CareCloud Expands Revenue Cycle Management Offerings As It Continues Mission to Lift Administrative Burdens for Medical Practices
MIAMI--(BUSINESS WIRE)--Nov 15, 2018--CareCloud, the platform for high-growth medical groups, today announced that it has expanded its revenue cycle management (RCM) services to help practices realize greater productivity and revenue gains through more accurate billing and faster payments.
These new services support physician practices as they struggle to attract and retain staff, particularly non-clinical staff, by taking over the tedious billing and coding tasks that contribute to staff burnout and turnover. In a recent poll conducted by the Medical Group Management Association, 61 percent of respondents said they experienced a shortage of qualified applicants for non-clinical positions within the past year. CareCloud is addressing this issue for medical groups by offering a range of service levels that fit the individual staffing needs of each group.
A specialty practice with four offices and a radiation oncology center, Corpus Christi Urology Group is focused on finding ways to reduce administrative overhead and improve financial performance to fuel growth. The group selected CareCloud’s technology platform and supported its billing with CareCloud’s RCM experts. “As we expand on the clinical side, adding new physicians, opening a pharmacy and implementing new drugs, we’ve increased our billing activity,” said Carrie Salazar, Administrator, Corpus Christi Urology Group. “With CareCloud, we’ve been able to scale that growth without creating an administrative burden, freeing us up to see more patients and to give them the best care that we can.”
Since working with CareCloud, Corpus Christi Urology Group boosted its first pass resolution rate on submitted claims from 87% to 95% and saw an increase of 12% in reimbursement per procedure. CareCloud’s RCM solution increases a typical practice’s total revenue performance an average of 7% annually. The expanded offering will give practices more service levels to choose from based on their staffing needs and which CareCloud product they’re using:
CareCloud Software-only Offerings
CareCloud clients may now add an additional payment posting service layer on top of their CareCloud practice management or electronic health record software subscription. Through this service, CareCloud will make sure every payment is posted on time, accurately, and with minimal involvement from the practice staff both for manual payments as well as for any errors with electronic remittance advice (ERAs).
This service is offered as Central Plus for medical groups who choose CareCloud’s practice management (PM) software, CareCloud Central. The offering is available as Complete Plus to groups who have purchased both CareCloud Central and CareCloud Charts, the company’s electronic health record (EHR).
CareCloud Concierge Revenue Cycle Management Offerings
CareCloud Concierge RCM clients may now select from two additional service offerings to expand upon the existing work provided by their CareCloud team:Concierge Plus is a service through which CareCloud provides an expert team of billers to work and fix claim errors and secure the highest level of payments, faster. Concierge Pro includes all the benefits of Concierge Plus and adds further services from CareCloud’ expert team of coders and billers to review, enter, and/or code charges for every encounter regardless of where the services were completed.
“Even though we’re already rated highly by our RCM clients for both quality of service and for giving them their ‘money’s worth,’ we continue to innovate and add RCM services to ensure that medical groups can keep pace with the changing healthcare environment,” said Ken Comée, CareCloud CEO. “We hear that current vendors in the market are not offering the flexibility and choice that medical groups need to be successful, so we see these new services as an important opportunity to support them in any way we can.”
CareCloud Offers Top Tips
As 2018 comes to a close, medical groups should take this time to re-evaluate their billing and payment processes and procedures to ensure they’re positioned to maximize revenue and streamline operations in 2019 and beyond. CareCloud’s RCM experts have compiled their top three tips for any practice looking to improve their financial performance:
1. Optimize Workflow to Improve Cash Flow. Be sure to have a solid workflow in place before providing more complex services. The biggest challenge most specialty practices face is understanding how to properly manage multi-step and complex services because many payers vary in how they want to receive their claims.
2. Know the Guidelines. Understand the guidelines provided by your payer around the services you are providing. This is an essential first step to avoiding issues with coding, billing and documentation that can slow down reimbursement. Remember that these individual payer guidelines often will circumvent any guideline in place by the Centers for Medicare and Medicaid Services (CMS).
3. Document, Document, Document. Be sure to properly document any and all services provided during the visit or procedure . This documentation should be the single source of truth to backup all of the charges submitted to the payer. Having comprehensive, thorough documentation will reduce time and headaches if the payer requests justification for the services provided.
To learn more about CareCloud’s RCM solution suite or to schedule a demo, contact CareCloud at firstname.lastname@example.org, call 877.342.7517 or visit carecloud.com/rcm.
CareCloud is the leading provider of cloud-based revenue cycle management, practice management (PM), electronic health record (EHR), patient experience management (PXM), and telemedicine solutions for high-growth medical groups. CareCloud helps clients increase profitability, streamline workflow and improve patient care nationwide. The company currently manages more than $4.2 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181115005072/en/
CONTACT: Lynn Shepherd, CareCloud
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PRACTICE MANAGEMENT HEALTH HOSPITALS NURSING MANAGED CARE
Copyright Business Wire 2018.
PUB: 11/15/2018 07:05 AM/DISC: 11/15/2018 07:05 AM