Track all the scheduled patient appointments and record initial overreach.
An RCM Software System can verify the eligibility of the patients by gathering their insurance information.
Could you record the type of patient visit along with all the activities that took place during the whole visit?
A good Revenue Cycle Management (RCM) Software Solution can keep a regular record of the accounts receivable of the medical practice and generate constant reminders for payment.
Generate, accept, and process medical payments via online billing. It can accept payments from debit/credit cards and other electronic payment methods in a completely safe and secure way.
Create and regularly maintain a database showing all the past as well as current claims. Generate and send payment bills and keep this database of claims updated.
With a robust RCM Software System medical practices can stay compliant with ICD-10 by managing the cataloging implications.
The Revenue Cycle Management Software Platform provides an online web/cloud-based server for making the backup and security stronger and creating a more affordable software package for the healthcare providers.
A good Revenue Cycle Management Software Solution generates meaningful financial and managerial reports. The RCM System tools also track KPIs.
Revenue Cycle Management (RCM) System is experiencing significant advancements, driven by emerging technologies and evolving healthcare practices. A prominent trend is the integration of Artificial Intelligence (AI) and Machine Learning (ML), which enhances predictive analytics, automates routine tasks, and improves accuracy in claims processing. This automation reduces administrative burdens and accelerates reimbursement cycles.
Another key development is the shift towards value-based care models, prompting RCM Software platform to adapt by focusing on patient outcomes rather than service volume. This transition necessitates the incorporation of advanced data analytics to monitor care episodes and optimize financial performance.
Today, over 600 companies provide EMR/EHR and Practice Management Software, and with this growing competition, selecting the right electronic medical records software or practice management software is always a very difficult choice. EMRFinder understands your problem and provides a complete and comprehensive catalog of specialty-specific potential EMR Software, perfect for your practice needs. There are many things to be considered when thinking about using or switching your current Electronic Health Records Software (EHR Software). This buyer’s guide covers every necessary aspect to consider before making a final decision.
EMR Software Benefits
Besides financial profitability, practices have seen the following benefits of using EHR/EMR Software:
- Improved practice efficiency
- Streamlined administrative tasks
- Improved profitability and revenue cycle (Medical Billing Services)
- Improved Patient Engagement (via Patient Portal)
- Decreased stationary costs
- Improved collections due to more organized claims
- Automated alerts and reminders help patients return to the office when necessary and notifying the practice about any potential risk
- Enhanced Security and Safety (Cloud Storage & Back-ups) – Cloud-based EMR Software
EMR Software by Specialty
Specialty-specific software enables physicians and other medical professionals to store detailed clinical information, such as demographics, medical history, social history, lab reports, etc.
Specialty-specific EHR Software must be fairly customizable to the unique style and documentation requirements since all medical practices have a specific need based on the background and medical specialty. For example, Revenue Cycle Management (RCM)Â specific EMR software should include the ability to automate daily AR tasks. Similarly, specialties like Pediatrics, Oncology, Podiatry, Ophthalmology, Neurology, Nephrology, Dialysis Centers, Rheumatology, and Chiropractic Care require their unique set of features to simplify adoption.
EHR Software by Practice Size
Due of the extreme flexibility requirements, no EMR software is appropriate for every practice. A solitary practitioner or a small practice may not always be supported by an electronic health records software meant for hospitals or multi-provider clinics. What therefore constitutes a viable EHR Software vendor for your medical practice?
Every practice, regardless of size, faces different obstacles that the seller of Electronic Medical Records (EMR) software must handle. A few of these are mentioned below.
Small or Solo Provider Practices
Small or solo practices with small office space and a limited number of staff members are generally short on the budget compared to larger practices. Due to these constraints, many providers simply prefer cloud-based EMR software and employ Free EMR Software or choose an affordable EHR Software vendor with a low fixed monthly fee.
Medium-Sized Practices
Often belonging to the same medical specialty, the medium-sized practices require unique features such as interoperability, dedicated customer support, multi-device support as well and extensive reporting functionality to keep an eye on the overall performance of the practice, as their budget is also comparatively larger.
Large practices
Larger medical practices usually offer medical services that fall under various medical specialties (e.g. Orthopedics, Pain Management, Surgery, Chiropractic Medicine, Family Medicine, etc.). Comprising fifteen to twenty medical providers, these practices often require support for multiple users to access the systems simultaneously. Scheduling software and a scalable solution to accommodate multiple locations, providers, and resources such as Dialysis Chairs, procedure room allocation, etc. are also the requirements of larger practices.
Hospitals or enterprise organizations
Hospitals or enterprises are often the target market of EMR software companies such as Athenahealth, McKesson, Epic, Cerner, eClinicalWorks, Allscripts, NextGen, drChrono, and Meditech, etc. and they usually provide ideal EHR software solutions for larger corporations such as ACOs, PCMH, IPAs, CINs (Clinically Integrated Networks), and Public Health Departments, etc. These EMR software companies usually offer features like integration with multiple other software and medical devices, inventory management modules, interface with local labs (LIS), machines and diagnostic equipment along with drug dispensing (pharmacy management software), electronic medication administration record (EMAR), etc.
Tips to consider when choosing an EMR Vendor
Electronic Medical Records (EMR) consist of various software, all with different functionalities and applications. Here are a few tips one should consider before selecting an EMR Software:
Security
The safety and security of patient data and medical records is a principal concern for not only clinicians and medical providers but their patients as well. A strong EMR Software ensures the safety and security of medical records and all the related patient information. It guarantees HIPAA Compliance providing them privacy (especially during the patient’s communication with their doctor via Patient Portal). Top EMR Software Vendors from today (AdvancedMD Software, athenahealth EMR Software PrognoCIS EHR Software, Modernizing Medicine EMR Software, Tebra EMR Software, etc.) use data encryption technologies and other advanced tools in every section of the EMR Software to make sure that they safeguard patient records.
