AdvancedMD Rolls Out New Automation and Payment Capabilities to Help Private Practices Increase Productivity and Drive More Revenue

Rhea-AI Summary

AdvancedMD, a Global Payments company, has announced over 30 new features in its 2024 summer product release. Key updates include the AdvancedMD Pay credit card processing system and terminal, which unifies patient billing processes. The terminal integrates with the AdvancedMD Pay platform, enabling in-person and online credit card payments, and will initially be available by invitation. Other updates include automated payment plans, insurance virtual credit card (VCC) payments, and enhanced practice management, EHR, and patient engagement tools. These updates aim to improve efficiency, productivity, and revenue for private medical practices.

Positive

• Launch of AdvancedMD Pay credit card processing system and terminal, unifying patient billing.
• Integration with AdvancedMD Pay platform for seamless in-person and online payments.
• Automated payment plans and VCC payments, improving revenue cycle management.
• Enhanced practice management features like the Carrier Update tool and automated payment terms.
• EHR updates including improved ePrescribing and electronic case reporting capabilities.
• Patient engagement improvements such as granular visibility into patient form management and time zone enhancements in the scheduler.

Negative

• None.

Financial Analyst

Financial Perspective

The introduction of the AdvancedMD Pay credit card processing system is a strategic move likely to enhance revenue cycle management for medical practices using AdvancedMD's suite of tools. By simplifying the payment process, the company is addressing a critical pain point for many small practices: cash flow management. This system allows for seamless integration with existing billing processes, reducing the time and effort required to manage payments and potentially increasing the speed of revenue recognition. This could lead to higher efficiency and potentially higher overall revenue for healthcare providers using the system.

The ability to process payment plans, virtual credit cards (VCC) and other automated payment methods not only modernizes the billing process but also aligns with emerging industry trends towards greater automation in financial operations. This could help practices reduce administrative costs and improve their financial stability.

From an investor's perspective, this move could signal increased market share and customer retention for AdvancedMD, which, in turn, could drive higher earnings for Global Payments Inc. (NYSE: GPN). Enhancing product offerings can be seen as a positive indicator of the company's commitment to innovation and customer satisfaction, which are important for long-term growth.

Tech Expert

Technological Insights

The addition of the AdvancedMD Pay terminal and extensive updates to the AdvancedMD platform showcases a significant technological advancement in healthcare software. The integration of a certified credit card processing terminal that unifies both in-person and online payments is a notable step towards a more streamlined and efficient payment process. This can potentially reduce the error rate associated with manual data entry and improve the overall patient experience by making payments more convenient.

Moreover, the enhancements in electronic health record (EHR) capabilities, such as improved ePrescribing features and automatic patient case reporting, align well with the industry's push towards digital transformation. These updates not only provide better control and insights into patient management but also ensure compliance with regulatory standards, which is a critical aspect for healthcare providers.

The technological enhancements in patient engagement, including improved user-level security and time zone adjustments, further indicate AdvancedMD's focus on providing a flexible and secure platform that can adapt to the varying needs of its users.

For investors, these updates signify that AdvancedMD is maintaining its competitive edge through continuous innovation, which is essential in the rapidly evolving healthcare technology sector.

Market Research Analyst

Market Implications

The rollout of new features in AdvancedMD's platform, particularly those aimed at improving revenue cycle management and patient engagement, is likely to resonate well with the market. The market for healthcare management software is highly competitive and AdvancedMD's comprehensive and integrated solutions could make it a more attractive option for private practices looking to optimize their operations.

The poll data from the Medical Group Management Association (MGMA) underscores the need for automation in revenue cycle operations, with many medical groups planning to automate or outsource these functions. AdvancedMD's new capabilities are timely, addressing a clear demand in the market. This positions AdvancedMD as a proactive player that is responsive to market needs and poised to capture a larger share of the market as practices seek to enhance efficiency and profitability.

Investors should note that these updates could lead to higher adoption rates among new and existing customers, driving revenue growth for AdvancedMD. Additionally, the continuous improvement of their product suite demonstrates a commitment to staying ahead of industry trends, which can be a critical factor in maintaining long-term competitiveness.

As part of its 2024 summer product release, AdvancedMD is launching the AdvancedMD Pay credit card processing system and terminal that unifies the entire patient billing process

SOUTH JORDAN, Utah--(BUSINESS WIRE)-- AdvancedMD, a Global Payments (NYSE: GPN) company and provider of cloud-based healthcare software for independent medical practices, today announced the rollout of more than 30 new features for its 2024 summer product release, with updates to the AdvancedMD practice management, EHR, and patient engagement suite of tools. The updates are designed to increase efficiencies, drive productivity, and boost revenue.

Chief among the product updates is the newly released revolutionary Certified PAX A920 credit card processing terminal. The terminal seamlessly connects to the AdvancedMD Pay system, the company’s all-in-one healthcare payment processing platform that allows private practices to collect credit card payments in-person and online, enabling a fully unified revenue cycle management strategy. During the initial rollout, the credit card processing terminals will be available by invitation to existing AdvancedMD Pay clients and then extended to all clients.

