Through the advent of artificial intelligence, modern healthcare technology has the ability to automate numerous areas of medical billing such as coding, claims processing, and payment posting. Today, many healthcare facilities are moving towards becoming smart healthcare facilities by integrating advanced technologies, such as Internet of Things (IoT), Artificial Intelligence (AI), and robotics, to enhance patient care administered in the healthcare facility. Healthcare professionals are equipped to make informed decisions through the data that is captured, stored and analyzed with the help of such technologies.
To keep up with the constantly changing trends in the healthcare industry, a healthcare facility must equip itself with the knowledge of the latest technology; not only in the medical field but also in the technological field. Today, the software is equipped with the ability to capture and analyze patient data in real-time, enabling healthcare professionals to make well-informed decisions and increasing the efficiency of patient care delivery.
One prominent area of the healthcare industry that benefits the most from technology is revenue management.
Revenue cycle management is the financial process adopted by healthcare facilities to manage administrative and clinical functions that are often associated with claims processing, payment, and revenue generation. It consists of identification, management and collection of patient service revenue.
This financial process is crucial to ensuring smooth operations of a healthcare facility for it to be able to treat patients effectively and stay in active business. Revenue cycle management is used by healthcare facilities to collect profits and keep up with subsequent expenses.
While looking for a revenue cycle management software for your healthcare facility, you must consider the following features:
Electronic Claims Submission
Claims submission is often a standard feature for all medical billing software, but the issue lies in it not being compatible with all platforms. Today, when everything is digital, manual and paper-based claims are becoming obsolete, quite quickly. In addition to its inefficiency, it is time-consuming and prone to errors. Healthcare facilities should choose software that supports electronic claims.
Digital Payment Processing
One of the quickest ways to ensure patient satisfaction is to provide them with flexible and convenient payment options. The COVID-19 pandemic spurred an increase in digital healthcare payments thereby increasing the need for more convenient options. It has made digital payment processing through debit/credit cards a non-negotiable billing software feature.
Ensures Safety of Patient Information
Keeping a record of all patients, their medical data, the prognosis of their medical condition, and going through them when required is definitely an extremely intricate process. Medical billing software helps healthcare facilities handle them efficiently and save time otherwise spent on paperwork in the process. The patient portal in such software can facilitate patients to check their information at any given time
When patient information is easy to access for all the parties involved, it saves a lot of time and hassle for healthcare providers and their team. This feature provides all the necessary information including patient records, portals, referrals, and medical listings, etc.
Account Management
One of the most important features that healthcare facilities should look for in a revenue cycle management software is account and financial management. The most efficient revenue cycle management software should include bill payments, credit card processing, multiple claims, claim generation and time sheets.
With the highly digitized healthcare landscape, if a healthcare facility relies on traditional and manual processes or opts for any run of the mill billing software, it will lead to lagging in revenue generation. The facility should look for a solution that helps it stay ahead of the industry demands.
That’s when Unify Medicraft enters the healthcare landscape
Developed under the able guidance of healthcare industry experts, Unify Medicraft is equipped with everything a healthcare institution, or a healthcare practitioner requires; all within one software.
Unify Medicraft provides the following services:
- Cash posting
- Collections of account receivables
- Document review
- Management of claims
- Price table configuration
- Status of claims
- Submission of claims
Let us now talk about the features that make Unify Medicraft a unique RCM software in the medical industry.
Cloud based technology
Medicraft is a cloud-based software which is easy to use and seamlessly integrates in different devices to make everything easy. The multi-device integration ensures easy accessibility and enhanced user experience. It provides HIPAA-compliant security and regular backups which promise extra peace of mind to healthcare providers and patients.
Management of inventory
To maximize revenues, Unify Medicraft is a robust solution that takes care of purchasing, warehousing, shipping, tracking and billing while you focus on providing the best possible care to your patients.
Easy documentation process
With Unify Medicraft, patient data is secured in one place and indexed for easy accessibility of patients and healthcare providers. The software makes capturing, managing, sharing, and securing documentation easy; all on an electronic device.
Better doctor- patient connectivity
Through Unify Medicraft, healthcare providers can swiftly connect with their patients and help them with their queries and health woes through their electronic device. This ensures that no matter where the patient or the healthcare provider is, a superior quality of healthcare is guaranteed at all times.
Scheduling on the go
When talking about Medicraft’s scheduling tool, customization reigns supreme. It helps healthcare organizations and healthcare practitioners stay organized and productive with various advanced features like multiple user calendar views, drag and drop layout, and information about medical billing procedures.
Automated and custom reports
Unify Medicraft is equipped with advanced medical technology that helps in pushing your practice towards increased revenue generation. The software offers built-in custom reports to break down the revenue cycle and equip healthcare facilities and professionals in tracking key billing metrics coherently.
Appointment reminders
A healthcare institution or professional can decrease no-shows by using automatic reminders incorporated into Medicraft's calendar. Healthcare facilities can also set up emails or SMS to attract patients and optimize their revenue.
Eligibility Verification
The most common reason faced by healthcare organizations in terms of claims rejection is eligibility-related issues. Medicraft will equip your healthcare facility with a streamlined, simplified and accelerated insurance eligibility verification process.
With the above information, we hope you will be able to make an informed decision and give your revenue cycle management the boost it needs with Unify Medicraft.