Last month, I wrote about how physicians in America are at risk of financial collapse. While I am not trying to dwell on doomsday theories, there are justifiable concerns. And quite frankly, I am worried.
I am worried about the state of healthcare in America. I am worried that excellent physicians are losing their autonomy and their ability to survive in the private practice model. Ultimately, I am worried for patients.
What is Charge Capture, and what does this have to do with it?
Poor processes for charge capture revenue cycle management are responsible for millions of dollars in lost annual income for private practices. Particularly in the area of inpatient services, the inability to ensure accurate billing places an unnecessary financial burden on providers who are already struggling to cope with rising overhead costs.
Hospitalist medicine emerged 10-15 years ago to spare the primary care physician from having to fragment their time between the inpatient and outpatient environments. Those grueling schedules of straddling worlds led to difficulties in timeliness of care, and probably contributed to physician burn-out. This model proved to be unsustainable, leading to the differentiation of the inpatient and outpatient internist.
Specialist providers, on the other hand, continue to cling to this dysfunctional model. Specialists are spread thin and require PhDs in time management just to function. This is why we need to support smart tools which help streamline processes, reduce errors, and improve profitability.
Most specialist providers rounding at multiple hospitals are familiar with the need to quickly adapt to multiple EHR platforms and operational variations. Despite the complexity and time constraints, providers must somehow ensure they are capturing every charge to rightly get paid for their work.
Avoid Missing Charges
Years ago, in my cardiology practice, we discovered fraud in our billing department. One of the billers was disposing of our precious billing sheets so they could go home on time with a clean desk. The lost revenue was devastating, but it led to the realization that there was no accountability, no fail-safes, and no true denominator of the work done.
From this realization emerged a software solution allowing providers to enter charges electronically, and ensure that charges could not be missed. This was HybridChart version 1 (we are now on version 4).
If you’re still using paper, you’re missing charges. I learned this lesson the hard way. Electronic charge capture is just the beginning. What evolved from my solution was the ability to collaborate as a team. The end result was less time wasted, improved efficiency, and more scalability as a practice.
Physicians have had technology thrust upon them for years. Advancements in medical devices and equipment have been met with open arms. Conversely, technology solutions for documentation and workflow have been met with resistance and skepticism.
Many of these solutions have not appreciated the unique needs of practicing clinicians, and therefore, have fallen short in terms of satisfaction and adoption. The dreaded training sessions required for EHRs still give me night terrors. The disjointed user experience of most medical software packages which I have used leaves me frustrated on a daily basis. So, the skepticism and reluctance are quite understandable.
Why You Should Implement Our Software?
I urge you to consider implementing workflow management software. Smart solutions are out there, which understand physician nuances. Intuitive user interfaces mean quick training and no night terrors. Once armed with time-saving solutions, there is a cascading effect of benefits which permeate through a private practice fighting to survive.
Air-tight charge capture allows for more efficient billing and collections, and improved cash flow. The return on investment is relatively straightforward. The stopgap in missed revenue alone pays for the whole solution in mere months. The increase in efficiency, quality of life of providers, and overall practice improvement are immeasurable.
Regardless of your specialty or geography, practices need to be smarter and more efficient. I created HybridChart for rounding providers to help them streamline workflow and improve profits. Never miss another charge while improving your bottom line AND get an hour back in your day with the HybridChart EVOLVE workflow efficiency solution.
Dr. Gregory Sanders is a practicing Cardiologist and the CEO/Founder of HybridChart based in Scottsdale, Arizona. Visit HybridChart at www.hybridchart.com.
Less stress, more money through charge capture automation, and more time in your day.
At HybridChart, we provide technology that connects your healthcare team, increases efficiencies, AND improves your bottom line. HybridChart’s cloud-based software adapts to your practice’s unique workflow and will improve your profitability and patient outcomes by utilizing our 5 features: census management, charge capture, secure messaging, discharge management, and data analytics.
NEVER miss another charge and get PAID for the work you do!
