Healthcare costs are increasing more rapidly than the average family income. In 1960, healthcare costs were only consuming around 4 percent of an individual’s average income. In 2017, that figure had risen to 7 percent. It comes as no surprise, then, that payers, providers, and consumers alike want better HPS solutions.
The good news is modern technology can help reduce healthcare costs. IoT products, telehealth services, and consumer engagement hubs are just some of the options available today. Modern healthcare payment solutions also have a key role to play. How can these four technological advances help reduce the cost of providing quality healthcare for patients?
Telehealth On-Demand Services
Telehealth is a relatively new technology. It uses communication devices, such as computers and smartphones, to offer health-related services. Although those services aren’t a substitute for physical appointments or emergency care, they’re useful for minor needs.
Telehealth services are cheaper for patients, too. They cost under $50 per appointment rather than $100 in person or more for urgent-care visits. These virtual appointments are useful in helping providers to decide whether a patient needs a real-life appointment. This helps to save patients money while also decongesting office schedules. It’s been estimated that telehealth on-demand services could save U.S. medical facilities around $20,000 annually each.
Smart objects are saturating the worldwide market. Healthcare organizations, too, are investing in these products. Fitness bands, PAP machines, and insulin pumps are just a few. These medical smart products help to provide patients with closer chronic care at home. Care teams are simply able to monitor the patient’s data, then, arrange an appointment if they detect any changes. This helps patients to avoid expensive visits to the emergency room.
Consumer Engagement Hubs
Prevention is always better than cure. When payers and providers make services easily accessible and streamlined, patients are more likely to engage in preventative programs. Through technology, payers and providers alike can bring patients in to receive preventative care on a regular basis. With a consumer engagement hub, healthcare organizations can stay in touch with patients. They can send referral updates, care alerts, and appointment requests. This, too, lowers costs at all levels of the healthcare sector.
Modern HPS Solutions
Today’s healthcare payment systems remain unnecessarily expensive. Providers are paying more than $30 every time to process a check payment. Manpower, too, suffers since staff members must manually match remittance files to payments. If they detect any errors, they must identify those mistakes and confirm them. Then, they must submit a new payment request. If time constraints get in the way, you will lose your chance to recoup revenue. A modern healthcare payment system can eradicate such wasteful practices. Electronic bill presentment solutions eliminate many of these issues. Meanwhile, real-time payments through web payment portals also slash costs. The convenience of these methods also makes it more likely for you to receive payments on time.
Modernizing Healthcare Systems to Reduce Costs
Technology is the key to reducing the costs associated with today’s healthcare sector. However, modern HPS solutions are a good place to start. Modern healthcare payment solutions, such as those offered by BillingTree, are quick and simple to implement. As soon as they are in place, you will see improvements in revenue collection immediately. As these solutions also work seamlessly with existing systems, practices can carry on in a streamlined manner.
If you’re ready to modernize your organization’s payment systems in order to reduce costs, BillingTree can help. Leading the way in affordable, cutting-edge healthcare payments, BillingTree’s solutions represent the best option for practices. By implementing IVR systems, web portals, SMS payments, and a host of modern features, BillingTree’s solutions offer countless benefits.