A lack of patient loyalty could be costing your practice more than you might think. According to one study, a patient leaving due to dissatisfaction can result in a financial loss of $200,000 over the life of a practice. The same study also found that one in eight patients claimed they had left their healthcare provider in the last year, and that one in three were planning to leave their current providers sometime in the next two years. In a healthcare marketplace where consumers have taken more control of their healthcare choices, it can be easier than ever to lose patients due to a poor patient experience.

The right Practice Management (PM) solution is a useful asset to any specialty practice, reducing administrative burdens, optimizing financial performance and enhancing patient care. The wrong solution, however, can be quite the opposite and lead to inefficiencies, process bottlenecks, redundant data entry, lost revenue and limitations to use. This is why, right from the start, it is crucial to do your research and properly vet all potential PM providers to be certain you select a solution that is best suited to the needs of your specialty practice.

In recent years, the ability to provide patients with better and more convenient online payment options has become much more of a necessity. In fact, one study found that 81 percent of consumers want their healthcare providers to provide more online payment options and that 71 percent want to be able to receive electronic statements from their providers. To remain competitive in today’s market, practices need to have a payments solution. More than that, they need to have the right payments solution for their needs.

While EHR and Practice Management solutions have become essential to practice success over the last decade, there are still practices that are not using fully integrated systems. Some practices are using a Practice Management solution while still relying on paper records. Others have EHR and Practice Management (EHR/PM) systems that are not seamlessly integrated because they come from different vendors.

While data can be useful, it is sometimes difficult to know exactly what data your practice should be tracking. Specific data points are often referred to as Key Performance Indicators (KPIs). But what are KPIs? By definition, KPIs are metrics that are directly aligned with your business goals and tracking them allows you to measure how successful your current efforts are at achieving your objectives.

We did it! We survived 2020! Hands down, 2020 was the toughest year (so far) of the twenty-first century. But we got through it. As we move into 2021, this is the time when many of us are making New Year’s resolutions. To help our readers commit to new initiatives for practice success in the coming year, this blog will suggest a number of useful New Year’s Resolutions for Specialty Practices.

Last week, the Centers for Medicare & Medicaid Services (CMS) issued a final rule with updates on policy changes for Medicare payments under the Physician Fee Schedule, going into effect on January 1, 2021. This final rule includes updates to payment policies as well as new guidelines and regulations related to telehealth. To keep our readers informed on how to be best prepared for the coming year, this blog will offer some highlights on the 2021 Physician Fee Schedule Final Rule.

Luckily, 2020 is coming to an end… and many of us are probably ready to happily put it behind us. But what’s in store for us in the year to come? After all the things 2020 has put us through, many of us can’t help but look at 2021 with a mixture of skeptical anxiety and hopefulness. Because the truth is that we have no idea whether things are going to get better or worse… but we hope better. To help our readers understand what they should look forward to in the new year, here is a list of things specialty practices should expect in 2021.