The theme for this year's 2018 New Jersey Medical Group Management Association (NJMGMA) Practice Management Conference is "Transforming Through Technology" which is quite apt when you consider the industry wide push to adopt and implement new technological tools that create efficiency, improve patient retention, and increase revenue. From new cloud data storage solutions to electronic scheduling to patient portals to tablets in the exam room, new health IT tools are permeating practices seeking ways to cut costs, improve the quality of care, and add to their bottom lines.Read More
I don’t know about you, but I love watching the show Fixer-Upper on HGTV. There’s just something so satisfying about seeing an outdated and sometimes completely trashed house be transformed into something beautiful and functional. Have you ever seen an episode where nothing seems to go right, and the house turns out to have all kinds of hidden problems beyond the issues that are immediately visible to the eye? Host Chip Gaines goes to knock down an unappealing interior wall, only to find black mold lurking in the joists, or a rotten wooden is exterior is removed, revealing an infestation of—eek—termites! Now the homeowner is forced to dish out all kinds of additional money they were not ready to spend.
Regrettably, the healthcare industry is like that. Once you peel back the already flawed exterior, even more problems become evident, and on and on until it is apparent that the system is more broken than most even realize.
This issue is discussed at length in this May 2018 MedCity News "Medcitizens" article by our founder and CEO Rajesh Voddiraju entitled, “The Hidden Costs of Healthcare’s Hidden Costs.” The article begins by highlighting a disturbing trend that has emerged in the healthcare industry over the last ten years—small to mid-sized practices being forced to close their doors due to soaring costs and decreased revenue. The healthcare providers from these practices are then often absorbed by larger healthcare systems and hospitals.
Unfortunately, these large healthcare systems and hospitals simply do not provide the same level and quality of some types of preventative care, as evidenced by this study. Worst of all, the increased consolidation of medical practices may well lead to increased healthcare costs for everyone.
Millennials, millennials, millennials. Am I right?
It’s pretty much impossible to live in the U.S. today and not hear about how the generation known as “millennials” are changing everything from the way we eat and drink, to real estate markets, to the very shape of the U.S. economy itself. As you may know, millennials are expected to overtake Baby Boomers in population by 2019, and Generation Xers are expected to surpass Boomers in population by 2028.
Stop me if you have heard this one before:Read More
When David Williams from Health Business Group asked me to be a guest on his podcast to talk about the current state of patient payments in healthcare, I jumped at the opportunity. Not only are David and his team dialed in to the latest innovative healthcare technology, they are experts in best practices and benchmarking, helping companies navigate and solve the complexities of issues such as how to optimize the patient revenue cycle.Read More
Topics: Patient Payments
Health iPASS President and CEO Rajesh Voodiraju is scheduled to co-present a webinar to The Association of Otolaryngology Administrators (AOA) entitled: Decreasing Workloads and Increasing Revenue on Wednesday, February the 7th from 1 - 2pm EDT. Rajesh will share the hour with our friends at DoctorConnect and will discuss the power of automating the patient revenue cycle and how this impacts patient empowerment and subsequently, patient satisfaction.Read More
Topics: Patient Payments
As the share of out-of-pocket expenses continues to rise parallel to the surge of consumer-directed health plans (CDHP), it becomes harder for healthcare practice managers to maintain accurate and timely patient payment collection methods. Keep in mind that physician and ambulatory care patient payments now total over $200 billion a year and continue to soar as a larger percentage of total revenue. Adopting a modern revenue cycle solution that improves patient payment technology and virtually guarantees payment is now mission critical.Read More
As a healthcare professional, you want to deliver the very best care and experiences to your patients, but you also need to do right by your business. If you haven't set your practice up for success by employing patient collection best practices, your revenue cycle management (RCM) processes are likely forcing you to lose out on essential income.
If you're trying to improve patient collections in your medical organization, take a look at these seven simple strategies:
It’s a difficult time to be a healthcare practice - which will still be true in 2017.
Collecting from patients, who are often paying out-of-pocket expenses, is a totally different process than collecting from insurance payers. Patients want different things -- they crave clarity, like to evaluate options and value user experience. We'll have to get used to patient payments: 74 percent of providers saw an increase in patient financial responsibility in 2015, according to InstaMed’s trends report.Read More
The time of year in which we give thanks for the things that make our lives wonderful is upon us. While we're certainly thankful for family, friends, and good health, we'd be remiss if we, as a company, didn't express our gratitude for some of the things that make our patient billing and payment industry so great.Read More