We are entering a new era of healthcare, one where the patient is empowered to direct his or her own treatment. Patients are more informed and involved in their care than ever before and app developers are tapping into people’s desire to be involved in the decision making when it comes to their care. They also expect to be readily provided with their healthcare information upon request, and legislation has been passed that will require such requests be fulfilled in a timely manner.

The submission window for MIPS Performance Year (PY) 2020 closes on March 31, 2021. As one year closes another begins, and now is the time that practices should be preparing for their 2021 MIPS reporting. For the new year, the MIPS annual program requires submission of data in four categories—Quality, Promoting Interoperability (PI), Improvement Activities (IA) and Cost. In this blog, we will briefly go over actions to be taken throughout the year for submission in PY 2021 so that our readers can be better prepared for the next MIPS reporting period.

During the first quarter of the year, many practices struggle with cash flow stagnation caused when deductibles reset and thus the whole burden of payment falls on patients. There is also a current trend of increasing health insurance costs such as higher deductibles, premiums and copays that will shift even more financial burden to patients and is likely to further exacerbate this issue for practices in 2021. This means it is more important than ever for practices to effectively manage their cash flow to ensure they are able to weather any unexpected financial issues that might occur throughout this year.

Millennials and Gen Z are often mistakenly blamed for “killing industries“ as well as wrongly accused of being disconnected and self-absorbed. If you look at the facts, however, you will see that none of these stereotypes are accurate about the majority of today’s younger generations. In all honesty, they are struggling in the face of an uncertain future while stuck with stagnant wages that have long lagged behind the rate of inflation. The truth is that they aren’t intentionally “killing industries.” For the most part, they simply do not have as much disposable income as older generations such as Baby Boomers and Generation X.

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.

Valentine’s Day is here. This annual tradition is intended as a celebration of love. Because when you are in love, the whole world seems wonderful. The sun shines brighter. Flowers are more fragrant. Food even tastes better. When you are stuck in a bad relationship, however, it can turn your whole world upside down… and not in a good way.

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.