In addition to the AdvancedMD Pay terminal, the AdvancedMD Pay platform can now process payment plans through the AdvancedMD Patient Billing Wizard for patients who have a credit card on file. It can also capture and disburse insurance virtual credit card (VCC) payments, enabling practices to process a VCC in the Payment Entry—all in a single transaction. The AdvancedMD explanation of benefits allows healthcare providers and their admin teams to distribute a payment to many patients and monitor how much of the VCC payment remains.

According to a recent poll from the Medical Group Management Association (MGMA), more than a third of the medical groups surveyed automate less than 20% of their revenue cycle operations. Meanwhile, when asked what areas they plan to automate or outsource this year, one in five medical group owners said the “revenue cycle” elements of their practice.

“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.”

In addition to the launch of the AdvancedMD Pay terminal and updates, the practice management, EHR, and patient engagement sides of the platform also received a number of new features.

Practice Management Updates:

• The Carrier Update tool now allows admins to update multiple carriers simultaneously, making mass updates quick and easy.
• Automated payment terms for cancellations and no-shows, enabling multiple charges with different charge amounts so that practices have the flexibility to change a fee based on whether it’s a no-show or cancellation. AdvancedMD customers can easily track patients who frequently miss appointments and close the documentation loop by adding a note and a charge slip within the EHR.
• AdvancedMD customers can now perform a partial write-off via the Mass Write-off feature, and the Fee Schedule Import tool also has been enhanced: instead of receiving an error when trying to import a file containing CPT codes that don’t exist in their office key, AdvancedMD customers will get a warning. The warning helps save time, eliminating the need to manually remove missing codes—instead, the import can be completed with all other fees from the file belonging to CPT codes in use.

EHR Updates:

• AdvancedMD has included a variety of enhancements to its ePrescribing feature based on client feedback, including more filtering and sorting options for the eSend status screen, new search capabilities for pharmacies and medications, a prescriber list that only shows prescribers who can eSend when writing a prescription, and more.
• The ability to review dispensed medications by the pharmacy and evaluate medication adherence, making it easier to evaluate data for patients who are non-compliant.
• More streamlined electronic case reporting capabilities: practices can automatically send patient case reports directly from AdvancedMD EHR to state public health agencies, without disrupting clinical workflows.

Patient Engagement Updates:

• More granular visibility into patient form management to improve operational transparency and patient care assessments: practices can see who assigned and/or approved a specific patient form.
• Increased administrative controls and user-level security for appointment reminder templates: admins are now able to limit who can edit the templates. There are also new role privileges under the “User Management” settings for Automated Messaging & Reminders. When the setting is disabled for any user, they will not be able to edit those templates.
• Time zone enhancements in the scheduler make it easier to schedule appointments for patients living in different time zones than the medical practice. This update enables a more seamless process for setting and managing appointments. This feature is available throughout all AdvancedMD products, including its mobile apps.

To see a complete list of the product updates, visit: 2024 Summer Release.

About AdvancedMD

AdvancedMD, a Global Payments (NYSE: GPN) company, revolutionized medical office software in 1999 with the introduction of the industry’s first true cloud solution. Today, the company continues to lead HealthTech innovation with a complete cloud suite of smart applications that work in unison, accelerating collaborative workflow for every role of the practice. With AdvancedMD, medical office staff are empowered to thrive in the online age of healthcare and value-based reimbursement with essential clinical, financial, patient engagement, and reputation management applications that are unified and available anytime, anywhere on any device. AdvancedMD strives to be the technology heartbeat of healthcare for providers, patients, and payors for a healthier world. For more information, visit advancedmd.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702593696/en/

Media Contact:

Jim Elliot

jelliot@advancedmd.com

Source: AdvancedMD

FAQ

What new features did AdvancedMD announce in its 2024 summer product release?

AdvancedMD announced over 30 new features, including the AdvancedMD Pay credit card processing system and terminal, automated payment plans, VCC payments, and updates to practice management, EHR, and patient engagement tools.

How does the new AdvancedMD Pay terminal benefit private practices?

The AdvancedMD Pay terminal unifies patient billing by enabling in-person and online credit card payments, integrating seamlessly with the AdvancedMD Pay platform to improve revenue cycle management.

When will the AdvancedMD Pay terminal be available to clients?

The AdvancedMD Pay terminal will initially be available by invitation to existing AdvancedMD Pay clients and subsequently extended to all clients.

What specific practice management updates are included in AdvancedMD's 2024 summer release?

Updates include the Carrier Update tool for mass updates, automated payment terms for cancellations and no-shows, and enhanced Fee Schedule Import tool.

How do the new EHR features improve medical practice operations?

EHR updates include improved ePrescribing features, the ability to review dispensed medications, and streamlined electronic case reporting to state public health agencies.

What are the new patient engagement features in AdvancedMD's latest release?

Patient engagement enhancements include granular visibility into patient form management, increased administrative controls for appointment reminders, and time zone enhancements in the scheduler.