The American healthcare environment is presenting a number of challenges to the independent medical practice. Luckily, there are some new technologies healthcare providers can harness to navigate these complexities while running a practice that’s profitable. When practices choose to implement those new technologies, they can thrive rather than just survive. These technologies can make a big difference to your healthcare accounts receivable.
Handling the Information Flow
All medical offices generate a huge amount of information daily. To stay efficient, it is vital to handle the data correctly. One tiny error could end up with a claim being denied. A company would then have wasted valuable time in resubmitting that claim. All this costs the practice more money – something that it cannot afford. The latest technology minimizes or even eliminates the chance of this happening. Even better, it saves staff time while improving the accuracy of the process. Another advantage to adopting this new technology is that companies can streamline workflow. This, in turn, increases patient confidence and improves patient satisfaction overall.
The key area that technological advances have focused on is improving healthcare accounts receivable systems. As high-deductible medical insurance plans become more widespread, patients must now pay a larger amount of their costs. This means any technology that simplifies the process of clearing medical bills offers a benefit to both practices and patients.
Key New Technological Developments
Being able to check the insurance eligibility of a patient in real-time offers a host of benefits. Office staff can quickly and easily obtain the key information they need without wasting time. Technology now exists to make this possible. When your practice invests in this technology, you can streamline your processes and avoid delays later.
These days, patients are demanding greater transparency in terms of pricing. When patients take on more responsibility for paying for their healthcare, they want to know what they’re paying for. Self-pay, copays, and high deductibles are coming out of the patients’ pockets. Thus, they want to know upfront just how much they’re liable for. New technology can now simplify the process of estimating the amount a patient will need to pay. This improves provider/patient relationships and increases the amount of revenue received.
When patients are able to book their own appointments online, they become more satisfied with their practice. Being given this element of control appeals to patients, and it saves staff time, too. Patients who require an appointment the same day can easily see available slots. Meanwhile, canceling at short notice is also possible, and allows other patients to fill that slot. This technology can revolutionize the way in which a practice works.
New technology that sends out reminder messages can also prove to be beneficial. We all know that no-shows and late cancelations affect practice revenue. Sending reminder messages helps to eliminate this problem. In today’s era of smartphones, people check their messages regularly. This means patients are less likely to miss an appointment.
Using the Latest Payment Tools
One area in which practices are still struggling is in the handling of healthcare accounts receivable. However, solutions, such as those provided by BillingTree, can make an enormous difference. Dedicated payment solutions for the healthcare sector streamline any practice’s operations. By putting in place a web payment portal, making a payment becomes much simpler. All this works to increase cash flow. This is good news for practices that are struggling to make ends meet.
The latest healthcare technological advances make it easier to run your independent practice. By adopting the latest healthcare accounts receivable solutions and other advanced technology, you can improve patient relations.