3 Ways Healthcare Technology is an Investment in a Practice’s Bottom Line

Healthcare technology can improve patient and staff satisfaction while helping your practice reach its financial goals.

Technology and people’s perception of it is always evolving. The healthcare industry experienced a dramatic shift in the throes of the COVID-19 pandemic that caused technology to come to the forefront.

With the quickly changing needs and expectations of healthcare providers and their patients, many technologies became critical to delivering the care, engagement, and communication we all needed during uncertain times.

Technology enables healthcare providers to improve relationships with their patients and meet growing industry demands. But in addition to investing in patients, technology is an investment in a practice’s bottom line.

3 Ways Healthcare Practices Can Save Money by Investing in Technology

  1. Keep schedules full

During the pandemic, many patients avoided care in order to keep themselves and their families safe from contracting COVID-19. The reduction in procedures and maintenance appointments resulted in 80% of physicians reporting their revenues in 2020 were lower than pre-pandemic levels. While appointments are beginning to stabilize, many providers continue to experience challenges around profitability and financial stability.

To combat this, providers can use technology to re-engage with existing patients or attract new patients in order to keep schedules full. For example, patient experience solutions like Secure Texting, Broadcast Messaging and more can be used to proactively engage and communicate with patients about the services the practice offers, the care patients may need and what options might be available as we continue to navigate COVID-19.

  1. Reduce no-shows

Despite having the technology in place to keep schedules full, some providers still experience a decline in revenue due to missed appointments. In fact, no-shows can cost up to $200 per missed visit – including money lost on the actual missed appointment and the time spent on the backlog they cause. 

With Patient Reminders, providers can help consumers keep their care appointments top of mind in order to reduce lost revenue due to no-shows. With this technology solution, providers can begin sending out appointment reminders weeks prior to a care visit to give patients enough time to clear schedules, secure childcare if needed, etc. Then as the appointment day gets closer, this solution can be used to share or collect information needed prior to the visit such as completing a form, bringing in any material or even fasting for a certain number of hours.

  1. Increase payment collection

The average turnaround time for payments done by paper billing is 5-7 weeks while the turnaround time for electronic billing is 2 weeks. With such a significant difference in timetables, it’s no surprise that Charge Capture solutions can help improve the payment process for practices — ultimately optimizing revenue streams.

How? Providers can use a charge capture solution to create a custom patient financial plan that incorporates a patient’s financial assessment into the registration process, estimated patient share financial tools, and financing options if needed. This level of visibility and communication with patients will help not only boost patient satisfaction but also positively impact your bottom line.

Want to learn more ways healthcare technology can improve patient and staff satisfaction while also helping your practice reach its financial goals for the year? Download our One Size Doesn’t Fit All eBook today.

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