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In today’s healthcare climate, patients have more options than ever. The internet simplifies the research process, allowing patients to compare practices based on reviews, prices, and services. In addition to increasing competition, the patient’s financial responsibility is rising (they are now accountable for 30% of healthcare revenue), which makes the healthcare organization selection significantly more important to the patient. So how can your practice stand out against the competition? Providing superior services is the most effective way to benefit practice — patient relationships and ease the stress of the healthcare process. …

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Most healthcare practices consider medical statement design an afterthought. Patient invoices are rarely optimized for the collection of patient financial responsibility. Poorly designed healthcare bills result in lower payments received, higher collection costs, and poor revenue cycle management.

Designing statements from the ground up with a focus on maximizing patient payments can keep your patients happy and cash flow positive. Giving patient billing statements an intelligent design and optimizing them for payments will decrease overhead and administrative costs while increasing profit and soothing a troubling revenue management cycle. …

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The healthcare industry is facing rapid changes. Here’s what you need to know to stay ahead in 2021 and beyond.

The healthcare industry is facing many changes that pose new challenges to medical organizations big and small. In particular, the fast-evolving government regulations, technological innovations, and patient expectations create a new environment in which running a medical practice isn’t just about treating patients anymore.

Looking into 2021 and beyond, here are six major challenges faced by the healthcare industry and how to stay ahead:

1. Cybersecurity

Although ransomware, data breaches, and other cybersecurity concerns are nothing new to the healthcare industry, the 2020 Covid-19 pandemic revealed just how vulnerable sensitive patient health information really is. …

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With medical practice cybersecurity and PHI safety becoming ever-more important as healthcare organizations transition to a mostly digital format, it’s important to make sure that your cybersecurity and HIPAA-compliance efforts aren’t still living in the 20th century. There are a variety of strategies that companies can employ to help prevent data theft and security breaches, but with limited resources, it’s important to focus on methods that will maximize protection while minimizing costs and time.

Ransomware attacks have jumped 50 percent from the first half of 2020, according to a study conducted by Check Point Research; because of the pressure caused by the COVID-19 pandemic, hospitals have been the hardest hit by these attempts. …

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The year 2020 challenged the healthcare industry in countless unprecedented ways. While healthcare staff and scientists are hard at work to curb the spread of COVID-19, many medical systems are experiencing revenue cycle management and patient collections issues like never before.

If your practice is struggling with revenue cycle management concerns, you are not alone. Collecting patient financial obligations is not an unfamiliar struggle for many providers. As patient out-of-pocket costs have continued to increase over the past few years, medical systems are facing larger A/R balances and more bad debt write-offs.

Coupling these existing struggles with the abundance of new issues attributed to the coronavirus pandemic yields worry-some predictions for the financial health of many medical systems in the near future. …

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The number of digital tools that exist to solve problems in healthcare administration, from scheduling to marketing, can be overwhelming. As many healthcare providers have rapidly transitioned to a telehealth system, the need to simplify processes is as urgent as ever. Understanding which digital tools will improve the patient experience — and which tools will cause more headaches than they’re worth — can save you time and money (and some of those headaches, too).

While most digital trends come and go, research from the past five years indicates that QR codes are here to stay. Thanks to their ease of use and the integration of QR code scanners into smartphone cameras, QR code use has exploded since 2014. According to a recent study conducted by Statista, 11 million Americans are estimated to use a QR code in 2020. …

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As the medical profession continues to move away from paper documents and upgrade to digital files, protection against data breaches and hackers is becoming ever more important. In 2019 alone, massive companies such as Canva, Capital One, and Epic Games (the developer of Fortnite) reported data breaches that, combined, jeopardized well over 250 million people.

In the healthcare industry, data breaches don’t just mean emails and credit card information. Sensitive Personal Health Information is at risk of being stolen as well, making the stakes of cybersecurity even higher. When a hacker gets the best of your medical practice, how should you respond to make sure you stay compliant with HIPPA and cybersecurity laws? What sort of patient communications need to be distributed? …

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As the healthcare industry continues to expand and adapt to new technology use, many remain skeptical about the benefits while critical of the hindrances. While these concerns are valid, it is important to understand the true implications of expanding healthcare technology, and not allow myths to deter this growth.

Here are some common healthcare technology myths, and the facts behind them:

Myth #1: Technology Takes Jobs

Many technology critics believe that upgraded machinery and artificial intelligence will lead to diminishing job availability. Although this may be true in some industries, healthcare work requires a level of empathy and human emotion that robots and computers fail to provide. …

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Web design has never been more important in attracting and retaining customers. In 2017, 75% of digital and marketing professionals reported investing in design as a strategy to differentiate their brand from the competition. Given that a typical website user will form an opinion about a site in 50 milliseconds (and 75% of users make judgments about a brand’s legitimacy based on their web design), ensuring that your user interface (UI) design is up-to-date and follows the latest industry standards can help your business stay competitive.

UI design also plays a vital role within the accounts receivable industry. Clear, action-oriented web design can encourage customers to pay their bills in a timely fashion. Likewise, a negative online experience can work to your company’s detriment. When customers don’t understand how to pay their medical bills online, they are more likely to step away from their computer and forget to complete the process. …

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As the healthcare system is shifting its focus to value-based care and more patients are paying for their treatments out-of-pocket, medical practices need to optimize the patient experience and improve patient outcomes to attract and retain more patients.

Patients now expect a healthcare experience akin to their interactions with other consumer brands or services. The ability to provide an outstanding patient experience will be the key to increasing revenue for healthcare providers in the years to come.

What’s the Patient Experience?

The patient experience encompasses the many interactions patients have with the healthcare system (e.g., health plans, doctors, nurses, front-office staff). …

About

MailMyStatements

MailMyStatements is a technology-driven statement, payment, and collection vendor that specializes in simplifying the client billing process. #patientstatements

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