Electronic Medical Records in Revenue Cycle Management?
Mar 22, 2022

How Are Medical Records Important in Revenue Cycle Management?

The electronic medical records (EMRs) market is expected to reach more than $36 million in revenue by 2026. Maintaining proper medical records in the revenue cycle is crucial because it is such an important cross-section of what you focus on as part of your daily routine. Already more than 89 percent of physicians use EMR or electronic health records, but only 10 percent say they are satisfied with their current system. That’s also why 59 percent of physicians look for changes to their systems.  

At TempDev, we work with you to address user experience (UX) issues to turn the tide of burnout while better supporting your revenue cycle management. Of course, a big part of those usability issues often involves health and medical records. Doctors and medical staff experience delays, frustrations, and lack of training. These factors contribute to frustration and burnout, which we work with you to address and overcome.  

What Are Electronic Medical Records (EMRs)?  

An electronic medical record (EMR) is a patient's medical history with their medical provider. It’s the digital equivalent of paper medical charts, which cover your patients’ health records and treatment. EMRs are valuable because you can identify candidates for preventative care, while monitoring patients, tracking data, and improving healthcare for your patients. 

With the $265 billion wasted on administrative complexities that include coding and billing issues, healthcare organizations are increasingly relying on digital transformations to save time and money. Electronic medical records and revenue cycle management are both elements of that digital transformation. EMRs can be beneficial to the revenue cycle because they allow for more accurate coding and allows for easy access to the record for medical billers and payers.

What Are The Benefits of Electronic Medical Records (EMRs)? 

With electronic medical records, you can more easily release information between offices. Your doctors, patients, and staff can all access the most current information. With easy accessibility, you can preserve your patients’ vital details and historical data to comply with regulations. Here are a few of the top benefits:  

  • Increase patient safety 
  • Ensure great accuracy and reliability, with up-to-date patient details 
  • Increase confidence and cohesiveness of your treatment plan and its implementation 
  • Clinical decision support
  • Save time and money, with decreased physical storage needs 
  • Improve efficiency and productivity to support your organization’s goals 
  • Analytics and reporting for all clinical data needs

With electronic medical records in revenue cycle management, you can reduce errors, better diagnose patients, and support higher patient satisfaction. You’re supporting better communication as you promote complete and accurate documentation. It allows for an easier way to obtain authorizations, work medical records requests from payers, and ensure accurate and complete coding.

How Do Medical Records Impact Your Revenue Cycle Management?  

Electronic medical records and revenue cycle management go hand-in-hand because documentation is at the core of your medical billing process. With the increased demands on your organization and fewer staff members to address medical and coding concerns, it’s become even more important to reduce and eliminate errors while further streamlining the RCM process. 

The Healthcare Financial Management Association (HFMA) found that pre-authorization errors alone accounted for 24 percent of claim denials, but that’s just the tip of the iceberg. With increasing attention to accuracy in data entry, along with increasing integration of computer-assisted coding, you can automate the processing of medical records, validating data, predicting results, and processing claims.  

TempDev can help you redesign your workflow to optimize your staff time and resources for the tasks that really need their time and attention. So, instead of filing the claim, your staff can focus on following up with the claim to address any inconsistencies or concerns from the plan provider. At TempDev, we’ll help you find inefficiencies in your organization, then offer suggestions for how to improve your patient flow to achieve better outcomes.  

How Can TempDev Help With Your Medical Records in Revenue Cycle Management? 

TempDev’s revenue cycle consultants offer support to you with your practice management (PM), electronic medical records (EMRs), and electronic health records (EHRs) systems. So, if you’re struggling with how to better manage your patients with your limited staffing, TempDev offers the support you need to help you improve your processes.  

We deliver the targeted solutions you need the most. With automation, dashboards, revenue cycle consulting, and templates, we offer the tools and resources you need. We’re also here to offer our consulting services, drawn from years of experience. You’ll find the top tips and tricks that will make your medical processes easier and more efficient while ensuring your continued success. 

Contact us here or by calling us at 888.TEMP.DEV to get the help you need with your revenue cycle management and EMR.

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