Aug 11, 2020 | Features, Medical Billing Customer Service, Partner
Which is the BEST kind of Medical Billing Software? “All-in-One” or “Specialized”?
When considering WHICH medical billing solution they should use, practices wonder which is best, an “all-in-one” solution or specialized software. Well, the following are a few important pros and cons to consider when making a choice between these solutions.
ALL-IN-ONE:
An “all-in-one” system tries to provide a single, comprehensive solution that offers functionality for the major areas of the practice—Practice Management (PM), Electronic Medical/Health Records (EMR/EHR), and Revenue Cycle Management (RCM)—accessed from one central point. It has features like clinical notes, patient information, and history, diagnosis and treatments, scheduling, appointment reminders, reports, patient educational resources, as well as a medical billing section.
PROS:
• Most of what a practice need is included in the system
• There is no need to be concerned with multiple integrations or vendors
CONS:
• Tends to have a higher ‘entry’ cost
• Usually designed for the “middle-of-the-road,” therefore sometimes doesn’t properly address specific needs of a practice
• Sometimes, the practice is left paying for additional customizations to fit their particular needs
SPECIALIZED SOFTWARE:
Specialized medical billing software, on the other hand, is particularly programmed to maintain billing details of tests, procedures, examinations, diagnoses, and treatments conducted on patients. However, many specialized software providers extend their scope to include features like practice management, scheduling, and other administrative and clinical functions (that are generally a part of EHR software systems) by partnering with other specialty software companies—creating a “best-in-class” solution.
PROS:
• Integrating multiple “best-in-class” software packages—each taking a much more focused approach—creates an offering with much more in-depth capabilities
• Usually are more ‘nimble’ in responding to industry and regulatory changes
• More ’scalable’ in supporting the growth of a practice
CONS:
• Most of the time the practice has to deal with multiple vendors
CONCLUSION:
Where “all-in-one” solutions offer a wide breadth of capabilities across the business, they usually also lack focus, depth, and sophistication. “All-in-one” solutions are usually only efficient in one area, with the other areas tend to be ‘compromised’ and not fully developed. Then, when it comes to flexibility, they tend to be slow to adapt to changing practice needs.
Specialized software, however, typically offer a more efficient experience, with each ‘component’ streamlined and designed with a specific purpose in mind. Their focus on limiting the software scope makes them flexible and easy to use.
EZClaim—a leading software package in medical billing and practice management—has made it easier for the medical practice to have the benefit of a “all-inclusive” solution. They have created the best of both worlds by taking on the responsibility of integrating the “best-of-breed” into a harmonized “best-of-class” offering that allows the practice to pick and choose for their specific needs. The seamless integration of partner products and services ensures the practice does not have to give up robustness and flexibility for a simplified “all-in-one” solution, and it further enhances the practice’s workflow.
As a specific example, one of EZClaim’s partners is TriZetto Provider Solutions (TPS), a provider that seamlessly blends claims processing with revenue management and analytics software, so the practice can get paid faster, and more accurately.
Today, the practice can get the benefit of all the power and ease of use of EZClaim’s medical billing software and all the access and security that is needed when dealing with personal records by using TPS—which includes patient access, claims and denials management, patient financials, and advisory services.
The powerful integration between EZClaim and TPS efficiently adds functionality to the practice. Now the practice can gain deeper insight into the claim lifecycle, and take the proper steps to improve the overall health of the practice. The right ‘integrated’ solution makes all the difference!
So, if your practice needs more confident billing, after payments, and more informed decisions, but the power of EZClaim and TPS to work for your practice with the integrated suite of revenue cycle solutions.
In addition to TPS, EZClaim has tightly integrated a variety of of ‘components’ to be able to offer an “all-inclusive” best-in-class solution for a medical practice’s needs: Electronic Health Records (EHR), Clearinghouse, statement and payment services, HIPPA compliance, claims scrubbing, appointment reminders, and inventory management. It has partnered with a variety of providers like QuickEMR, BestNotes, and PracticeFusion [ Click here for an entire list of EZClaim’s partners ].
It is important to note that an “all-in-one” solution does not usually include the Clearinghouse portion that TPS offers. The powerful integration between EZClaim, TPS, and EZClaim’s EMR partners, efficiently adds functionality to ANY practice!
If you are considering the best course of action to meet your practice’s needs, consider using EZClaim by downloading a FREE TRIAL or contact one of their product specialists today to explore all the options for how to best solve your practice’s operational challenges, and grow your business.
For details and features about EZClaim’s medical billing software, visit their website.
Jul 14, 2020 | BillFlash, NexTrust, Partner
The SIX KEYS to sustaining your practice through the COVID-19 pandemic are online payments, Telehealth, automation tools, cyber protection, financial aid, and a good patient experience.
