Nextech Announces New Revenue Cycle Management Solution to Optimize Billing and Collections
New Nextech RCM will complement the existing suite of Nextech Practice Management and EMR solutions
TAMPA, Fla., Oct. 05, 2017 — Nextech Systems, a leading provider of health care technology solutions for specialty physician practices, today announced the upcoming release of Nextech Revenue Cycle Management (RCM) to help practices further manage and track billing and revenue. The offering will allow practices to increase first-time claim acceptance rates, reduce rejections and denials and decrease days in accounts receivable (A/R) — all key business indicators of overall practice health.
As the insurance reimbursement process becomes increasingly complex, medical practices continue to look for new ways to optimize patient billing and collections while staying ahead of larger industry shifts.
This can be a challenge for practices now tasked with the responsibility of keeping staff up-to-date on new billing and insurance procedures and can result in a lack of training and education, especially when a practice experiences employee turnover. The ability to outsource billing through RCM services reduces this burden while increasing accuracy.
Nextech is launching Nextech RCM to help practices increase billing efficiency without losing internal controls. The Nextech RCM Service will ultimately make billing and collections easier, more accurate and more cost efficient for practices that use the new service.
Nextech RCM features include:
- Claims management:Nextech's RCM Service allows staff to track and manage claims from start to finish. It provides verification of benefits three days prior to a patient’s appointment to alert staff of eligibility issues, as well as same-day claim submission, denial management, claims investigation and secondary claims follow-up.
- Patient collections: Nextech’s RCM Service expedites the process for practices to identify and collect patient payments. It provides reconciliation reports, 30-day check-ins for all claims in A/R and patient statements.
- Practice Management integration: Nextech’s RCM Service leverages the Nextech Practice Management (PM) and Electronic Medical Record (EMR) systems. Through auto and suggestive coding of patient charges, it updates the Nextech PM and automatically reviews all charges and codes prior to submitting claims.
“As cost of collections increases and the payment ecosystem continues to shift, many health care organizations are searching for ways to improve financial transparency and efficiency in their billing and collections processes,” said Mike Scarbrough, president and CEO of Nextech. “We are excited to provide a means for our customers to do just that as they will be able to compare themselves against their peers and industry benchmarks. This will ultimately lead to a positive effect on practices' cash flow with a dramatically reduced turnaround time for receiving payments and fewer errors than a manual, in-house process.”
Nextech is the complete health care technology solution for specialty providers. Since 1997, Nextech has been focused on delivering intelligent, intuitive, integrated solutions that empower specialty physicians to maximize efficiency, optimize charting accuracy and increase overall practice profitability. Nextech services more than 7,000 physicians and over 50,000 office staff members in the clinical specialties of Ophthalmology, Dermatology and Plastic Surgery.