Healthcare 2020: Prepare for Disruption
Status quo can no longer be acceptable in the changing landscape of value-based healthcare. As patients are moving towards consumers of healthcare services, it’s important that organizations stay on top of industry trends to ensure they stay relevant in their field.
Care for a patient no longer revolves around the medical office, but instead encompasses payers, pharmacies, and sometimes drug manufacturers. In the last year there has been a strong movement to coordinate care and empower patients to reduce their medical costs such as telehealth, coverage transparency and estimation. As the focus shifts to overall population health, we could be seeing reimbursement rates decrease for older patients.
So how do you prepare for a healthcare landscape that is constantly changing and driven by innovation?
1. Ensure payment accuracy
The healthcare reimbursement system has evolved to provide checks on claims reimbursement to ensure your patient is aware of the insurance eligibility, cost of services, and final balance. If you have the right partner, your patients will understand what their final bill looks like and have the tools in place to pay it.
By verifying your patient’s demographic and insurance information upon check-in you are saving your staff time and energy, especially if the verification prevents their claim from being denied. The future of healthcare requires each practice to provide financial transparency to their patients, safeguarding them from surprise final statements. ImagineDiscovery is one of our solutions that you can employ that works seamlessly with ImagineBillingTM and ImaginePayTM to give your patients a positive financial experience with your practice.
2. Employ Automation
As claims move through the revenue cycle, accuracy checks are crucial to preventing denials and speeding up payments. As Artificial Intelligence continues to grow in the healthcare industry, it’s important to know how this helpful tool could increase your productivity and reduce your “pajama time.”’
The average flu shot takes 37 clicks to administer – all while you are busy looking at a screen verifying information and updating electronic health records instead of interacting with your patient. But when automation is involved, the administrative work has been done for you by the software. The burden of looking up patient health history, coding and billing have been replaced by your sparkling personality and having the opportunity to really listen to your patient and identify their treatment plan.
After the visit your patient claim moves seamlessly through your billing system as their demographic and insurance information has already been verified, meaning you get paid 30% faster. ImagineIntelligenceTM is the automation arm of ImagineBilling. By automating routine tasks you free up your staff to spend time where it matters – with your patients.
3. Stop, Collaborate and Listen
As the Internet of Things (IoT) continues to grow, the most successful companies will be those that collaborate with each other within the healthcare ecosystem. This kind of collaboration requires seamless connection with consumers and their healthcare team, and the sharing of appropriate, necessary data for achieving better care at a lower cost.
With continued pressure, as well as the expectation to collaborate with external entities, businesses such as wholesalers, payers, pharmacies, and practices need to be agile and equipped to adapt with competitive and compelling intelligence.
As we shift focus into 2020 it’s important more than ever to reassess your practice and find out where the gaps in your revenue cycle management lie. Will automation improve your productivity? Will payment accuracy improve your patient financial experience? Will collaboration bring about a lower cost of doing business? We believe so. In thinking and preparing for the future now, you mitigate the risk of disruption to your business and the costly expense of catching up later.