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Industry Trends

08. 03. 22

Healthcare is increasingly digital, from clinical applications to office management. These functions often overlap, which means electronic health record (EHR) systems, revenue cycle management (RCM) systems, clinical information systems (CIS), and practice management software (PMS) all need to be able to communicate with each other for a seamless patient experience. A federal survey released last year showed that roughly 60% of patients in the United States were offered a patient portal in 2020, which is up 17 percentage points since 2014, and interoperability makes that happen.

Practices that are going digital first with their services may be encountering issues with expensive and difficult to manage technological solutions. Office administrators need a way to manage the disconnected systems, which will save them time and offer patients easy access to their medical records, payment options, and more.

Rectangle Health can help alleviate that burden so your practice can focus on treating patients while simplifying your healthcare business practices. Hobson & Company conducted a study of Rectangle Health’s clients to quantify the advantages of our flagship solution, Practice Management Bridge®.

Read below to see different ways your practice can expect to see a return on investment (ROI) with Rectangle Health’s Practice Management Bridge® platform.

New site integrations and conversions

Mergers and acquisitions (M&As) can create operational challenges and disruptions for already overburdened administrative staff in healthcare practices. In fact, the issue has become so severe that the Surgeon General issued an advisory “to address the health worker burnout crisis across the country.” One of the recommended solutions offered by the Surgeon General is “to empower health workers and be responsive to their voices and needs.”

Office administrators have found that Practice Management Bridge is easy to implement with remote installation, empowering them with visibility and control across the practice, which allows them more time to focus on having a healthy practice for healthy patients. The platform seamlessly interfaces with any practice management or billing system and facilitates a consistent workflow with centralized reporting.

Mergers and acquisitions can introduce many new headaches for healthcare staff – but utilizing Rectangle Health’s Practice Management Bridge isn’t one of them. Surveyed clients reported a 15% reduction in time spent on new site integrations and conversions.

“The scalability of the solution is a key win,” said one vice president of Revenue Cycle. “We’re able to easily roll over the Rectangle Health technology into our acquisitions.”

Evaluating your technology stack

Whether your practice was part of an M&A transaction or has just accumulated many systems over the years, evaluating your tech stack is always a great way to identify potential cost reductions.

Depending on the size of your practice, interoperability with EHRs may be a challenge. According to the Journal of the American Medical Informatics Association, 17% of single-practice physicians integrate outside data, as opposed to 51% of large practice physicians, and Healthcare IT News reports the average hospital has 16 disparate EHR vendors.

Optimizing software platforms is easier with Practice Management Bridge. Clients reported the option to displace at least one additional system by using our platform, which helps reduce cost and improve practice efficiency.

“It’s difficult to make a change when things seem to be working, but Practice Management Bridge can eliminate a bunch of disconnected systems and it’s worth the effort,” said an executive director.

PCI compliance and non-compliance fees

Healthcare organizations must comply with payment card industry (PCI) standards, but their data is about more than just fulfilling requirements. Unfortunately, there is a pervasive cybersecurity risk facing the healthcare industry today. System intrusions and basic web application hacks are on the rise among healthcare organizations, according to Verizon’s Data Breach Investigation Report.

Practice Management Bridge stores patient data in a reliable, secure backend, which helps your practice adhere to necessary standards. Current clients reported a 100% reduction in PCI non-compliance fees charged by processors.

“Previously we did nothing, and we were wide open. Rectangle Health closed this gap and took care of everything,” said one director of operations that uses Practice Management Bridge. “It’s peace of mind. Now we know the PCI compliance box is checked.”

Realize true ROI with Rectangle Health healthcare payments solution

Rectangle Health is a leader in providing digital payment options and other tools that every modern healthcare partner needs. For nearly 30 years, we have offered innovative solutions to streamline payment services in a wide variety of healthcare industries.

Our industry-leading Practice Management Bridge® platform reduces friction and creates a seamless payment experience with any existing practice management system. Best of all, our platform can interface or even integrate with your existing technology, meaning you won’t need to invest in additional software. Read our executive report prepared by ROI research experts Hobson & Company and calculate your practice’s potential ROI with our healthcare payments technology.

Resources

  1. (2021, September). Individuals’ Access and Use of Patient Portals and Smartphone Health Apps, 2020. The Office of the National Coordinator for Health Information Technology. Retrieved from https://www.healthit.gov/data/data-briefs/individuals-access-and-use-patient-portals-and-smartphone-health-apps-2020
  2. (2022, May 23). New Surgeon General Advisory Sounds Alarm on Health Worker Burnout and Resignation. U.S. Department of Health & Human Services. Retrieved from https://www.hhs.gov/about/news/2022/05/23/new-surgeon-general-advisory-sounds-alarm-on-health-worker-burnout-and-resignation.html
  3. Barker, W., Everson, J., Patel, V. (2022, April 20). Electronic health record developer market segmentation contributes to divide in physician interoperable exchange. Journal of the American Medical Informatics Association. Retrieved from https://doi.org/10.1093/jamia/ocac056
  4. Sullivan, T. (2018, May 16). Why EHR data interoperability is such a mess in 3 charts. Healthcare IT News. Retrieved from https://www.healthcareitnews.com/news/why-ehr-data-interoperability-such-mess-3-charts
  5. (2022, May 24). 2022 Data Breach Investigations Report. Verizon. Retrieved from https://www.verizon.com/business/resources/reports/2022/dbir/2022-data-breach-investigations-report-dbir.pdf.

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