Do you know what time it is? It’s turkey time, people! (Apologies to the vegetarians out there). But yes, Thanksgiving is upon us once again. As per tradition, this is the time of year when we consider the things for which we are most thankful (and spend a whole day eating ourselves into food comas and then the brave or mad among us choose to go out the next day for an annual shopping event with its own casualty rate). And this Thanksgiving there are certainly a lot of things to be thankful for—we aren’t locked up in our houses like we were last year, COVID vaccines are widely available, new episodes of Dexter are back on Showtime, and it looks like we will be able to openly travel this holiday season (and on that note, if you do travel, please be kind to airline personnel).
Poor management of a practice’s collections can have a number of negative effects, including reduced or delayed revenue as well as owed balances spending too much time in Accounts Receivable. By implementing some simple training methods and best practices, however, your practice can improve collections management.
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.
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.
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.
Healthcare is experiencing a shift, expedited by the pandemic, from provider-driven to consumer-driven strategies, and what matters most to patients is convenience. Consumer insights company NRC Health reports that 80 percent of patients choose a provider based solely on factors of convenience, outpacing reputation, care quality, bedside manner and even insurance coverage.
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.
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.