The healthcare industry is facing rapid changes. Let’s discuss major challenges faced by Independent Medical Practices in the healthcare industry with Zee Medical Billing to stay ahead in 2022 and beyond.
Independent practices comprise a major part of the American healthcare system. People are more influenced by these independent practices as they are comparatively economical and ensure better care than larger healthcare organizations and hospitals. Additionally, these practices have won patients’ trust by adding to their convenience as they provide low-beneficiary costs and are productive in reducing hospitalization of patients if it is unnecessary. Though, despite being an expeditiously running independent practice it has to face many challenges.
Independent Medical Practices Challenges
The top challenges that an independent practice may face in the year 2022 are as follows:
Payment Processes
Medical practices mention patient collections as the top revenue cycle management struggle, as patients are becoming responsible for a larger portion of their medical bills. It is no less a task for independent practice to open up some payment options for patients of all kinds. With the development of technology, patients look for simple easy, and quick options for paying their medical bills. Patients are willing towards a payment process that is combined with their portal. So, from there they can conveniently pay bills and keep track of their payments while paying bills.
Time Management with Revenue Management
Keeping a full-time independent practice is a challenging task as requires effective time management skills. Giving enough time for both administrative tasks and care delivery task is a very tough job. The overall performance of the practice malfunctions if the time is not well managed between these important tasks and it eventually leads to customer dissatisfaction. The independent practitioner has to shuffle between handling administration, patient care, and personal wellbeing along with the management of revenue. If the practitioner gives more time to see patients, it increases his revenue but at the cost of his wellbeing. That is why independent practitioners deal with more fatigue.
Keeping Pace with the Technology
With the Covid-19 Pandemic, there seems a growth of digital health initiatives. So it is important for independent practices to not lag in the field of technology. Considering the challenges faced by independent practice providers, they must progress with modern technology by upgrading their data-keeping systems and unique software. The function of technology is equally essential in administrative and care-taking domains. Nowadays, patients as healthcare consumers, are more affected by technologically advanced practices than the practices that continue conventional methods.
Insurance Reimbursements
Nowadays handling insurance reimbursements is the most challenging task faced by independent practices. Most of the patients have to cover their medical bills on their own due to the intricate and rather ambiguous criteria of insurance service providers, and this process takes time. Collecting payments in both cases either from patients or from the insurance company takes so much time due to the complex processes of the third-party insurance provider that makes the insurance reimbursement a difficult procedure. Because of this, the collection time is reduced, and it influences the overall performance of the independent practice.
Tracking of the Healthcare Record
Patients are anxious about their data and their healthcare records. They are no longer dependent on the conventional paperwork and hard copies of their health records. Thus, digitalizing all their data by switching to electronic health records is a more beneficial option these days. Tracking patients’ information and history via electronic health records ease the way for independent practice providers too. However, it requires them to save their system from crashing and most essentially from security breaches. As a breach happens, apart from compromising confidential patient information, you also face a heavy penalty in case you’re found to have violated the standards regulating the industry.
Keep pace with Patients’ Engagement
Currently, healthcare has shifted to a consumer-driven industry; both independent practices, as well as hospitals, are inclined to make the patient experience better. Customer satisfaction in other businesses is the priority, so it is important to keep the patient satisfied with the healthcare services. An efficient strategy of patient engagement is keeping the series of communication alive and it includes sending reminders about their appointments and engaging them in other healthcare activities.
Collaborate with Practice Management Provider
A large number of independent practices are seeking help from the practice management service providers to manage their independent practice effectively due to the increasing burden of management and administration. Collaborating with practice management service providers increases the efficiency of their practice although it is not an easy task when it comes to choosing the right service provider. While choosing a service provider it is important to consider some factors such as its software service, reliability, accountability, and system efficiency.
To lower your administrative cost, minimize costly errors, and improve patient experience, you can use a Trusted-certified third-party provider to handle patient statement design, invoicing, and payment processing.
Get a free no-sting attached billing services quote from ZEE Medical Billing for your practice.
