What is Your Practice’s Digital Footprint? Research and clinical trials have historically led to medical advances, but innovative medical digital technologies that examine and affect how people live their daily lives are advancing at an explosive and unexpected rate. Medicine always appears to be slower to catch up to tech in the past. Progress is…
Traditionally, physicians have accepted collections as part of doing business and will ignore unpaid balances to provide needed patient care. Most doctors know they need to take a business-centric approach, but don’t know where to begin or are afraid of the costs. Since 2023, many credit-reporting firms have removed unpaid medical debt of less than…
Patient loyalty is critical for your practice’s financial health and reputation, and it matters more than most doctors realize. Data-driven strategies harness the power of patient engagement tools that help customize experiences and keep your patients coming back. Patient Retention Basics Patient retention is the ability of healthcare providers to maintain long-term relationships with their…
In today’s world of rising inflation and lower financial profits, many physicians find their cash flow dwindling with every passing day. Waiting for payment of accounts receivables, while struggling to meet business expenses can create an insurmountable burden for a medical practice. More than ever, physicians find it imperative to make the most of their…
A medical practice’s claims denials average a staggering 5 million dollars per provider annually. Tackling the causes of denials from the front end can help healthcare organizations reduce rejections, recover lost revenue, and increase the success rate of claims appeals. Outlining the Issues Challenges in receiving timely payment for medical services can be attributed to…
Physician practices continue to add administrative healthcare payroll hours to fill demands required to manage prior authorization insurance requirements. The additional employee time on average required to submit a manual medical prior authorization for payment coverage averages about 20 minutes per request. As a result, many practices have had no option but to hire additional…
Medical professionals face increasing financial challenges when operating their practice. Insurance denials, endless appeals, changing coding guidelines, and shifting payor policies can easily financially disrupt a medical practice. Steady cash flow is paramount to growth. As such, improved insurance reimbursement rates are critical to a practice’s success. Reimbursement Issues Patients and providers both depend on…
For physicians, artificial intelligence (AI) is rapidly reformulating healthcare systems, and most healthcare professionals say it impacts their lives in a positive way. But while doctors see the advantages of artificial intelligence (AI) in healthcare, they remain reticent. When AI-enabled tools are designed appropriately, doctors feel more optimistic about their benefits in patient care, and…
A Deep Dive into Empowered Patients, Advanced Technologies, and AI In today’s world, physicians are bombarded with a growing bevy of healthcare technology, artificial intelligence (AI) powered tools, and solutions. These devices are most often designed as user-friendly digital healthcare that increases access to rapid diagnostics and provides patients and physicians with empowering medical information.…
The ability of independent medical practices to remain so has become increasingly difficult over the last decade. The number of physicians in private practice has dropped from over 60% in 2012 to a continuously declining 45% today. But, despite the hurdles of operating today’s physician owned practice, many doctors recognize the advantages of staying independent.…
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