In fact, it is fast becoming a critical component of a well run practice. Having a strong revenue cycle is important because even a solid practice can still face financial challenges, especially in this tough economy. Revenue cycle management allows physicians to keep their primary focus on providing excellent health care yet, ensures that the practice retains a positive cash flow and is profitable.

The key to successful revenue cycle management is to incorporate both advances in payment collection and software updates to the practice management system, while working to ensure that all critical processes like medical billing and coordination with payors are as streamlined as possible. There are two ways to approach revenue management. The first is to engage a revenue cycle management company, such as MedSynergie, who will work with your practice to incorporate a combination of technology and changes to process to help the practice run efficiently.

A system like this requires a large investment of time and money, but ultimately leads to a streamlined practice. If a full-scale revenue cycle management package is a little more then you need, you could consider investing in a software package that is designed specifically to provide revenue management information to you on a smaller, more manageable scale. Several like dashboardMD interfaces with your current practice management system to provide reports that analyze the overall performance of your office. The reports generated by dashboadMD can be access via an online module or delivered via email. These reports allow you to remain on top of the cash flow of your practice without requiring a large-scale investment.

Another smaller scale system is one by HealthPort RCM. This system is specifically for accounts receivable management, it is designed to help you manage claims and all the related transactions thus reducing how many days you must wait to collect on outstanding accounts. It can be used as a stand-alone system or interfaced with other HealthPort products. No matter if you choose a large revenue cycle management system or a smaller scale revenue management software package, you will see an immediate return on investment.