When Coronavirus first started to impact medical practices across the country, providers quickly put temporary solutions in place to ensure they were still able to see patients safely. As the pandemic endured, some of these “temporary” solutions became a “normal” part of doing business. While we can’t predict exactly how COVID-19 will affect us in the future, one thing is becoming clearer every day: Some of the changes that have been made in the past few months will shape how healthcare is managed after the global health crisis is over.
So, it’s time to start thinking long-term with your COVID-19 strategy. Here are six ‘keys’ for sustaining your practice right now that will continue to be important after the pandemic is over.
1. ONLINE PAYMENTS
Most businesses already process a good amount of their payments online (including EZClaim), but healthcare has been slow to adapt in this area. Practices no longer have the luxury of taking their time adopting digital payment options. It’s time to give patients what they’ve been wanting for years: the ability to pay their bills online.
Because the pandemic is still with us, contactless payments have surged. No-touch payments are an easy way to reduce the spread of germs, and most people already have the tools they need to complete these types of payments: phones, computers, and credit cards.
Online payments are encouraged even when you’re meeting patients in the office. EZClaim customers can easily facilitate this with LinkPay. The process is easy and can be done once an appointment is made.
Here’s LinkPay in three simple steps:
1) Create a customized payment link with the required amount
2) Email or text the link to the patient before their visit
3) Patient pays the required amount, which is immediately confirmed and processed
COVID-19 demanded contactless payments for safety, but now patients now expect them for convenience. Medical practices will need online payments if they are to stay relevant in the future.
2. TELEHEALTH
Telehealth threw providers a lifeline when patients stopped coming into the office. The government acted quickly to relax Telehealth reimbursement policies so providers would be paid just as much for a Telehealth visit as they would for an in-office visit.
Congress is hoping to make these changes permanent. Whether they succeed or not, plan on keeping Telehealth as an option for your patients. Because Telehealth is not just useful during a pandemic, it’s great during normal life, too. Not all visits require an in-person encounter, and patients of all ages can benefit from the convenience of not having to physically leave their homes to get the medical care they need.
Patients have become used to having Telehealth as an option. Keeping it as an option going forward will set you apart from other practices.
3. AUTOMATION TOOLS
Chances are you are working with fewer people than normal. So, with fewer people to handle your billing and payments, your best option is to automate whatever you can.
This could mean setting up AutoPay for patients you see regularly, so they don’t have to manually pay their bill every time. It could also mean setting up a payment plan, in which a fixed amount will be paid automatically every month until the balance is paid off. It could also mean outsourcing your collections.
Automation doesn’t mean you lose control. Rather, it gives your staff more time to manage other essential operations. EZClaim customers have all of these automation options available to them through BillFlash.
4. CYBER PROTECTION
With digital tools becoming more prevalent, it is more important than ever to make sure your systems are protected. Hackers are out in full force right now, so it is imperative that you have proper malware and anti-virus software in place to protect your practice, your patients, and your employees. Do your homework on the tech companies you work with, too. Protecting your practice and your patients should be a top priority!
Of course, your staff will need to be up-to-date on HIPAA protocols, as well. Make sure you are doing everything you need to protect patient privacy online as well as offline.
5. FINANCIAL AID
Some practices are struggling financially and may need government aid to get them through the current crisis. Keep an eye on government funds that are available and stay informed on their different requirements.
If you haven’t already, consider applying for a line of credit. This is a standard operating procedure—even during normal times—and can help protect you from further financial disruptions in the future. No one knows how long this pandemic will last, so having a line of credit to fall back on during the coming months and years could be a game-changer for your practice.
6. A GOOD PATIENT EXPERIENCE
Above all, you need happy patients. That is true whether we are in a recession or not. Happy patients are more likely to pay their bills, more likely to return for future care, and more likely to recommend you to family and friends.
So, as you make some of the changes you made during the pandemic permanent, make sure you are still doing the little things to ensure a positive patient experience. These include:
• Keep wait times short
• Maintain eye contact during visits to assure patients that you care
• Be transparent about payment expectations and insurance, as well as what you’re doing to keep patients and staff safe
• Allow patients to pay using their preferred payment method
• Offer payment plans in lieu of paying large bills in one lump sum
A positive patient experience will be key in bringing your patients back to the office as the global health crisis continues.
NexTrust from BillFlash offers a variety of innovative billing and payments solutions for EZClaim customers. Visit billflash.com or e-mail them at Sales@BillFlash.com to learn more about how you can get paid more, get paid faster, and ensure you have the online tools you need to thrive during the pandemic.
For details and features about EZClaim’s medical billing software, or the other partners they have integrated into their billing solution, visit their website.
[ Written by Kathy Scott, Marketing Manager at BillFlash and NexTrust, Inc. ]
Jul 14, 2020 | Alpha II, MIPS Reporting, Partner, Webinar
WEBINAR: Understanding QPP MIPS Measure Specifications
Hear it from the experts! Learn how to interpret Quality and Promoting Interoperability Measure Specifications from Alpha II’s Qualified Registry auditors.
