What You Should Expect From An RCM Dashboard
With the scope of healthcare changing, modernization has seeped into every aspect of medical practices from patient service to billing.
Unfortunately, many practices either outsource their billing services at the cost of not getting sufficient information about their accounts receivable or have an in-house billing staff that lacks data-processing capabilities and advanced analytical skills.
The ideal approach is the use of an expert Management Services Organization that also offers billing services including robust data analytics which are showcased in a visual-based data dashboard like those provided by TRIARQ Health.
A partner organization like TRIARQ, equiped with enterprise-scale technology, data management tools, and artificial intelligence, can help an independent practice keep pace with its A/R-related activities without compromising on quality patient care.
Below, we will discuss what to expect from a Revenue Cycle Management (RCM) dashboard in terms of medical billing services and revenue management.
Why Is an RCM Dashboard Useful?
Managing a medical practice is a complex task. Physicians or their practice managers need to juggle many responsibilities at the same time. And monitoring the financial health of the practice is one of the most rigorous and critical of these chores. It’s helpful, therefore, to have an easy-to-use tool that displays a wide range of information in one convenient place.
Submitting claims, billing patients, and receiving payment don’t happen in a neat, orderly fashion. Some of the revenue comes in quickly. Other times it comes in slowly. And many times it comes in bits and pieces. It’s hard to keep track of it all. An RCM dashboard makes quick work of assessing the current state of Accounts Receivable, monthly revenue goals, and other financial metrics.
A great RCM Dashboard also reflects a billing company’s level of transparency. When a biller just shows simplistic figures like Claims and Revenue, it’s easy to fudge the numbers from month to month. What you should expect is the ability to see how you’re doing on collecting January’s claims separate from collecting February’s claims.
High quality RCM Dashboards also help medical practices monitor their financial standing through data visualization (charts and graphs) which are much easier to digest than big spreadsheets of numbers.
Shortcomings of Outsourced Services
Outsourcing services requires a lot of upfront effort since healthcare professionals have to conduct a great deal of research before picking a quality partner organization.
Additionally, it is important for an independent practice healthcare professional to choose the right partner since this will affect their day-to-day operations and revenue process.
Some downsides of outsourcing services include:
- Limited Communication: When medical practitioners outsource their billing and analytics needs, this often creates a communication gap. If their partner company is not on the same page, medical practitioners will face communication problems and may even lose track of an essential invoice or claim.
- Poor Customer Service: Inaccessible or insufficient customer service from partner organizations is another concern in the healthcare community.
Shortcomings of In-House Billers
If you have an in-house billing staff member that lacks proper training and data processing capabilities, they might end up doing more harm than good.
Since such a biller often has limited professional development and technological resources, they can hinder the medical practice’s ability to keep up with the changing times.
What to Expect From RCM Software?
According to a report published by Verified Market Research, the Revenue Cycle Management software market was valued at $105.18 billion in 2020. The market is projected to expand to $249.44 billion by 2028.
The significant growth in the RCM space indicates the usefulness of such software or partners for medical organizations. In a medical setting, it’s imperative to track the status of every claim and not let their hard-earned money slip through the cracks.
Great revenue management software should help a medical practice in the following ways:
Efficient Data Processing and Billing
Medical practices often face delays in revenue recognition since it takes time to process the claims and see payouts.
Therefore, practice owners and healthcare providers should expect their RCM partner to have built-in tools for data visualization and reporting that simplifies managing their practice.
TRIARQ Health’s RCM Service is a cloud-based billing solution that is powered by advanced analytics and artificial intelligence. It offers everything from claims scrubbing and data visualization to patient payment tools and automated reports.
Depending on the size of a practice, dozens or even hundreds of patients come in every day. That equates to a giant pile of billing codes, dollar values, and claims numbers. Without sophisticated analytics and dashboards, it’s not very helpful at first glance.
Healthcare professionals can analyze their revenue process quickly and efficiently, however, with the help of data visualization tools.
The revenue management system is essential when trying to track down trends or identify problematic activities within your organization.
An RCM software dashboard should be able to keep healthcare providers updated on their current cash position and how close they are to hitting their monthly or yearly financial goals, courtesy of built-in reporting tools.
With an RCM dashboard, healthcare professionals can manage everything from accounts receivable, rejected claims, and denied claims, to cash-flow analysis, revenue trends, and coding issues, all in one place.
Triarq Health offers this entire range of financial management solutions, all built into customized, consumer-oriented technology.
Using the right codes is vital to ensure all claims are processed quickly and successfully.
Healthcare professionals must make the right choices while coding each diagnosis, procedure, and patient encounter, since incorrectly coded claims can lead to rejection and denials. An RCM dashboard will help professionals improve their coding habits by revealing rejection or denial trends.
Make Better Business Decisions
A comprehensive RCM dashboard with integrated medical billing services and revenue management tools helps practice owners understand the financial health of their business.
With this information, they can then make better decisions on how best to invest in their practice in terms of expansion, cost-cutting, or general improvements.
For such improvements to work, an RCM provider software provider should offer complete transparency concerning the billing cycle, no matter how many providers are involved.
A single system should be able to track all claims in real time and provide financial insights into revenue collection, cash flow, and more. Only then can practice owners make appropriate decisions to maximize their profitability while reducing the likelihood of loss.
By now, it should be clear what healthcare providers should expect from RCM software. Besides being reliable, the software should be convenient, transparent, futuristic, and industry-oriented.
Medical practices can benefit substantially from RCM Dashboards, especially when it comes to optimizing the health of their business
TRIARQ Health’s Revenue Cycle Management is a comprehensive medical billing and payment solution for modern practices, taking care of everything from processing claims to collecting co-pays.
Most importantly, healthcare providers get audits and coaching from experts on improving their coding to maximize revenue and meet value-based care metrics. With Triarq Health, you receive monthly reports and scorecards to determine where you’re succeeding and where there’s room for improvement. Additionally, the sophisticated technology and analytics tools from TRIARQ can help you better participate in value-based contracts, opening new revenue opportunities for your medical service.