Three Strategies To Thrive

Justin Miller
November 2, 2021
To access Inbox Health’s document detailing the top 3 strategies to thrive as a medical biller in a post-pandemic world, click this link or read below.

Patient Billing Reimagined

Employees are returning to the office, people are booking much-needed vacations, and patients are visiting their doctors in person again. While there is a semblance of normalcy creeping back into our day-to-day life, the pandemic ushered in the transformative adoption of digital technologies that have forever altered the healthcare landscape. The medical billing industry has also witnessed unprecedented technology adoption and growth as telehealth and digital patient engagement were thrust into the mainstream.

What’s next is an opportunity to build for the future and thrive. To thrive as a medical biller today requires three key strategies:

Adapt
Measure
Automate.

Adapt

Patients are coming back, and not just for critical care. Elective procedures and routine visits are rising as more people are vaccinated and feel more comfortable visiting their doctor. This pent-up demand has Medical Billers at the crux of a long-term steady incline in business. In fact, according to Grandview Research, the U.S. revenue cycle management market size is expected to grow at a compound annual growth rate of 11.2% from 2021-2028.

Why adapt (and then adapt again)? The healthcare industry has been on a rollercoaster ride unlike any other the last decade due to health trends, regulatory changes and the increase in high-deductible plans (HDHP).

According to a Lendingtree & Valuepenguin study:

51% of the US workforce are enrolled in high-deductible health plans
HDHP enrollment has risen by 43% over the last five years

The increase in HDHP is not new to medical billers, but as patients come back in force the effects of these plans will compound patient financial responsibility to new heights. According to Kalorama Information, a healthcare market research group, nationwide out-of-pocket spending jumped 10% in 2021, and is expected to grow annually by that same amount for the next five years, yielding approximately $800 billion in out-of-pocket spending by 2026.

Medical billers are under pressure to collect on these accounts receivable before they become past due. As billers know, there is a direct correlation between the time a bill goes unpaid and the likelihood of payment. This puts increased pressure on medical billers to collect from patients who are already buried under more medical debt than ever before. In fact, 60% of Americans have been in debt due to medical bills, with most consumers owing on average between $5,000 and $9,999 (and 13% owing more than $20,000).

Agility is required to succeed in this post-pandemic environment where billers need to balance increased patient collections with empathy for individual hardships. Your peers have adapted to this new climate in the following ways:

Our own Inbox Health Survey says...

86% of surveyed medical billers are increasing support for telehealth
50% are reducing overhead costs
37% are automating new processes and workflows
33% are offering more flexible patient payment options
28% are implementing new remote payment options

Recommendations to Adapt

Here are five recommendations to help you adapt in a constantly changing post-pandemic world:

Spot the technology trends. Doctors might be risk-averse, but their patients are not. Every demographic is adopting new ways to communicate, engage and interact with their doctors and their medical bills. The pandemic acted as a catalyst for broader technology adoption that is destined to accelerate.
Think variable, not fixed. It’s important to keep your costs in check as billing volume grows. It’s too easy to grow your expenses with revenue. Consider employing contract, part-time and/or freelance staff.
Reimagine the office. Prior to COVID-19, some medical billers maintained a work-from-home office but they were the minority. Now, it’s important to implement an adaptive strategy to support your team in a comfortable and productive remote work arrangement.
Make time for the important. As a Medical Billing leader, it is easy to get caught up in seemingly unending day-to-day tasks. Develop new strategies, check in on existing clients and remind them of your value.
Demonstrate compassion. Mental health practices are busy today for a reason. Reach out to your team members - especially those that are remote - twice weekly to check on their well-being.

Bottom line: Companies don’t change, people do. Staying competitive in today’s environment requires not only the skill to adapt but also the foresight to anticipate change.