The use of technology has been used to keep people connected, it has provided a window to new possibilities. During the COVID-19 pandemic lockdowns, and stay-at-home orders presented medical offices with complications. Practices are now understanding the important role technology takes when taking care of patients.
There are multiple factors every practice should consider on adopting if they haven't done so:
The CDC has noted that there has been a increase of 154% in telehealth visits during the last week of March 2020, compared with the same period in 2019. Telemedicine services is a very powerful tool that provides patients with the continuation of care without leaving their home. Thus, it is limited to some procedures, telehealth will continue to increase in their services in the next couple of years.
Expanding the capabilities for different methods of online payments will provide patients flexibility of choosing their most trusted method of payment. PayPal, Zelle, Venmo has shown to be trust worthy apps. Avoiding the handling of cash and credit cards past among patients and staff members.
It is estimated that in 2024 the U.S. economy will recover from the loss GDP and the record high unemployment. On the meantime, practices should be more comprehensive when having patients with high balances. By providing them with an automatic payment plan, practices will guarantee a steady income, while keeping patients satisfied with the practice.
To measure the financial experience, practices should pay particular attention to:
Adherence to financial policies
Balances paid in full
Balances overdue (by time period)
Referrals and retention.
At the same time, there are specific patient behaviors to gauge your success:
Is a financial tool used to explore cost?
Is payment made at point of service?
Are patients enrolling in financing options?
How many billing inquiries are tied to confusion or concern?
How many payment-related complaints and grievances does your practice receive?
read the full article at: https://www.mgma.com/data/data-stories/what-medical-practices-are-adding-in-2021-to-impro