Medical practices lose millions of potential net revenue due to charge capture issues. Most healthcare execs say charge capture is essential, but 40% discuss it once a month or less, per a new industry report from Healthcare Finance News.
There are several ways practices can increase profits:
- See more patients
- Lower overhead costs
- Utilize digital charge capture tools to get paid for services they are now doing for free.
Why is charge capture relevant to my practice?
Charge capture is the process used by physicians and healthcare providers to capture more revenue and help them get paid for services delivered. This is done by recording information about care delivery and then submitting it for reimbursement to payers and insurance companies.
Capturing charges in a timely, accurate manner is essential for healthcare organizations that want reimbursement for their services. If services delivered aren’t captured and billed, they can’t be reimbursed.
But what if the administrative burden of time to record and capture charges misses key information? Then, you don’t even know that you’re working for free. Healthcare Finance News reports that that 84% of practices rely in part on their EHR to capture charges but only 10% are happy with the results they are getting. Maybe it’s time to look for a better solution?
How do I leverage charge capture for virtual health activities?
- Go digital – Encourage clinicians and staff to enter all billing data into the EMR. Also, more physicians are now looking into other digital solutions, like CarePICS, to capture clinical activities that aren’t currently tracked by their EMR.
- Save time with a mobile solution – CarePICS provides capture information about virtual health activities automatically when providers use the mobile solution to receive patient reports and send virtual consult requests.
- Automate reporting – Activity summary reports help your staff when they go to bill for your services. CarePICS users can download virtual health activity reports on demand to ensure you aren’t missing any potential billing opportunities.
Why is this important?
When your time is valuable, you need a solution that maximizes charge capture more efficiently – so you can focus on what matters most – your patients.
For more information
Visit the CarePICS website for more information about our virtual hub for wound and vascular care. We’re here to partner with providers with a digital solution to better manage patients and improve clinical outcomes.
CarePICS® is a HIPAA-compliant telehealth platform designed to manage vascular disease and wound care patients. CarePICS enables virtual consults, telehealth visits, clinical reporting with images and automated medical supply ordering.