It is safe to say that 2020 was a difficult year for a lot of people, financially and otherwise. When it comes to increased financial responsibility for healthcare, it was an especially difficult year for most patients. According to new research, the average consumer spent considerably more money on healthcare than they did only a few short years ago. This trend of increased financial burden on patients is likely going to continue in 2021 and will be further exacerbated by higher healthcare prices.

As we covered in a previous blog, patient demand for better online and digital payment options has long been on the rise. In a world where everyone is connected online, physical “check in the mail” payments are quickly becoming an antiquated practice. Online payments are no longer seen as an alternative means of payment but have become very much the standard for today’s consumers.

Needless to say, healthcare has seen several drastic changes over the last year or so. A need for more contactless office procedures. A sharp rise in the use of telemedicine. A surge in digital payments. A crackdown on Information Blocking violations. However, another change in the last year that has not received nearly as much attention is increased financial responsibility for patients. And this economic trend has made patient portals more crucial than ever.

Inventory management is crucial to the success of any specialty practice. Not having enough items on hand risks losses in sales when your supply fails to meet patient demand for certain items. Of course, having too much inventory in stock can also cost you as unsold items expire on the shelf. If you are not implementing and maintaining best practices for inventory management, you leave your practice vulnerable to financial risk and related inefficiencies.

Patient demand for better online and digital payment options has been increasing for years. In 2017, a survey found that 68 percent of patients want their healthcare providers to offer digital payments options. Two year later, in 2019, another study found that 81 percent of consumers wanted their healthcare providers to offer more online payment options.

Even the most well-established practice can struggle to find ways to grow their business and acquire more patients. Oftentimes, this is due to budgetary constraints, especially in a market where profit margins can be thin and even more so for practices that are already overextended with new investments. However, there are plenty of ways to grow your practice without breaking the bank. In this blog, we will go over a number of cost-effective measures that you can employ to help grow your business.

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.

According to a 2017 survey, 68 percent of patients want their healthcare providers to offer digital payments options. A 2019 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. Needless to say, demand for such online payment options is rapidly increasing as the years go by.