Whether your medical practice provides general or specialty healthcare, your revenue has most likely been negatively impacted from the COVID-19 pandemic. The fallout from the pandemic created a significant financial and personnel burden on the entire healthcare industry. Reduced staffing, decreased in-office visits, and loss of potential insurance funded elective procedures, created additional stress and loss of revenue for healthcare providers. Many medical practices are running with a revenue deficit of upwards of 50%, according to a January 2021 study conducted by the AMA™.
Practice managers, clinicians, and physician-managed groups are looking for ways to recover some of the revenue lost during the last 18 months. Practices who enhance their efficiency quotient and streamline administrative tasks increase their time availability to see more patients; time savings that translate into an increase in billable hours. We have pulled together a few strategies that may help your medical office weather the post-pandemic climate.
➢ Open New Avenues To See More Patients - by implementing a Telehealth Solution to expand your opportunities to treat patients virtually
➢ Expand Your In-Office Hours - even temporarily, to bring more patients into the practice at times that are more convenient, like later in the evening and weekends
➢ Streamline Your Check-in Process - and save precious staffing resources by adopting an online option using your cloud-based EHR solution
➢ Implement a Payment Plan Program - that will help provide funding directly to you, to help those patients with larger medical issues who may still be in financial recovery mode themselves
➢ Automate When and Wherever Possible - your EHR and integrated management software will solve many challenges like billing and insurance errors and go far to help alleviate costly mistakes
One of the most valuable ways to be more efficient and ensure you are capturing the most detailed, and information-rich patient note is to Utilize a Front End Speech Recognition Solution like Nuance® Dragon® Medical One. You know the value of capturing the most accurate information to place into your patient records at the start of the billing cycle and continuing through the entire insurance submission. Inaccurate or missing information could result in a denial and resubmission cycle delays. By using your voice vs traditional lengthy typing, you can save up to 2 hours a day on your increased patient documentation load, giving you extra time in your day to work on more productive tasks and see additional patients.
Our team is here to help in increasing your practice’s efficiency by using today’s technology and productivity tools. Contact us below if you have any questions or would like to schedule a FREE trial of Dragon Medical One.
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