What You Should Know:
– AdvancedMD, a provider of cloud-based healthcare software for independent practices, recently unveiled its 2024 summer product release.
– The update boasts over 30 new features designed to enhance efficiency, improve productivity, and ultimately, boost revenue for medical practices.
Seamless Payment Processing Takes Center Stage
The centerpiece of the release is the revolutionary AdvancedMD Pay terminal, a certified PAX A920 credit card processing device. This terminal integrates seamlessly with the company’s AdvancedMD Pay platform, creating a unified revenue cycle management system. Key benefits include:
- Effortless in-person payments: Practices can accept credit card payments with ease through a device specifically designed for healthcare environments.
- All-in-one platform: The terminal integrates seamlessly with AdvancedMD Pay, eliminating the need for multiple systems.
- Streamlined revenue cycle: Practices can manage all aspects of payment processing, from in-person transactions to online payments, within a single platform.
AdvancedMD Pay Gets Even More Powerful
Beyond the new terminal, AdvancedMD Pay offers several additional enhancements:
- Automated Payment Plans: Simplify the process for patients to set up payment plans through the AdvancedMD Patient Billing Wizard.
- Virtual Credit Card (VCC) Processing: Capture and disburse VCC payments from insurance companies, all within a single transaction.
- Enhanced Explanation of Benefits: Track VCC payments and monitor how much remains for each patient.
Addressing Industry Pain Points
These features directly address a critical challenge for medical practices: revenue cycle management. A recent poll by the Medical Group Management Association (MGMA) revealed that over a third of medical groups automate less than 20% of their revenue cycle operations. AdvancedMD’s focus on automation aims to streamline this process and improve financial stability for practices.
Beyond Payments: Enhanced Practice Management, EHR, and Patient Engagement
The 2024 summer release extends beyond payment processing with valuable updates across different functionalities:
Practice Management:
- Carrier Update Tool: Update multiple carriers simultaneously for faster mass edits.
- Automated Payment Terms: Set automatic charges for cancellations and no-shows, with customizable fees.
- Improved Write-offs and Fee Schedule Import: Perform partial write-offs via Mass Write-off feature, and receive warnings instead of errors when importing fee schedules with missing CPT codes.
EHR (Electronic Health Records):
- Enhanced ePrescribing: Improved filtering, searching, and prescriber selection for a smoother e-prescription workflow.
- Dispensed Medication Review: Review medications dispensed by pharmacies, allowing for better medication adherence evaluation.
- Streamlined Electronic Case Reporting: Electronically send patient case reports to public health agencies directly from the EHR.
Patient Engagement:
- Granular Patient Form Management: Track who assigned and approved patient forms for improved transparency.
- **Enhanced Appointment Reminder Security:**Admins can control who edits appointment reminder templates and disable editing for specific users.
- Multi-Time Zone Scheduling: Schedule appointments effortlessly for patients in different time zones.
“Health providers and private practice owners are up against a myriad of challenges when it comes to establishing successful revenue cycle management strategies. Claim denials, low reimbursement rates, late patient payments and more can have a massive impact on a practice’s financial stability. That’s why we’re so excited about the launch of our credit card processing terminal that enables practices to easily accept in-person payments via a device that seamlessly integrates with the AdvancedMD Pay platform,” said Tim Costantino, VP and Head of Product, AdvancedMD. “It’s one of the many ways AdvancedMD is helping our customers by providing best-in-class payment solutions that drive more efficient, and more profitable, workflow processes. With this latest release, we are raising the bar on practice management, EHR, and patient engagement capabilities so that our customers have the tools they need to build a thriving practice.”
