Three Strategies To Thrive - Inbox Health

Three Strategies To Thrive

Overview

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.

Introduction

Employees are returning to the office, people are booking much-needed vacations, and patients are visiting their doctors in person again. The pandemic ushered in the transformative adoption of digital technologies that have altered the healthcare landscape. The medical billing industry has also witnessed unprecedented technology adoption and growth as telehealth and digital patient engagement became 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, and Automate.

Adapt

Patients are coming back not just for critical care, but elective procedures and routine visits are rising. This pent-up demand has medical billers at the crux of a long-term steady incline in business. 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.

Reasons to Adapt:

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

As billers know, there's a direct correlation between the time a bill goes unpaid and the likelihood of payment.

Survey Insights:

• 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:

1. Spot Technology Trends: Engage in technology adoption to positively influence collections.
2. Think Variable Not Fixed: Keep costs in check as billing volume grows. Consider flexible staffing and operational scalability.
3. Reimagine the Office: Support a comfortable, HIPAA-compliant remote work arrangement.
4. Make Time for Growth: Develop new strategies and maintain client relationships.
5. Demonstrate Compassion: Regularly check in on the well-being of staff, especially remote members.

Measure

With Americans frequently adjusting their health behaviors coming out of the pandemic, billers need to identify and measure variances in revenue, costs, and cash flow to remain efficient.

Why Measure?

Defining business metrics helps in keeping an eye on operational areas that directly impact revenue and profitability.

Financial Recommendations:

1. Get ready for increased accounts receivable due to higher patient visits.
2. Implement payment reminders to improve payment velocity.
3. Focus on innovative patient-friendly payment mechanisms.
4. Evaluate and streamline labor costs for efficiency.

Example Metrics:

• Revenue: 1,034
• Expense: 1,960

Automate

Many opportunities exist to automate better communication in healthcare. The patient collections process has historically lacked automation investment and is ripe for improvement.

Why Automate?

Automation is necessary to eliminate unnecessary repetitive labor while maintaining personalized patient support.

Recommendations for Automation:

1. Review and Send Bills Differently: Ensure each bill is accurate and timely to enhance patient satisfaction.
2. Communicate Differently: Use preferred communication channels such as text or email.
3. Implement a Ticketing System: To manage patient queries effectively.
4. Simplify Patient Payments: Offer easy, secure online payment options.
5. Communicate with Physicians: Share your collections efforts to maintain a continuity of communication.

Conclusion

Staying competitive in today's environment requires not only the adaptability to evolve but also the foresight to anticipate change. Companies don’t change; people do. How can you be part of the solution and recovery? Are you ready to adapt and grow in the pandemic era?