As healthcare evolves, CFOs and business owners are continually looking for ways to increase revenue and decrease costs. In a market crowded with solutions promising to help collect bills faster and shorten the revenue cycle, evidence also shows there are proactive steps that can be taken to improve the bottom line through investing in and maintaining technology. Here are five ways technology can help improve your bottom line:
1. Be more competitive
In many ways, healthcare is a crowded industry. Patients have a myriad of options when choosing their care team. As a clinician, it can be hard to stand out. One way to make your mark is to enhance the patient experience through technology. From enabling smooth and technologically savvy patient check-ins to facilitating simpler communications outside the clinical setting, patients are impressed with physicians who have invested in technology that makes managing their health and attending their visits easier and more enjoyable. This provides a distinct competitive advantage over those who have not invested in technology. Conversely, a reluctance to invest risks placing your organization at a disadvantage.
2. Reduce clinical downtime
There are both hard and soft costs to clinical downtime. Some research shows, that clinical downtime could be as much as $8,000 per minute. It is imperative to your business that you take steps to reduce this costly crisis. By planning your infrastructure for the future, investing in the appropriate technology and bringing on the right team to maintain it, the risk of experiencing clinical downtime is reduced and ultimately will result in a growth of your bottom line.
3. Reach a broader audience
Within the traditional healthcare model, patients travel to a doctor’s office. It seems simple enough. However, this can be a very difficult exercise for patients in rural areas, elderly patients, people without transportation, etc. Telehealth, telemedicine and mHealth have provided physicians with a way to connect with patients who were previously unreachable. In order to participate in these initiatives, physicians and patients must both invest in the technology and bandwidth necessary to accomplish it. This will, however, allow physicians to treat and bill for a new set of patients.
4. Avoid fines
Failure to comply with government regulations, including HIPAA, can be very costly. When infrastructure is not maintained, patient data is at risk. By investing and maintaining a future looking infrastructure as well as engaging a HIPAA security expert, the risk of government fines is reduced and the bottom line is improved.
5. Increase staff efficiency
Gone are the days of staff scrambling for paper patient records or flipping through appointment books. Technology allows teams to work collaboratively and efficiently. When staff members are given the appropriate tools and taught how to use them, they can spend less time on administrative tasks and more time interacting with patients and generating revenue.
Strategic investments in technology can reduce downtime, increase staff efficiency and effectiveness, and protect patient data – all of which is apparent in the bottom line. With Keystone, your investment in technology is more than buying a few new computers – it is an investment in the economic viability of your practice.