The Healthcare billing system is entering the modern age
The existing health-care billing and payment system is getting a facelift. Reflective of the new health economy wherein patients have become purchasers demanding quick, convenient, affordable, and transparent methods of medical billing and payment, the modern makeover also reflects the one-click modality of the digital age.
As many patients now shoulder the bulk of their health-care costs on their own, the survival of health-care providers increasingly depends upon their ability to adapt and run their practice as a business catering to the demands of consumers.
The health industry is becoming an open economy
According to studies by PwC’s Health Research Institute (HRI), the dawn of a new health economy is upon us. As consumers take charge of their own health, outdated care-delivery models are being reinvented and replaced by new technologies and innovations. In what has been dubbed “the new health economy,” other sectors—such as telecommunications and retail—play a key role in the delivery of health-care and market-price values.
Providing expert research and analysis on trends affecting health-related industries, HRI’s findings point to a powerful global reality in which a new ecosystem serves the consumer. With the aim of pleasing the customer, new technologies are revolutionizing the $2.8 trillion health-care sector, turning the traditional industry into an open market. The new entrants into the field, also known as “market disruptors,” have largely come about in response to complex regulatory and reimbursement systems that confuse and frustrate patients.
Outsourcing billing reduces the burden on doctors
To outsource or not to outsource medical billing—that is the question. The answer? According to most health-care experts, the answer is yes!
First, medical collections operations are essential for the success of any medical practice, not only to achieve the required degree of regulatory compliance but to receive proper reimbursement. Medical billing specialists are expensive to employ, and as your practice begins to grow, so too will your medical billing and coding needs and workloads. Outsourcing medical billing changes your fixed-cost expenses to variable costs, allowing you the flexibility of hiring a billing expert part time or as needed. Moreover, collecting money from patients is a time-guzzler and headache for most doctors and health-care providers. An expert in medical billing processes will help you manage your business, take care of all the administrative duties involved, and free you to concentrate on the lifeblood of your practice: delivering high quality patient care.
Keep patient records private by outsourcing compliance
As technology bridges the gap between patients and clinicians, allowing remote and personalized forms of medical care, new paradigms of health-care delivery must address issues of privacy and security that arise with sharing data over the Internet. These issues are especially relevant with the advent of medical wearables or wearable health-care devices, which have seen an explosion in the marketplace and a continuing growing popularity. A good outsourcing company can ensure that your medical practice or health-care facility stays up-to-date with the latest protocols, and that your patients’ information complies with the Health Insurance Portability and Accountability Act (HIPAA).
According to HIPAA, to protect health information from hackers or other privacy breaches, no personal or protected health information should be identifiable from data in electronic or digital form. This includes a person’s name, address, phone number, medical record number, and Social Security number, while the data in question may be a physical examination, lab test result, or even a vital sign like someone’s blood pressure.
Medical blogging will enhance your healthcare practice
If you run a medical or health-care practice, medical blogging is an excellent strategy for attracting and engaging patients and professionals. A well-crafted medical blog with news or information related to your field is a great way to market your services, share your expertise, enhance your website with SEO-rich content for the search engines, personalize your relationship with your patients, sharpen your writing skills, and keep your medical website up-to-date. You can also explain procedures, answer questions, dispel myths, link to other medical sites, connect with people around the globe, lend authenticity to your practice, enhance your career, and benefit the global medical community at large.
Experts recommend medical blogs for advancing marketing efforts and for refining existing health-care marketing strategies. In a digital age where patients are Internet savvy, where people search for health-related advice, news, information, answers, and service providers online, and where viral word of mouth is the primary way of connecting with people worldwide, medical blogging combined with social media marketing is a sure-fire way to share your voice of experience, advertise your medical practice, and experiment with marketing at no added cost.
Medical wearables give a technological spin to improving health
In 2014, health-care experts predicted that medical wearables—also known as medical digital devices, wearable health-care devices, and wearable technology—would become a $1.6 trillion business with far-reaching impacts upon the industry as a whole. The products referred to are mobile electronic devices worn on a person’s body or attached to their clothing that record and transmit personal patient data. As the early predictions ring true in 2016, sunny skies are forecast for the future of medical wearables.
Market research and analysis experts such as Frost & Sullivan, Morgan Stanley, and Price Waterhouse Coopers Healthcare Research Institute (HRI) report that digital health-care devices are a hot-ticket item for consumers and continue to gain traction. Wearable technology has, in fact, exceeded market expectations. Not only has the era of digitalized medicine firmly taken hold and not only are medical wearables increasingly popular and fashionable, but the newfangled products are improving patients’ lives and the delivery of health care at large.
Wearable Health-Care Devices Maintain and Improve Your Health
Wearable health-care devices, otherwise known as wearable technology, wearable tech, and clinical wearables, are the hottest items on the market. Among the stakeholders interested in expanding the demand and supply of wearable health-care devices are doctors, insurance companies, employers, patients who pay for their own medical bills, and patients everywhere. In an era championing preventive medicine, early detection, and physical and health fitness, and in the post-millennium when even the average Joe has become a techie, the popularity of wearable tech is not surprising.
Not only have digital medical devices become fashionable and trendy, but they are being cited by experts as a boon to the health-care industry as a whole, reducing hospital stays, emergency room visits, doctor’s office visits, work downtime, and costs. In fact, a growing number of health insurance providers are offering reward incentives and reducing premiums to those who successfully invest in specified wearables.