Medical practices, like all businesses, continue to face uncertainty as the COVID-19 pandemic continues to affect nearly every aspect of our lives within the U.S. How can companies adapt and keep their patients while ensuring they boost practice revenue in these difficult times?
Recently, a McKinsey & Company report that dug deeper into what the next normal will look like in this country talked about how the “online world of contactless commercial” will likely be bolstered in many ways that will reshape consumer’s behavior in the future. As the country deals with yet another wave of the virus, patient anxiety remains high, which means that medical practices must take measures to offer reassurance.
Recent data shows that one out of five patients would switch practices for one that provides better COVID-19 safety, it’s becoming obvious that offering contactless pre-registration processes in the office is essential to navigating the future months. One such option is for practices to begin using patient pre-registration and intake instead of traditional paper-based processes, which have been frustrating for administrative staff and patients alike in the past.
Traditionally, patients have been asked to come to the office early for appointments to fill out paperwork. Even those patients who have offered information at previous visits are required to fill out forms and provide their signature for consent. Next, patients remit payment to the staff or later by mail or a portal. Then all that information must be input into digital medical records, a process that often results in omissions or errors that can lead to delays in billing and even claims denials that reduce practice revenue.
The good news – self-service technology like contactless pre-registration offers improved staff and patient safety during the ongoing pandemic, while offering some excellent benefits for the practice revenue cycle, as well.
Improve Accuracy Early in the Revenue Cycle
One of the key benefits of using contactless registration in your practice is the ability to improve accuracy early in the revenue cycle. Providing patients with the option to complete forms in advance increases completion rates while ensuring staff doesn’t have to transcribe that information from paper to electronic health records. Patients also have the ability to easily update or confirm their information, improving completed-ness and accuracy. Providing patients with this added convenience also improves patient satisfaction scores, reducing the chance that patients decide to go elsewhere for their healthcare needs.
Reduced Administrative Time Spent on Patient Check-Ins
Contactless pre-registration processes for pre-arrival paperwork and check-in also goes faster and requires far less time and effort on the part of your administrative team. It avoids in-person contact that’s unnecessary, streamlining the process so the visit focuses more on providing patients healthcare. The amount of time that’s spent on these administrative tasks can be reduced significantly, allowing them to focus more on patient-centered services and other activities that boost revenue. In one case study, a practice estimated that for every 1,000 patients the pre-registered at their practice (which includes seven physicians), they could save more than $200,000 in team and physician team by utilizing electronic pre-registration processes.
Increase the Likelihood of Patients Paying Up Front
One of the big problems in the practice revenue cycle is collecting the portion of patient responsibility. When payment information and options become a part of this pre-registration process, patients become more likely to pay upfront, increasing the rate of co-pay collections. Patients also have the ability to view their balance and payment options with ease, making it easy to pay off outstanding balances, boosting practice revenue, and reducing the amount of unpaid patient debt.
Practices Operate More Smoothly Optimizing Number of Patients Seen
Last, when contactless pre-registration is used before patients arrive at the office, it speeds up check-in and boosts efficiency, allowing practices to operate more smoothly. This makes it easier to keep the practice running on schedule, optimizing the number of patients that can be seen daily, which gives practice revenue a boost, too.
While there continues to be a lot of uncertainty ahead for medical practices during the ongoing pandemic, adopting digital initiatives like contactless pre-registration opens the door for continued, long-term growth and increased revenue. Offering touch-free, mobile pre-registration allows patients to come into the office for in-person appointments with confidence while streamlining intake processes to boost practice revenue.
If your practice is looking for ways to boost revenue, M-Scribe Technologies, LLC can help. We’re a national leader in medical claims billing, coding, auditing, and more. Give us a call at 770-666-0470 or email us at Patrick.Dougherty@m-scribe.com to learn more about how we can help your practice today.