They will reveal the most common mistakes found in quality reporting and show the importance of understanding your measures. Topics include:
• Understanding denominator exclusions
• Adding required denominator G-codes
• Visit requirements
• Importance of notes
• Numerator instructions
• Special numerator criteria such as minimum day requirements
• Promoting Interoperability measure requirements and more…
Understanding QPP MIPS Webinar details:
• Date: July 28, 2020 @ 1pm (EST)
• EZClaim Link: https://alphaii.zoom.us/webinar/register/2915940667921/WN_7pUJlJs3RGSytrMoNsrYJQ
Jul 14, 2020 | Alpha II, MIPS Reporting, Partner, Webinar
Join this MIPS Reporting Webinar to be sure you are up to speed on the latest updates and changes.
Now that the MIPS (Merit-based Incentive Payment System) submission period is drawing to a close, join our partner, Alpha II, as they review the updates and changes for MIPS reporting in 2020. This session will discuss important program updates for 2020 reporting including:
• Eligibility requirements
• Performance thresholds
• Payment adjustments
• Performance category weighting
• Measure updates and more…
MIPS Reporting Webinar details:
Start reporting correctly now to ensure success for the 2020 performance year!
Jul 14, 2020 | Administrative Safeguards, Uncategorized
Credit card collections are a BIG part of any successful medical practice, and there has been a shift, in the last decade, that more insurance policies are adding co-pays with higher deductibles—which makes getting paid even more challenging.1 One industry report said that “73% of physicians shared that it typically takes at least one month to collect a payment, and 12% of their patients wait more than three months to pay.”2 With the current trend, more medical practices and their billing departments (or outsourced billing firms) are going the route of processing payment via credit cards, which has its PROS and CONS.
In light of this new information, the following are a few pros and cons for credit card processing that we anticipate in the near future and some insights for choosing the best billing software that supports the credit card processing needs of medical practices:
- PRO: To protect against the dangers of stolen data, fraud, or other compromises in security, practices should seek out medical billing software that has credit card processing built-in, which can help safeguard against these dangers.
- CON: Security is a big risk, and a leak in data leading to stolen funds can end up in a physician paying out-of-pocket for the breach. It is also important to note that breach of credit card data is also considered a violation under the federal Health Insurance Portability and Accountability Act (HIPAA).
- PRO: Implementing credit card processing will reduce long waiting periods for payments from the majority of your patients, and will also reduce the additional effort your billing staff has to extend to collect on overdue notices.
- CON: Practices cannot require patients to share their credit card information to receive medical care, and even if patients do share their credit card information, physicians cannot continue to charge the credit card without a patient’s consent.
- PRO: Physicians can end the process of being a “line of credit” to unpaid or underpaid claims, and collect on funds immediately.
- CON: You will need to implement internal processes that include, but are not limited to proper personal information storage and security, establishing guidelines on maximum percentages charged per bill, and personal consent forms.
Overall, there are definitely MORE ‘PROS’ than cons for implementing credit card processing for your medical practice, and all the trends are pointing to this being the PREFERRED METHOD of payment in the near future. EZClaim is proud to announce that it will release an integrated credit card processing solution, EZClaimPay, that is backed by a national merchant services vendor. [ EZClaim will be sharing more details about EZClaimPay in the weeks to come, via their social media platforms, their monthly newsletter, direct communications, and more ].
In addition to the credit card collections PROS and CONS above, we reached out to one of our partners, Live Compliance, to gather some regulatory and security advice. They suggested the following:
- When accessing, transmitting, storing, or receiving any Protected Health Information (PHI), the Health and Human Services (HHS) Office of Civil Rights (OCR) mandates that you are to maintain HIPAA compliance.
- When accepting, processing, or maintaining credit card information and debit card information, you must ensure that your organization is PCI DSS compliant (Payment Card Industry Data Security Standard).
- In addition to the above Federal regulatory requirements, most states require privacy and security compliance requirements to be implemented, along with strict adherence to the privacy of Personally Identifiable Information (PII) and Breach Notification requirements.
For more information on your compliance requirements, visit Live Compliance for a Free Organization Assessment to identify and uncover your organization’s vulnerabilities.
If you are not a current customer of EZClaim, we would very much like to connect with you. You can either schedule a one-on-one consultation with our sales team, view a recorded demo, or download a FREE 30-day trial right now. For detailed product features or general information about EZClaim, visit our website at ezclaim.com.
[ NOTE: If you would like a quote on the upcoming merchant services, please e-mail sales@ezclaim.com your last three merchant statements. For more on our ongoing updates and industry news, you can follow EZClaim on Facebook and LinkedIn ].
Source Material:
1 – America’s Health Insurance Plans” report that there were 20.2 million co-pays in 2017, which was up tremendously from just over 1 million in 2005.
2 – Source: From InstaMed’s annual “Trends in Healthcare Payments” report.
> For more on this topic, read a previous article, “Why Do I Have A Balance? – Patient Payments”
