02. 15. 23
As the healthcare industry continues to face increasing challenges such as staffing shortages, inflation, and the COVID-19 pandemic, many providers are turning towards revenue cycle management (RCM) technology to optimize operations and maintain financial stability.
According to a recent report by Bain and Company, RCM solutions are gaining traction as a means of streamlining administrative and clinical functions to increase revenue and improve patient care. With the ability to automate tasks such as appointment scheduling and payment processing, RCM technologies are proving to be a valuable tool for healthcare providers looking to navigate the current landscape and emerge stronger.
In an interview on The Modern Practice Podcast, Rectangle Health’s Matthew Morrobel discussed why RCM is a key focus point for providers, stating, “Revenue cycle management solutions enable healthcare leaders to outsource and offload that most time-consuming work so that they can get back to doing what they care about most, which is serving their patients.”
The report by Bain and Company also states that software is a top five strategic priority for healthcare providers, and automation is among the top motivators for these investments. Automation is crucial for care providers looking to recover from setbacks caused by COVID-19 and adapt to changing environments. Matthew Morrobel explains, “Automation is so instrumental for…providers looking to not only recover from some of the setbacks that COVID introduced but also looking to recover and recoup that outstanding revenue.”
In today’s fast-paced world, automation has become necessary for many businesses. Automation allows for that relationship and rapport between the practice staff and patients to elevate since more time can be spent having those meaningful conversations because, as you know, “Conversations Matter.” He goes on to share his personal experience with his dentist, who uses automation technology to schedule appointments and send reminders, allowing him more time to have personal conversations with his patients.
Automation in the healthcare industry streamlines operations and elevates the patient experience, and it gives providers more time for meaningful patient conversations, strengthening bonds and business growth.
Gary Tiratsuyan, host of the Modern Practice Podcast adds that “nearly every submission of a hometown healthcare hero that we intake includes, ‘I highly recommend this practice. I highly recommend this staff to work with. They never forget to ask how my mom is doing and how my son’s soccer team did last weekend.’ Those types of personal conversations develop a strong bond that leads to business growth, retention, and patient loyalty. “
Investing in payment solutions is another way to streamline operations and improve cash flow. According to Morrobel, “what this does for companies in other industries and for providers is that it gives them better control of their cash flow, providing those additional insights to accelerate their receivables and simplify their payables.”
Additionally, investing in payment solutions can help improve cash flow and provide additional insights to accelerate receivables and simplify payables.
Payment technology is changing the way healthcare providers interact with their patients. Using digital tools and technologies, such as mobile payments and appointment reminders, allows providers to focus on meaningful work rather than repetitive tasks like data entry and manual data collection. In addition, these digital tools give patients the freedom to fit care more comfortably into their busy schedules.
Matthew Morrobel states, “technology can improve the experience and not only the retail experience but in the healthcare experience as well, making it easier for us as patients to consume healthcare in contemporary ways.” He also emphasizes the importance of patient preferences and consideration when implementing these technologies.
Gary Tiratsuyan adds, “payment technology allows providers to be proactive rather than reactive in their patient engagement and payment processes.” He also points out that “most patients who want to pay, they pay their bill quickly and easily, in the same fashion as their Amazon, Netflix, Uber, and car payments.”
However, there are also some risks associated with implementing payment technology. Morrobel mentions that providers have to be careful with protecting patient data from unauthorized access and that EMR systems can be costly and may fail to provide timely updates. He also highlights the importance of compliance with industry standards, such as PCI and HIPAA.
One solution that many practices have turned to is Rectangle Health’s Practice Management Bridge®. Morrobel explains that this software is an excellent option for practices looking to improve patient engagement and payment processes, as it is designed to meet the evolving needs of healthcare providers in today’s digital landscape.
As a leader in patient technology solutions, we understand the friction points in your administrative processes that drain valuable time from each day. We’ve designed our innovative work and cash flow platform, Practice Management Bridge®, with ease and efficiency in mind.
By modernizing and simplifying practice operations, our system saves your staff time while helping you achieve faster payments, higher revenues, and improved patient satisfaction. Pre-authorized payments, Text to Pay, and online payments work seamlessly with your existing PMS/EMR, reducing or eliminating accounts receivable and the need for paper statements.
Other features include digital registration forms, custom text messages, contactless payments, automated payment posting, giving patients their preferred options, and streamlining workflows, resulting in an effortless user experience for staff and patients.