Chronic Care Management: The Best Way to Increase Practice Revenue

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

Chronic care management is an umbrella term for the medical and educational activities undertaken by health care 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 Disease Management Software.

The Centers for Medicare and Medicaid Services (CMS), a federal agency within the United States Department of Health and Human Services, aptly recognizes chronic care management as a critical component or means to promote a reasonable quality of life with reduced healthcare costs. 

A study conducted by Mathematica Policy Research Group found that practices had successfully reduced growth in gross monthly expenditures by almost $75 per patient over 18 months by providing CCM services. In addition to this, they also managed to generate revenues of $18 whenever a patient received medicare services for a specific 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.

With no reduction in chronic diseases in near sight, health providers are now tapping into the vast potential displayed by CCM.

The system holds ample promise for healthcare providers wishing to serve better while increasing their practice revenue. Eventually, it has opened the financial doors for many doctors without the need to extend their resources. 

How CCM Works?

As known, Chronic Care Management 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, in which the patient himself is left to get all his diseases or conditions diagnosed by visiting different specialists, get treated, and everything that comes in between.

This traditional method has a range of limitations as well as disadvantages. CCM overcomes those shortcomings by pooling all the necessary resources in a unified platform.

The patient’s health is taken care of by several specialists who can be contacted anytime from a single platform. This also includes devising a comprehensive healthcare plan for the patient, continuous monitoring of his health, and taking all necessary steps and cure whenever necessary.

Chronic Care Management not only works efficiently for the patient but it is no less than a blessing for the healthcare professionals, particularly the ones who are practicing.

With the integration of technological advancements of the time like software engineering, AI-powered tools, and equipment, etc., CCM has opened a window for healthcare practices to gain the utmost efficiency in delivering services to the patients and at the same time increasing revenue.

How CCM Can Help to Increase Practice Revenue?

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

When it comes to healthcare practices, many of whom cannot afford to pool the services of different chronic disease specialists, outsourcing work can add another layer of efficiency.

Optimization of revenue- There are various setbacks for CCM providers to expand their revenue. Managing CCM in-house is time-consuming, expensive, and tedious for the already-packed providers. Outsourcing relieves them of petty expenses and responsibilities and allows them to maximize the reimbursements and obtain the best of results. 

Slash staffing costs- Traditional chronic care management platform setups involve staffing new positions. Outsourcing CCM operations gives the chance to cut costs arising out of staff management, training, turnaround, and other overhead costs. 

Having said all these, it is also necessary to note that a lackluster CCM system, instead of providing satisfactory results, may cost dearly.

Thereby, it is necessary to get a robust CCM solution that comes with an advanced software. HealthArc provides a highly optimized and easy-to-use application for managing all CCM resources.

Their software has proved to bring higher customer retention rates, thus increasing revenue ultimately. This is cardinal because a report suggests that, if implemented properly, a provider can earn up to $85,000 per billing provider.

Overall, it can be said that CCM is the only viable and well-planned approach to treating any chronic illness or condition.

The best part of the system is that it does not take away more money from patients to later convert it into doctors’ increased revenue. Instead, it reduces the overall labor involved in the treatment of any chronic disease, eliminates unnecessary expenses, and facilitates the usage of all advanced scientific techniques, thus increasing revenues of the practices and reducing treatment costs for patients simultaneously.