Cloud-based EMR software
Due to its various advantages, Cloud-based EMR System has grown more popular among physicians lately. Cloud-based EHR software is mostly device independent and supports multiple devices such as Smartphones (iPhones and Android phones) iPhones, iPads, desktop computers, and laptops. The EMR software can be accessed from any location at any time, provided that internet access is available. The Cloud-based EHR Software technology usually requires minimum or no maintenance or upfront cost making it ideal for doctors running small clinics and private practices. Some of the Cloud-based EMR Software vendors include ChartPerfect, Care Cloud, AllegienceMD, CureMD, ChartLogic, etc.
One of the characteristics of strong EMR System is that it is ONC-ATCB certified and complies with the guidelines and protocols defined by the Office of the National Coordinator (ONC). The software vendors who comply with these measures go through severe testing and conform at a benchmark level set by the federal body. This testing ensures that all areas of the software are checked for example Patient Portal, the way the software communicates with Pharmacies via E-prescription (e-Rx), HIEs, labs, hospitals, etc. Most of the EHR vendors nowadays have all the details related to their compliance with the standards established by the ONC (Click here) present online.
Mac EMR Software
Today when it comes to the world of computers and digital devices, Apple is the undisputed leader in the US. Therefore, it won’t be odd if healthcare providers today specifically look for EMR Software that works on Mac systems (Mac EMR Software). However, unfortunately, not all EMR software vendors support Mac devices, therefore when looking for an EMR system the EHR Software must have built-in support for Mac so that the software can be used with existing systems and any further investment in new computers can be avoided.
Integrated Practice Management Software
With competition rising every day in the field of healthcare IT, many EHR Vendors who provide integrated Practice Management solutions included in the software bundle easily outclass competitors with standalone EMR Software including the ones that offer a specialty-specific EMR Solution. EHR software providers with integrated Practice Management systems often tend to offer widespread reporting competencies to monitor how the practice performs and manages administrative tasks better.
Market Trends to Be Aware Of
The EHR Software industry, like everything else, goes through constant changes all the time. Whether it’s new innovations or updates in technology, or changes in legalities, the EMR System industry is always changing. Following is a list of such changes that you should keep track of.
Cloud-Based Services
A recent study shows that only 25% of physicians have shown interest in web-based EHR software systems and only 50% have adopted it as an initial model that will ultimately transition to cloud-based software. The cloud-based EMR system cuts down the costs of having and maintaining all the hardware and client servers. It can be hosted on any device which has a web browser. That is why healthcare software vendors are switching to cloud-based EHR software solutions.
Accessibility
More EMR software vendors are widening their type of practices, to become accessible to more healthcare practices. However, optimizing these EHR software solutions for these different needs is only becoming more difficult since the number of people with expertise, time, and knowledge in health IT is only decreasing. As predicted by Douglas W. Bowerman, MD, we should see a continuous trend of accessibility in Electronic Medical Records software in terms of how it can be accessed and who it is accessed by.
Block-chain
Although more commonly used for cryptocurrency and NFTs, blockchain technology is being increasingly used in Electronic Health Records software as well. The blockchain allows EMR data to be secured through cryptography, making it available only to those who have access to it in the first place. As an example, the blockchain can validate clinical trial and claims results, track medicine distribution and prevent insurance fraud. Although the usage of blockchain in Electronic Medical Records (EMR) systems has only just begun since the start of 2022, it is already being used to secure data and ensure confidentiality.
Patient-Centric Engagement
Boosting patient engagement through the scheduling and treatment process is imperative to the growth of your business. One method is to make content available through patient communities or just increase patient outreach. Regular appointment reminders for upcoming appointments (see Appointment Reminder EMR Software) can reduce cancellations while further increasing patient engagement.
Widespread Interoperability
Electronic Health Records (EHR) Software systems don’t offer patients the ability to access their own records across multiple healthcare organizations due to the lack of data-sharing standards set between different practices. This causes significant problems for patients who receive care from multiple different centers. This also makes the diagnosis of patients harder for physicians and healthcare providers. Due to this, EHR software providers are updating their software to include interoperability and integration features to allow data to be shared between these different organizations.
Latest News on Revenue Cycle Management Software
Aspirion Acquires Revenue Cycle Management Company FIRM RCM
One of the leading healthcare Revenue Cycle Management (RCM) Software providers, Aspirion, has announced its acquisition of FIRM RCM, an attorney-driven company that helps hospitals recover denied, unpaid and underpaid medical insurance claims.
“The combination of Aspirion and FIRM RCM demonstrates Aspirion’s commitment to investing in high-growth companies positioned to address the increasingly complex financial challenges of the US healthcare system” – Chairman of the Board of Aspirion, Richard Thomas.
Developed by athenahealth EHR Software, athenaOne is among the top rated medical apps on the Apple App Store. athenaOne has garnered this reputation largely due to the many benefits and conveniences which it offers, through its robust set of tools and features.
Its ease of use and intuitive user interface has made it a favourite among US healthcare providers, helping practices beat industry benchmarks.
Doctors have noted faster workflows, which allow them to quickly complete notes and place orders.
athenaOne currently sits at a 4.6-star rating on Apple’s App Store, and is more than powerful enough to support healthcare providers through their day!
