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How to Leverage Excel To Drive Revenue Growth

EHR and practice management systems come with built-in reporting capabilities but digesting all that information can be overwhelming. However, leveraging the power of Excel to sort and manipulate the data stored in your EHR can help you spot trends faster and implement steps to improve your bottom line.  Using Excel pivot tables, an interactive tool that allows you to quickly sort, filter, and manipulate data, you can dig deeper into financial reports and zero in on potential problems. In this article published in Physicians Practice, I talked to Nate Moore, CPA, MBA, an independent consultant and coauthor of “Better Data, Better Decisions: Using Intelligence in the Medical Practice,” about how to use this tool to drive revenue growth. Click through to read more.

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5 Tech tools to boost financial performance

Most physicians are already using EHR systems to record patient encounters, track clinical progress, and report on outcomes. But fewer are taking full advantage of them as a tool to improve financial performance, according to practice management experts Lucy Zielinski, vice president of The Camden Group, and Derek Kosiorek, a principal consultant with the Medical Group Management Association. While there are myriad technology features and add-ons that can help optimize workflow and bring in payments, a few are becoming essential to revenue cycle efficiency. They recommend starting at the front desk with these five tools that leverage the capabilities of your system.

Read more at Physicians Practice.com.

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Keep on Top of These 5 Areas to Achieve Your Revenue Goals

Not meeting your revenue goals month after month? According to practice management consultants, it may because you’re not consistently measuring key processes in your business cycle and zeroing in on potential problems.  However, you don’t have to bury yourself in hundreds of reports. Here are 5 key areas to focus on to keep on top of your financials and reverse a cycle of declining revenues. Read More at Physicians Practice.com.

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How to Select a Medical Practice Management System

Prior to implementing a practice management system that automated its billing operations, the staff at Tri-County Eye Physicians and Surgeons in Southampton, Pa., often waited weeks before learning that a claim had been denied due to mismatched diagnosis and procedure codes. Since going electronic, the practice has not only eliminated that wait but prevented errors from occurring in the first place.

Although costly, practice management systems are becoming essential for efficiency, experts say. Physicians can cut costs and boost revenue by automating everyday tasks like claim submissions and insurance authorizations. Read more about how to select the best system and take advantage of new features in this article I wrote for Physicians Practice.

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