Euclid is a cloud-based provider revenue cycle management (RCM) services that help hospitals and healthcare providers optimize the flow of revenue. The software streamlines billing processes, such as claims scrubbing, payment processing, reporting, scheduling, and more. This robust solution is designed to increase the efficiency and profitability of a healthcare practice. Their administrative dashboard helps users to gain insights into patient visits, claims, remittance breakdown and received payments. Euclid enables medical providers to use its search functionality to retrieve patient information, including illness type, date of birth, last visit date, account number, and more. The solution additionally helps users in creating an explanation of benefits (EOB) statements with internal status, exporting reports generated in Excel format, and checking number or postdate. Not only this, but users can also improve staff productivity, boost collection rates, get quicker reimbursements, and reduce denials & A/R balances.
It allows clinical staff and managers to schedule appointments and monitor claim submissions, so they can improve clinical billing operations. Euclid also includes automated claim scrubbing, real-time eligibility checking, and submissions. The software additionally supports integration with multiple third-party EHR systems. It delivers enhancements requests from users are in days or weeks.
Improved Profitability With RCM Software
One cannot operate a successful medical practice by merely providing quality healthcare. If practitioners do not have control over their finances, then they can lose a handsome amount of money in denied claims and unnecessary expenses. This is where Revenue Cycle Management (RCM) systems come to the rescue.
RCM softwarecomprises the entire revenue cycle process from confirmation of an appointment to the final bill payment. If you are on the search for a similar system, then read our 5 features your dream RCM software must have.
Hosted on the Cloud
What’s the point of spending your hard-earned money on medical software that can’t be used anywhere and everywhere? It is vital for RCM softwares to be based on a cloud platform. The latter enables users to operate the system at any location and with any device. The only catch here is that you require a stable internet connection.
With a cloud-based platform, users do not need to worry about storage space as well as backups. Ideally, the software should be HIPAA compliant, so confidential information is protected from security breaches by hackers. Additionally, this feature is extremely beneficial in times of natural disasters and endemics, where it is not easy to travel to a practice’s location. Since it can be used on any device connected to the internet, doctors can quickly conduct eligibility checks or see a claim status during appointments.
Automated Eligibility Checks
There is nothing more time-consuming than verifying insurance coverage of patients by manually calling the service providers. Not only will this prove to be inefficient in the long-run, but it will also occupy staff from performing other essential tasks. Hence, one should invest in an RCM software that checks eligibility on a practice’s behalf.
This tool can be used to confirm if a patient’s insurance plan is active. It can also verify if the insurance coverage plan is sufficient enough to settle a particular surgery/treatment. The eligibility verification feature is beneficial for providers since it shows them the methods through which they will be paid and for patients, informing them of their financial responsibility.
Claim Correction and Tracking
Humans are prone to errors. Imagine submitting a claim, and when it is due for payment, you are informed that the wrong billing code was selected. A competent RCM software hosts a feature that not only corrects mistakes in claim submission but quickly tracks them to see their progress. It also includes a variety of simply explained billing codes so that users can determine which service charge applies for which treatment. A claim scrubbing tool can quickly oversee the codes assigned to services so any mistakes can be corrected then and there. This can save many dollars in resubmitting claims. The claim tracking tool can quickly pinpoint if the claim is stuck at a specific phase that requires immediate attention and rectification
Effective Denial Management
Users should set up their RCM software with pro-active denial alerts. It should notify whenever there has been a mistake so users can quickly recode before the claims get submitted. The real work starts when a claim is denied by the insurance provider. In such a case, an efficient software will make it easy for practitioners to resubmit claims as quickly and accurately as possible.
Users can also track why claims get denied. The management can then brainstorm ways to avoid rejected claims in the future.
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Advanced Analytical and Reporting Tools
A top RCM software must possess tools that give insights into the overall financial health of a practice. Analytical features should identify where claims get denied, unnecessary expenses, and costly services. This will enable users to perform cost-cutting in order to improve profitability. An intuitive system must also identify untapped revenue opportunities which can be capitalized upon in the future.
Additionally, it should enable practitioners to determine key performance indicators and then track performance against them. This will ensure that users are on track with their financial goals. A competent software must include reporting functionalities that show at a glance the financial health of a practice. These reports should also be customizable so that users can analyze the information they deem important.
The Final Word about RCM
RCM software is crucial for improving the profitability of a medical practice. There are many such systems in the market. However, not all are proven to be as beneficial as they claim to be. Save yourself time and money by ensuring that whichever software you choose has the above-discussed vital features in it.