Revenue Cycle Management Tips - Top Tools For Medical Practice Managers!

August 13, 2014 by Antonio Arias, MBA, CHBME

Topics: Medical Billing

Running a medical practice in today’s day and age is becoming quite the challenge for many.  Multiple layers of government compliance programs, decreased payments from insurance programs, staff management needs and most important, customer service and patient care. 

Listed below are 10 excellent revenue cycle management tools every medical practice manager should be aware of and utilizing in their practice.  

  1. Strategic Planning SWOT Tool – With all the components of running a modern day medical practice it is more important now than ever to have a strategic plan in place.  This tool will help you evaluate the strengths, weaknesses, opportunities, and threats of your practice.

  2. Practice Vital Sign Tracking Tool – This tool allows you to track your practice's performance month by month and stay on top of your practice health.

  3. Meaningful Use Attestation Calculator – This easy to use tool is perfect for you to quickly determine if your eligible provider is compliant for meaningful use.  Use this calculator to enter in your current data and confirm that all measures are being met.

  4. Hardship Exception Tool – Want to find out if a provider could be eligible for one of the many hardship exceptions for the meaningful use program?  This interactive tool is easy to use and walks you through questions to determine applicable exemptions.

  5. Security Risk Analysis Tool – As a required component of the meaningful use criteria, the security risk analysis has proven troublesome for practices, so this tool is a life saver.  It will provide you all of the details of how to complete the security risk assessment.

  6. HIPAA Business Associate Agreement Template – By now, we all know how important it is to be compliant with HIPAA requirements. This government template makes it easy.

  7. Patient Payment Plan Agreements – As patient responsibility for services continues to rise, it is vital that you have a strong patient payment plan.  This tool provides ready-to-use templates for patient agreements and credit card authorizations.

  8. Mobile Device Use Agreement – With the use of personal smart phones, tablets and laptops increasing within medical practices, it is important to ensure that your patient information is secure and protected.  This template provides an agreement that staff and providers can sign for HIPAA breach compliance.

  9. “Virtual Physician” No-Show Policy – No-show patients are an all too common problem with medical practices.  This article describes how one practice addressed the issue. 

  10. Physician Practice Patient Assessment – This self-assessment tool provided by MGMA is useful to identify opportunities to improve patient safety in your practice.

If you found these tools helpful, you might also be interested in downloading our Free eBook on Understanding and Maximizing the Value of a Physician Practice.

Download Free eBook on Maximizing Value of Physician Practice

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