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.
When it comes to Electronic Medical Records (EMR) and Electronic Health Records (EHR), there has been some confusion as to just what these terms mean. This has led some to mistakenly use these two terms interchangeably, when they are in fact not the same and have different definitions and features. To help our readers better understand how to differentiate between them, this blog will provide an overview of EMR vs. EHR.
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.
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.
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.
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.