Chronic Care Management Software: The Best Way to Increase Your Practice’s Revenue

Understanding Chronic care management and its emergence into the current health scene!

Chronic Care Management (CCM) is an umbrella term for the medical and educational activities undertaken by healthcare providers or professionals to help patients with chronic diseases and health conditions expected to last at least a year, or until their death, to live successfully with it. Some of the common diseases included are diabetes, multiple sclerosis, high blood pressure, cancer, lupus erythematosus, and more.

It is a gradual and continuous work of motivating patients to engage in the persistent therapies and solutions developed using the latest chronic care management software.

Centers for Medicare and Medicaid Services (CMS) recognizes CCM as a critical component to promote sound quality of life. A study conducted by Mathematica Policy Research Group has also found that medical practices have successfully reduced the monthly expenditures by almost $75 per patient over the last 18 months by providing the CCM services while generating revenues of $18 every time a patient received medicare services for a specific chronic condition within a month. Furthermore, the CCM program savings were found to be at $95 per patient per month when they received services twice or more in that particular month.

Since the reduction in chronic diseases is still far-sighted, health providers are now tapping into the vast potential displayed by CCM. The system holds ample promise for healthcare providers wanting to serve better while increasing their practice revenue. It has opened the financial doors for many doctors without the need to extend their resources.

Also Read: Remote Blood Pressure Monitoring system and complete guide.

How CCM Works?

Medicare Chronic Care Management (CCM) is for any patient who is suffering from chronic diseases and thus requires continuous and comprehensive attention throughout life.

However, CCM is unlike conventional care. Here, the patient isn’t left to get all his diseases or conditions diagnosed by visiting different specialists to get them treated or managed. CCM overcomes these shortcomings by pooling all the necessary resources on a unified platform. In other words, the patient’s health is taken care of by several specialists who can be contacted anytime from a single platform, including devising a comprehensive healthcare plan for the patient, continuous monitoring of his health, and taking all necessary steps & measures whenever necessary. Chronic Care Management not only works efficiently for the patient but is also a blessing for the healthcare professionals.

With the integration of the latest technological advancements like software engineering, AI-powered tools, etc. Chronic care management software has opened doors for healthcare practices to gain efficiency in delivering services to patients while also increasing their revenue.

How Can Chronic Care Management (CCM) Help in Increasing Medical Practice’s Revenue?

Extensive integration of resources and using scientific techniques have revolutionized CCM to achieve maximum possible efficiency. It has helped the practices in the following ways-

• Better Patient Management

  It is considerably difficult for a patient with a chronic illness to engage with his providers regularly. But once they subscribe to a CCM plan, they are routinely checked upon for their health updates. Such check-ins allow the patients to bring up any issues or clarifications regarding their plans, prescriptions, etc. This systematic management of patients eliminates miscellaneous expenses that can go owing due to a high degree of mismanagement.

• New Revenue
  

  CCM invites more revenue for healthcare providers while also gaining patient loyalty; getting new patients; relieving their illness; and improving their quality of life. At a time where healthcare providers are becoming more and more dependent on patient payments, Chronic Care Management brings forward a brilliant reimbursement opportunity to usher in new steady revenue.

• Competitive Advantage
  

  With the boom in CCM services and the patient satisfaction it entails, the healthcare environment is getting increasingly competitive. The providers offering CCM services have an edge over those who fail to provide it. The enhanced patient base offers a competitive advantage to CCM providers while also preventing patients from leaving.

• Resource Pooling
  

  Chronic diseases, like other health problems, demand proper care and attention from the ones suffering them. People with chronic diseases are trusted with added ‘chronic’ responsibility to put extra effort into their well-being. It is difficult for one to leave his house multiple times a week for different appointments with separate healthcare providers. However, CCM providers use Chronic Remote Patient Monitoring to help schedule their appointments at locations that are nearest to them. CCM allows the rendering of a seamless quality of service by integrating all its components. By bringing vast knowledge and services of several specialists, healthcare providers can make more revenue without comprising the services’ quality.

• Outsourcing
  

  CCM presents healthcare providers with the opportunity of outsourcing their operations. This has helped smaller practices on a budget to cut costs arising out of staff management, training, turnaround, and other overhead costs while maximizing revenue and producing the best health-related results.

To obtain the best results, it is necessary to partner with a robust chronic care management solution provider with advanced software. HealthArc and its robust platform and easy-to-use application are both trusted and loved by all healthcare providers for managing their CCM resources. HealthArc’s software has proved to bring higher customer retention rates, helping drive higher revenue. On average, a provider can achieve an additional $139,104 in revenue per year through the Chronic Care Management program, thus emphasizing the need for a proven solution like HealthArc.

It is safe to say that Chronic Care Management is a viable and planned approach to treating any chronic condition. The best part is that it doesn’t take away more money from patients to convert it into doctors’ increased revenue. Instead, it helps to reduce the overall labor involved in the treatment of any chronic disease, eliminates unnecessary expenses, and facilitates the usage of all advanced scientific techniques & increasing revenues of the practices.

Also Read: CMS Principal Care Management – New CPT Codes – HealthArc

Schedule a demo today to learn more about billing and reimbursement principal care management CMS CPT codes.