Introduction

Multi-specialty practices are becoming increasingly popular due to the comfort of receiving care from a range of medical specialists under one roof. They use a team-based approach to health care, addressing everything from primary care to specialized treatments like cardiology, orthopedics, and dermatology.

As practices get bigger, their billing processes also evolve from being straightforward to highly intricate. In multi-specialty practices, every specialty has its own billing requirements, including specialty-specific codes, complex insurance coverage, and high volumes of administrative tasks.

As these practices grow, so do the billing demands, as each specialty presents unique coding, compliance, and insurance complexities. That’s where the AdvancedMD RCM tool offers an all-in-one solution that resolves the billing complexities of all multi-specialty practices and helps grow revenue. In this blog, we’ll discuss all the challenges multi-specialty practices encounter and how the AdvancedMD RCM tool helps navigate these challenges. 

Understanding Multi-Speciality Billing Complexities

Multi-specialty practices have to handle a high volume of claims daily, which increases the risk of human errors and processing delays. It can be hard to figure out how to bill for multi-specialty groups if you don’t have the right tools. It’s hard to keep track of everything because each specialty has its own set of codes, payment rules, and safety requirements. For instance, something that works for primary care might not work for family medicine or orthopedics. This makes things more complicated, which raises the risk of code mistakes, claim denials, and payment delays, all of which can hurt the practice’s cash flow.

Not only that, but handling claims for several fields means working with a lot of paperwork, claims, and follow-ups every day. Not only do you have to send in cases, but you also have to make sure they are correct, sent on time, and meet the insurance company’s unique requirements. Any mistake, no matter how small, could cause delays, rejections, or lost money.

This is where tools like the AdvancedMD RCM tool that do things automatically become necessary. It makes this process easier by simplifying claim management, making sure that codes are correct, and cutting down on mistakes made by people. It helps offices stay on top of their billing while they focus on patient care by automating regular chores and adding features that are unique to each field. AdvancedMD makes sure that claims are processed quickly and correctly, which cuts down on the hassles of bills for multiple specialties and brings in more money.

Addressing Common Challenges with AdvancedMD RCM

Advancedmd provides specialty-specific billing templates that simplify the needs of each specialty. For instance, a cardiology practice can set templates for common procedures, while an orthopedic practice may have templates tailored to their services. These templates not only increase coding accuracy but also reduce the time required to process each claim. Here’s a deep dive into the common challenges Advancedmd RCM resolves:

1. Managing Complex Coding Requirements

For multi-specialty practices, accurate coding across all specialties is essential for the claim process to be successful.  Different specialties like cardiology, orthopedics, and dermatology have unique codes and modifiers that require precise attention to detail to avoid rejections. Any minor error can lead to claim rejection, which can cause delays in reimbursements. AdvancedMD software simplifies coding with specialty-based coding templates, making it easier to provide accurate codes for each specialty.

2. Handling High Claim Volume with Fewer Errors

Multi-specialty practices handle a high claim volume, making it difficult to submit claims manually, which can be time-consuming and error-prone. This can lead to claim rejections and rework requirements, which cause increased administrative costs. AdvancedMD RCM services automate claim verification and offer capabilities to handle large claim volumes efficiently.

3. Optimizing Patient Collections

Efficient patient collections can be difficult in multi-specialty practices, where patients receive high-cost services across multi-specialties. AdvMD resolves this by offering patient-friendly billing tools. Advancedmd login options enable patients to view their accounts and online patient portals, making it easier for patients to keep track and be on top of their finances.

4. Tracking Financial Performance Across Multiple Specialties

Financial tracking in multi-specialty practices is essential in understanding profitability and performance for each specialty, but it can be complex. Practices need accurate reporting to manage cash flow, identify profitable specialties, and make informed financial decisions. AdvancedMD EHR software provides valuable insights into each specialty’s performance, including metrics on claim success rates, collection times, and revenue. If you need a professional for your revenue cycle management, Transcure’s team can assist with customized reporting, help practices identify trends, forecast cash flow, and develop strategies to enhance profitability.

Key Features of Advancedmd RCM for Multi-speciality Practices

1. Scalability for Growing Practices

• Why it matters
  Multi-specialty practices are often growing, with new specialties being added or the previous ones expanding over time. Traditional RCM systems often struggle to adapt to these changes because they require complex adjustments to accommodate this growth. Advancedmd RCM tool is built to overcome this struggle by dynamically scaling with the practice. Whether the practice serves one or ten specialties, AdvancedMD’s flexible design can adjust to the needs of each specialty with unique accuracy.
  

• Transcure
  As practices grow, the billing and coding of each specialty get more complex, and even AdvancedMD requires RCM experts who can handle these requirements. Transcure offers support by adjusting workflows, fine-tuning billing protocols for new specialties, and ensuring compliance with payer regulations for each addition with AdvancedMD. With us, practices can expand confidently, knowing their AdvancedMD RCM system and processes are robust enough to handle an increase in patient volume and complexity.

2. Improved First-Pass Acceptance Rates with Automated Claim Scrubbing

• Why It Matters
  One of the main challenges in multi-specialty billing is ensuring that claims are submitted accurately on the first attempt, as errors lead to rejections, delays, and additional administrative work. AdvancedMD’s automated claim scrubbing feature detects and corrects errors in real-time before claims are submitted, helping practices achieve a higher first-pass acceptance rate and reducing the time to payment.

• Transcure
  Even with all the scrubbing with AdvancedMD’s RCM tool, it can only help to an extent as constant updates in CPT and ICD codes may make this system lag behind. Here, Transcure’s team provides added layers of claim review, conducting audits, and providing feedback on errors that might lead to claim rejections. Our expertise reduces claim rejection rates and ensures that the practice experiences consistent cash flow with minimal administrative delays. Using AdvancedMD medical billing automation with Transcure’s expertise, practices experience more efficient revenue cycles.

3. Integrated EMR and EHR compatibility

• Why it matters
  For multi-specialty practices, efficient coordination between clinical and billing systems is essential to minimize data entry errors and prevent revenue loss. AdvancedMD EMR integrates smoothly with billing functions in the AdvancedMD RCM tool to provide real-time data sharing across administrative and clinical functions. This reduces the need for manual data entry and lowers the risk of billing errors.

• Transcure
  Transcure takes it a step further by providing hands-on support to ensure AdvancedMD EHR and billing tools work perfectly together. Their team resolves syncing issues quickly and helps practices keep everything running smoothly. With Transcure’s support, practices can focus on patient care without worrying about disruptions or billing headaches.

Conclusion

Managing billing across different specialties can become hectic, as each specialty brings its own codes, compliance regulations, and patient billing needs. AdvancedMD medical billing solves much of this complexity with its advanced automation and specialty-specific billing features. Yet, true billing requires much more than efficient software; it needs an expert and dedicated team that understands the delicacy of each specialty.

That’s where Transcure steps in, providing hands-on expertise in AdvancedMD RCM tool to ensure everything runs smoothly, from claim submission to patient collections and financial reporting. We enable practices to focus on what they do best: delivering exceptional care across specialties. Using AdvancedMD RCM tool, Transcure provides billing services so that multi-specialty practices have the resources to not only keep up with billing demands but also thrive in a competitive healthcare environment.

Frequently Asked Questions (FAQ’s)