As a medical provider, you work tirelessly to provide care for your patients, juggling the responsibilities of interacting with other healthcare professionals and families, while navigating an ever-growing demand for documentation. One thing is certain, however, you cannot afford to miss out on compensation for the work you have done. Unfortunately, the current processes in place often result in missed charges, leaving medical practices with an unnecessary loss of revenue.
The office environment presents a relatively straightforward process for capturing charges, but even this has its limitations. With modern EHRs, you are typically required to create your visit notes, and you cannot close the note without putting in a charge. However, this system is far from perfect, with some providers having unfinished notes dating back months. For procedures in the office, the accompanying charge must also be entered into the system, usually as part of the scheduling and encounter process. By having reconciliation built into the software, the process of capturing charges becomes less of a hassle.
Contrast this with the hospital environment, where visits take place outside of the EHR, resulting in a loss of the reconciliation and protection systems that are in place in the office. Documentation and rounding lists are often stored within the hospital EHR, which may not handle provider charge capture unless you are employed by that hospital. Medical practices often have to resort to elaborate methods of tracking charges and conveying them to the billers, most of which are based on paper. Those that use non-paper methods may resort to using non-HIPAA compliant methods of communication, which is not ideal. It is estimated that 8-12% of charges are missed in the hospital, which is a significant loss of revenue for work already performed.
The Rise of Burnout
In recent years, physician and APP burnout has become a pressing issue. The COVID-19 pandemic has brought the issue of physician job dissatisfaction to the forefront of national attention. Medical professionals who have dedicated their lives to the practice of medicine are abandoning their careers, citing the emotional toll and financial strain as the main reasons for their dissatisfaction. With Medicare and private insurance reimbursements decreasing over the past 20 years, the pressure to make ends meet has only increased. The combination of being paid less for more work is a recipe for burnout. By implementing smarter processes that ensure that no charges are missed, medical practices can increase their revenue, offsetting the burnout factor.
Modernizing the Business of Medicine
As with any industry, change can be difficult, especially in healthcare where medical providers are resistant to change. However, modern solutions that streamline processes and improve efficiencies can have a positive impact on the profitability of medical businesses and ultimately offset provider burnout. By modernizing processes, medical practices can work smarter, not harder, ensuring that they are paid for the work they do, improving their bottom line, and increasing their quality of life.
Enter HybridChart: The Solution for Smarter Charge Capture
At HybridChart, we understand the importance of streamlining processes and improving profitability in the medical industry. Our cloud-based software adapts to your practice’s unique workflow and provides a comprehensive solution for charge capture, census management, secure messaging, discharge planning, and data analytics. By utilizing these 5 features, HybridChart will help you never miss another charge, allowing you to get paid for the work you do.
By connecting your healthcare team, increasing efficiencies, and improving your bottom line, HybridChart provides a better hospital rounding experience. Whether you are a large medical practice or a solo practitioner, HybridChart can help you streamline processes, ensure that no charges are missed, and increase your revenue. Visit our website at www.hybridchart.com, call us at 877-977-5544, or schedule a demo to learn more.