Why Patients Benefits from Prescription Price Transparency Technology in 2020
Most patients will report that they have had at least one negative financial experience...
September 23, 2019
If your practice is considering adopting new software or services, you may be questioning the return on investment (ROI) your practice will see. Protecting your practice by partnering with tools, software, and vendors that offer high healthcare ROI will only align your practice to better achieve its goals. Keep reading to learn more about how to improve your Healthcare ROI and what tools you should use at your practice to do so.
The first step to improve your healthcare ROI is to find new and innovative ways to cut costs and better utilize your resources. This means engaging with vendors of software and services that are proven to lower spending and increase your revenue. Examples of this include the outsourcing of RCM services, which cuts staffing and operational costs by handing your medical billing services over to a team of certified billing experts. It also includes utilizing software tools included in your EHR or practice management software that improves your clinical workflow, educates your patients, and increases accessibility.
Patient outreach encompasses the engagement of patients before, during, and after their visit. Increasing patient outreach improves your healthcare ROI by better informing your patients on every aspect of their care, offering them important communication tools, and keeping them up-to-date on the happenings of your practice. By increasing patient engagement, you improve the number of visits your patients complete, increase the number of billable services completed, and develop higher levels of follow-up care. Investing in tools that help you better reach your patients is a great method for improving your healthcare ROI.
Providers should always turn away from vendors or software that claim to offer all-in-one design. There is not a single software on the market that will work for every single practice and specialty. Partnering with a vendor like this offers little to no return on investment due to its inability to meet the basic needs of your practice, specialized or not. Specialty-specific software like a specialty EHR or billing software helps providers focus their workflow on the things that matter only to their specialty. This includes a list of billing codes, prescriptions, and customizable documentation templates that your practice uses most often, improving healthcare ROI.
Chronic Care Management is designed to improve care for patients battling chronic conditions. Some providers are hesitant to adopt it due to fear of it being too complicated or taking too much time. The truth is, when you make the decision to outsource your Chronic Care Management services, you see an incredible healthcare ROI. By introducing Chronic are Management to your practice you introduce an entirely new revenue stream, earning as much as $85k per year for each provider in your practice that offers services. By outsourcing your CCM to a certified expert, you cut costs on staffing while still improving your Healthcare ROI.
A tool that providers all over the country are now offering to their patients, telehealth software is a great way to improve your healthcare ROI. Operational for less than $100 dollars a month with the right vendor, Telehealth software offers patients the ability to visit with their providers more conveniently from their computer. It improves patient engagement by giving patients more access to their physicians while offering an option that makes sense to them and their schedule while also improving follow-up care. Telehealth improves your healthcare ROI by increasing patient engagement and positively impacting your revenue. Providers should invest in this tool as more and more of healthcare is moved to the digital realm.
The patient portal is the number one patient engagement tool providers need in 2019 as it addresses the question of how to improve in multiple ways. It tackles multiple healthcare ROI checkpoints by addressing the patient’s accessibility to educational tools, personal health information, communication with their medical billing information when you’re using a quality vendor. A patient portal improves the number of scheduled and completed visit by offering scheduling tools, follow up tools, and reminders. It increases the likelihood that a patient will make a payment by showing detailed billing information and offering them secure online payment options. And it helps them stay up to date on your specialty practice, annual tests, and healthcare maintenance.
To learn more about how tools that can help your practice improve its healthcare ROI, click here.