According to Medical Billing Advocates of America, up to 80% of medical bills contain errors, and it’s not just in hospitals – small to mid-size practices lose revenue and valuable staff time to avoidable mistakes, too. We’ve captured a list of some of the most common billing errors for practices similar to the average MacPractice client.
A 2019 Healthcare Consumer Study found that half of healthcare consumers are frustrated with their provider’s patient billing and collections. Further, the study found that 1 in 3 Americans don’t think that healthcare providers have done enough to improve the patient billing and payment process. When asked to rate the worst part of their experience with a provider, the majority took issue with pre- or post-visit administrative processes beyond clinical care.
If your practice is considering switching software, you are not alone. Issues with usability, difficulty implementing or using the software, and changing regulations or requirements are all commonly sighted as a reason to seek new software. As you also know if you are considering switching to another software vendor, new software can come with a whole new set of problems. That said, a majority of practices will change software at least once at some point in their operation. If you're one of them, here are some tips for choosing a scalable software for lasting change to avoid a cycle of new software systems in their practice.
An apple a day may be said to keep the doctor away, but more and more doctors are demanding Apple technology in their practices. Doctors (along with everyone else) have iMacs, iPhones, and other Apple products at home because of the user-friendly design, ease of use, and longevity. Over 64% of the US population now owns an Apple product of some kind (iPhone, iMac, iPad, and so on) and the average American household owns 2.6 Apple products.
Your practice needs to collect every dollar that it can, but many practices are so busy staying afloat that they don’t have time to develop a strategy that brings their practice’s financial health into the future. Despite technology’s improvements, the revenue cycle management process doesn’t seem to be getting easier. Finding opportunities for efficiency and engagement of staff and patients alike can play a crucial role in improving your bottom line. Here are five points to focus on when it comes to breaking the survival cycle for your revenue cycle.
Billing is just more complicated than it used to be. Reforms to the healthcare system have introduced value-based compensation models, additional billing rules and regulations, and an altogether more time-consuming revenue cycle management process for healthcare practices. Nationwide, practices are losing millions in revenue each month just trying to stay up-to-date on new procedures and correct the billing errors that inevitably result from these challenges. Practices need a clear process to follow when it comes to minimizing lost revenue. A streamlined process starts at the front desk and works itself all the way through to the back office.
In 2019, patients often expect that their doctors and healthcare providers are somewhat accessible online, whether through websites with a Patient Portal that offers online scheduling and other perks, or social media. Many practices use Instagram, Facebook, Twitter, or other social media to connect with potential patients and keep current patients engaged.
More people than ever use the internet to “shop” around for a healthcare practice. Online ratings and reviews allow patients to leave feedback for a doctor’s office that informs potential patients looking to find the best doctor in their area. More than 73% of patients say that positive reviews make them trust a practice more. Patients often use social media platforms to share their experiences with a practice and find new practices when they are unhappy with their current provider.