Healthcare has seen several drastic changes over the past few years. 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. One change that has not received nearly as much attention is increased financial responsibility for patients. And this economic trend highlights the benefits of patient portals for specialty healthcare practices.

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.

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.

In the chaotic initial weeks of the COVID-19 pandemic, millions of small businesses (including many specialty practices) in the U.S. found themselves forced to close their doors. To retain staff and avoid furloughs, many specialty practices had no choice but to submit applications to secure Paycheck Protection Program (PPP) loans, offered by the Small Business Administration (SBA), that would make it possible for them to keep paying their employees during a period when revenue was reduced to almost nothing.

The COVID-19 pandemic has impacted nearly every facet of our lives in recent months. We've all had to adapt to a new normal of social distancing measures and lockdown orders. Health insurance companies have not been immune to these changes and they too have had no choice but to evolve in this rapidly changing world. As restrictions are relaxed and practices return to business (though perhaps not business as usual), it is important for healthcare providers to be aware of how health insurance companies have been affected by this unprecedented event.

IMPORTANT NOTICE: As of April 26, 2020, CMS has suspended the Advanced Payment Program, effective immediately, and is reevaluating the Accelerated Payment Program. CMS Press Release on Program Suspension The current COVID-19 pandemic has impacted specialty practices across the country and around the world, resulting in low patient volumes and decreased revenues. As part of the CARES Act, the Centers for Medicare & Medicaid Services (CMS) authorized relief to providers in the form of Advanced Medicare Payments. However, it is important for providers to note that this Advance Payment Program is an interest free loan, not a grant.

As we have recently been launched into a new year, now is a good opportunity to find new areas for improvement. Reviewing and reflecting on performance allows specialty practices to identify areas in which they can work better, as well as determine ways to make processes more streamlined, reliable and patient-friendly. How should specialty practices figure out if their current operations have room for improvement? Here are three areas that can reveal potential opportunities.