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.
As patient payment responsibly has increased, so have challenges for practices who wish to maintain a quality revenue cycle. More High Deductible Health Plans and more self-pay patients mean that practices need better patient collections to maintain the same provider revenue that used to come (with their own challenges) from commercial payers.
Many practices find themselves holding on to software that does not serve their needs, or may even hinder from opportunities to provide the best patient care possible. Why do they do it? Switching to a different software means undertaking a potentially expensive and resource draining transition, and there’s always a chance they won’t be any happier with the new product in the end. Still, a 2017 Medical Economic report found that 62% of survey respondents had switched to another Electronic Healthcare Record software at some point in their career.
Taking the leap of faith to a new product can be daunting, especially if the software you switch to is made by a company that isn’t set up to fully support your transition. At MacPractice, we like to think of ourselves as partners in the success of your practice. And not just your practice’s financial success, but the bigger picture, real satisfaction kind of success for you, your staff, and even your patients.
We're always improving MacPractice based on the feedback we get from our clients, and the workflows we learn from the practices who use our software. Last year was full of growth and changes for our company, and our software! We want to start 2019 by celebrating some of the new features we've been able to bring to your practice in MacPractice 10.
Your practice relies on an effective billing strategy to thrive. However, most practice owners did not become doctors because they are fascinated by revenue cycle management. If you are like most small to medium doctor-owned practices, your main interest is in providing excellent healthcare to your patients, even if you are very aware that software and effective billing are necessary to turn a profit. If you feel like your practice is ‘just getting’ by in survival mode, rather than thriving with a strong revenue strategy, know that you are not alone.