what your RCM software needs in order for you to take full control of your business operations. If you are interested in learning more about Raintree’s RCM, Billing and Collections solutions, click here for more information or watch this brief explainer video.