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.
While EHR and Practice Management solutions have become essential to practice success over the last decade, there are still practices that are not using fully integrated systems. Some practices are using a Practice Management solution while still relying on paper records. Others have EHR and Practice Management (EHR/PM) systems that are not seamlessly integrated because they come from different vendors.
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.
In the few years prior to 2020, patient portal adoption among patients lagged in comparison to its level of adoption among healthcare providers. According to a 2017 GAO report, at that time, 87 percent of providers had implemented patient portals. However, only 30 percent of their patients accessed those portals. As it has been for other healthcare technologies, such as telehealth, the COVID-19 pandemic has also become a catalyst for more widespread portal adoption by patients.