It’s almost the end of 2018, and it might be time to begin considering some resolutions for the coming year. Here’s one to begin exploring right now to collect more patient payments in 2019: automating your patient revenue cycle.Read More
Hey to all our otolaryngology friends! Time to get ready to chow down on some sweet and crispy beignets, spice things up with a few Cajun delicacies and… learn how to optimize your revenue cycle? Those things might not normally go together, but this coming weekend they do!Read More
I live in the Chicago suburbs, and during this time of year, everyone is outside working on their lawns. Right now, my lawn looks beautiful—lush and green, free of weeds and carefully mowed in attractive lines. Call me lawn-obsessed, but when I see a dandelion appear in the middle of my pristine lawn, I’m out there with a trowel ready to dig it up. As the summer gets hotter, our lawn must be watered as much as possible within the limits established by our town, so it doesn’t become a yellow, brittle mess.
Just like a suburban lawn, the online reputation of small businesses, including medical providers, must be judiciously maintained. Bad reviews can be like those pesky dandelions—no matter how pretty the rest of the lawn is, just a few of them can be what visitors to your home see first.
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 There’s just something so satisfying about seeing an outdated and sometimes completely trashed house be transformed into something beautiful and functional.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.
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
Many stakeholders have traditionally viewed healthcare as a physician-centered industry, devising care delivery models accordingly. However, surveys of patient satisfaction with this approach reveal that a different perspective is needed, especially as patients are making more decisions about, and taking increased financial responsibility for, their healthcare. When asked what they really want from providers, patients report that their most important concerns center around symptom relief and being respected as individuals.Read More
A loyal patient is just what the doctor ordered when it comes to keeping a medical practice's operations running smoothly. In fact, this is true for any industry. When your business produces products and services that keep people coming back, they'll become a regular source of revenue, and they'll happily tout about your brand to their friends and associates. The Harvard Business Review reports, "Acquiring a new customer is anywhere from five to 25 time more expensive than retaining an existing one." The article's author also cites a study by Bain & Company, whereby it was shown that a 5% increase in customer retention rates can boost profits from 5% to 95%, depending on the industry.Read More
You never want to lose a patient. But you especially don’t want to lose a patient because a competitor did their job better than you. Healthcare organizations of all sizes are adding mobile applications to their patient retention strategies to get an edge on the competition.
As 2016 approaches, you'll likely look for ways to get rid of patients. Unfortunately, some healthcare consumers are stubborn and they won't willingly leave the healthcare organizations they've grown accustomed to visiting.
Ok, you're not really trying to lose patients. But, you likely will if you continue to use some of the same outdated or ineffective strategies you have in the past. Time to look toward the future.