In a world where online bill payment has become the norm, the healthcare industry has woefully lagged behind when it comes to providing convenient and transparent billing and payment methods.Read More
Let’s say for a moment that your medical practice doesn’t suffer from slow and ineffective patient revenue cycle management (RCM). Your patient net collection rates are a-ok, and you laugh in the face of insurance claim denials. Why should you care about updating your RCM to an innovative, user-friendly technological platform?
One important reason is that millennials are coming, and this generation is slated to drive a massive sweep of change through the healthcare industry.
Millennials make up the largest portion of the American workforce, outnumbering even Baby Boomers since 2016. This huge group possesses an unsurpassed level of spending power for any generation in 2018-- $3.39 trillion dollars and rising. Even more important for your practice to consider is that millennials have been raised in a digitized world. They have come to expect and even demand the convenience and ease of handling most bill payment and purchasing online or through smartphone apps. Here are a few startling statistics regarding millennials and their approach to healthcare: