Author: hmicorp

Revenue cycle management optimization companies have been talking about automation for years.  

Automation is not a secret, yet many organizations are not investing in automation in the right way.  

A strategic approach to investing can work wonders for your organization. Instead of shoehorning robotic process automation (RPA) into fields where it doesn’t fit, you can target the best opportunities for automation, artificial intelligence, machine learning, and RPA. 

How should your organization intelligently invest in automation for revenue cycle management? Here are some of the strategies organizations are using to maximize their success. 

Identify High-Value Opportunities 

It’s a basic rule of business to identify the highest-value opportunities, then exploit those opportunities. Automation can benefit from a similar approach. 

Identify the areas of your business with the biggest opportunities for automation. To find those areas, ask yourself the following questions: 

• What are the real problems your business is facing? 
• Where is your business facing inefficiencies, needs, and gaps? 

• Where do staff need the most assistance?  
• Which processes are rules-based, manual, and repetitive? 

If you understand your healthcare organization, then you should be able to quickly identify the best areas for automation.  

The next step is to identify specific processes within these opportunities that can be automated. 

Spot High-Volume, Repetitive, Rule-Based Tasks that Are Ideal for Automation 

Automation can’t solve every problem. Robots can’t fully replace human-style problem-solving (at least not yet).  

However, automation is ideal for repetitive, rules-based tasks – especially tasks that your organization is performing manually.  

If you can consistently identify tasks that can be done by a robot or program, then you can optimize your healthcare organization at many levels. 

Look for tasks that are: 

High-Volume: The best tasks to automate are tasks that are performed multiple times per day. These are the highest-value tasks to automate, as they decrease your organization’s efficiency every day. 

Rule-Based: The best tasks to automate are also rule-based. Robots can easily understand a task when it’s associated with rules. If there are no rules, or if the task requires human-style thinking, then a robot may struggle to automate this task. Look for tasks with clearly defined rules, like where “If X occurs, then execute Y.” If you can repeatedly find rule-based tasks like that, you can find the best opportunities for automation. 

Repetitive: To get the most value from your automation processes, you need to find tasks that are repetitive. You don’t want to invest in an automation system only to use it once or twice. You need to use it regularly to extract maximum value. 

Performed Manually or Slowly: Identify tasks in your organization that are performed manually or slowly. Humans may be doing a task that could be done by robots. These tasks are ripe for disruption, and they free up time for human employees in other areas of the organization.  

If you can find tasks in your organization that meet the above requirements, then you can find the highest-value opportunities for automation. 

Create Opportunities to ‘Reskill’ Employees 

As Ontario Systems explains, automation shouldn’t be seen as a way to eliminate employees; instead, you should find ways to reskill employees. 

Your employees are your most important assets. Automation technology frees employees from routine tasks, but it shouldn’t always reduce your headcount. Instead, direct employees to other high-yield, productive work.  

You’ve already invested in training and onboarding an employee. Analyze the employee’s skills and apply those skills to a similar area. Automation can’t solve everything, and good employees can continue to deliver enormous value to an organization.  

Spend Time Researching the Right Automation Technology to Implement 

There’s plenty of competition in the automation software space. Healthcare organizations can choose from a range of providers.  

All healthcare automation companies claim to offer similar benefits. They all claim to speed up revenue cycle management, optimize manual processes, and provide other crucial benefits. 

However, not all healthcare optimization service providers are equally as effective. Some are implementing the latest neural network, machine learning, and data analytics technologies. Others are using decades-old platforms.  

Spend time researching the right automation service to implement in your organization. Don’t be dazzled by the first healthcare automation service that comes across your desk. There are good and bad options in the automation space, and choosing the right option is crucial for maximizing the value of automation. 

Leverage your Data 

Data is a valuable asset, yet many organizations don’t use their data. You have data about patients’ behaviors, including the methods patients use to contact you. You have data about how patients access your services, how insurers interact with your organization, and more.  

Even if you’re not using patient health data, you have plenty of data to use when automating your organization. By applying automation processes, machine learning, and artificial intelligence to this data, you can get surprising insights into how your organization can improve. 

Leverage big data to optimize your organization, improve patient care, and maximize efficiency at every level of your organization. You already have this data. Use AI and automation to maximize the value of this data.  

Request a Consultation with HMI, LLC Today 

Automation is complicated. We understand. With so many technologies available in the automation space, it can be difficult to know the best option for your organization. 

HMI, LLC can help. Request a consultation today. Let us identify the highest-value opportunities for automation in your organization. 

Healthcare organizations are facing more competition than ever. If your organization does not have patient-friendly billing, then you could be pushing patients to competitors.  

Adopting patient-friendly billing may be easier than you think. By implementing patient-friendly billing standards today, you can create better patient outcomes, customer service, and revenue cycle optimization. 

Keep reading to discover some of the best and most proven strategies for creating patient-friendly billing standards. 

Analyze Patient Billing Data to Identify Problem Areas 

Your patient billing system may already be good – but there is always room for improvement.  

Analyze patient billing data to identify problem areas. Check metrics to make sure you understand how patients are managing your billing system and what steps you can take to improve. 

Revcycle recommends checking three crucial metrics to identify problem areas within your patient billing system: 

1. Average Days from Statement to Payment:In a perfect world, every patient pays on time, and your payment date is soon after your statement date. In the real world, that’s rarely the case. That’s why the number of days between your statement and payment is a crucial metric when analyzing your billing system. Every day that a claim goes unpaid is a day your cash flow suffers. As payment dates drag out, payments become increasingly costly to collect. Your goal is to minimize the length of days between your statement date and payment date.  
2. Cost to Collect:Your healthcare organization could have poor revenueoptimization because of high collection costs. To measure the cost to collect, check the amount collected and then subtract the delivery cost and labor cost. Consider the number of calls you needed to make, for example, or the time staff spent answering billing questions. All of these things increase costs on your end without increasing your payment.  
3. Revenue Per Statement: How much revenue does your organization receive based on the number of statements sent? Are certain statement formats superior to others? Split test different patient billing statements to determine the best way of presenting information to patients. To analyze the effectiveness of your new patient billing system versus your old system, check the revenue per statement. 

How Patient Friendly Billing Works 

The Healthcare Financial Management Association (HFMA) has collected a list of the best patient-friendly billing strategies. By implementing these changes today, your organization can make it easier for patients to understand, accept, and pay each bill. 

The HFMA emphasizes four foundational principles of a patient-friendly billing system, including: 

Clear: Bills should be written in plain language. They should be easy for anyone to understand. Patients should be able to quickly determine what they need to do with that information.  

Concise: Bills should contain the right amount of detail to communicate the message, but not too much detail to confuse customers.  

Correct: Bills should not include estimates, incomplete information, or errors. All information on the bill should be accurate and correct.  

Patient Friendly: The design of the bill statement should be based around the needs of the patient and the patient’s family – not the needs of the healthcare organization.  

Patient Friendly Billing Techniques to Implement Today 

According to the HFMA, these are some of the best patient-friendly changes to make to your billing system today: 

• Consider the needs of patients and their family members when designing administrative processes and communications. Understand that patients could be angry, sad, frustrated, or confused. Train staff to deal with these emotions. 
• Gather information and coordinate with other providers and insurers. Coordinating efforts allows the collection process to be done efficiently, privately, and with as little repetition as possible.  
• Do not communicate financial information during the medical encounter unless necessary.  
• All patient billing statements should contain plain language the patient can easily understand. They should not contain jargon, ambiguous terms, or terms the average person would not understand unless necessary. 

Organizations should continue to improve the billing process by incorporating better practices, implementing feedback from patients, and analyzing billing data.  

3 Ways to Test your New Patient Billing System  

We’ve explained simple changes to make to your patient billing system. Now, it’s time to test those changes in the real world. 

To do that, test your patient billing system using the following techniques: 

Set Benchmarks: You’ve invested in a new patient billing system. Set benchmarks. Say you want to reduce the statement date and payment date by 5 days, on average, for example. Use the metrics mentioned above to set practical goals. 

Evaluate Costs: A new patient billing system could be cheaper or more expensive. Evaluate the costs of the billing system. Consider mailing costs, software costs, technology costs, and other expenses. 

Isolate Changes and Split Test: Maybe you made a dozen changes to your billing system in the last week. You improved your billing processes, but you don’t know which process led to which improvement. Isolate changes and split test to see which changes work best. 

By monitoring the three metrics above, you can calculate return on investment. Continue to track these measurements over time to ensure you maintain the most efficient possible patient billing system. 

Discover Efficient Patient Billing with HMI, LLC 

Patient-friendly billing is crucial for revenue cycle optimization. As revenue cycle management specialists, we can implement actionable changes to your billing system to improve your billing processes.  

Schedule a consultation with HMI, LLC today to discover the best patient-friendly billing strategies. 

Digital healthcare and telehealth are at the top pf the list of healthcare trends in 2021. 

Leading healthcare organizations have invested significantly in digital healthcare, expanding services and optimizing patient outcomes. 

Other healthcare organizations are already falling behind. Since digital healthcare isn’t going away any time soon, that’s a problem. 

Today, we’re highlighting some of the best digital healthcare strategies you can use to optimize revenue. 

Revenue Optimization Strategy #1) Embrace Cloud Infrastructure  

Cloud infrastructure is an investment that has quickly paid dividends for healthcare organizations across the country. 

In the last year, cloud infrastructure has allowed providers to rapidly deploy field hospitals, providing services wherever those services can safely be administered. 

Good cloud infrastructure optimizes every level of your healthcare organization. It allows for more streamlined movement of clinical records between different medical systems. It optimizes patient care and improves continuity in uncertain times. 

In a West Monroe Partners survey, 35% of healthcare partners reported holding more than half of their data or infrastructure in the cloud.  

Why is the cloud so valuable? It reduces IT costs and improves access to data. Healthcare organizations can focus on what they do best – patient care – while leaving IT to the professionals. Cloud infrastructure is updated continuously for speed and security. And hybrid cloud deployments allow organizations to enjoy all of the benefits of the cloud – with fewer downsides than a cloud only deployment. 

Moving forward, more healthcare organizations are set to embrace cloud infrastructure.  

As pointed out by Forbes, firms like Amazon are taking note. Amazon Web Services just announced the launch of HealthLake, a cloud storage and analysis platform. HealthLake uses artificial intelligence and machine learning to analyze data in the cloud, making it easier for healthcare organizations to access and use their data.  

Revenue Optimization Strategy #2) Optimize Telehealth Services 

The COVID-19 pandemic accelerated the inevitable: firms were already implementing more telehealth services every year, and COVID-19 forced more firms to adopt telehealth. 

According to a McKinsey report, just 11% of Americans reported using telehealth services in 2019. In 2020, that number rose to 46%.  

Virtual patient care, when implemented correctly, reduces costs for healthcare providers. It enables doctors to see more patients. It reduces overhead expenses. Studies show it can also improve patient outcomes.  

With Medicare, Medicaid, and major insurance companies covering virtual care, telehealth isn’t going away any time soon. Expect telehealth to rapidly expand in the coming years. Smart healthcare organizations are already investing significantly into telehealth to prepare for the inevitable.  

Revenue Optimization Strategy #3) Make Good Insurer Partnerships 

Healthcare providers took a huge hit last year during the COVID-19 pandemic. Providers were forced to halt services because of the pandemic. It led to plummeting revenue, especially for organizations that relied heavily on fee-for-service reimbursement. 

That’s why smart healthcare providers are moving into value-based payment arrangements. They’re avoiding the increased risk of fee-for-service arrangements and seeking better insurer partnerships. 

A fully integrated healthcare system provides organizations with a diversified revenue stream they can use to weather the pandemic – or any other unexpected events that could occur in the future. To build that integrated healthcare system, providers are searching for health insurer deals and partnerships. 

This will ultimately lead to a shift in patient care. Insurers will emphasize preventative healthcare and maintenance. Instead of just treating sick patients, healthcare providers will be motivated to prevent patients from becoming sick in the first place. 

Revenue Optimization Strategy #4) Prepare for After-effects of the Pandemic 

We haven’t felt the full effects of the COVID-19 pandemic. Organizations still have hurdles to face. Some of the things to monitor as we get closer to the end of the pandemic include: 

Higher Costs of Claims for Insurers: Patients have put off care for months. As restrictions drop, patients will return for care. Many of these patients are sicker because they deferred care. That could mean more spending on care for insurers – and higher patient loads for providers.  

Increased Numbers of Medicaid and Self-pay Patients: Millions of Americans have lost healthcare after losing their jobs during the pandemic. Hospitals are reporting increased numbers of patients using Medicaid or self-pay systems to cover their costs. Some healthcare organizations are unprepared for this shift, while others have well-established procedures in place.  

Smarter Business Continuity Plans: We don’t know what happens next, and we don’t know when restrictions will be lifted. But one thing is certain: businesses with strong continuity plans are better prepared than those with poor continuity plans. Some providers were able to adapt to changing regulatory frameworks rapidly, while others quickly fell behind. 

Schedule a Consultation with HMI, LLC Today 

HMI, LLC has decades of proven experience optimizing revenue cycle management, medical coding, compliance, chargemaster services, and more. 

Contact HMI, LLC for a consultation – and identify areas of revenue growth for your organization in 2021. 

Lean Six Sigma is a business optimization method that focuses on eliminating defects.  

In healthcare, defects can be the difference between life and death. That’s why many healthcare organizations have implemented Lean Six Sigma principles. 

When properly implemented, Lean Six Sigma optimizes every stage of patient care – from revenue cycles to patient outcomes.  

Today, we’re explaining how Lean Six Sigma works in healthcare – and how it can help your organization eliminate defects.  

What is Lean Six Sigma?  

Lean Six Sigma is a method that emphasizes a collaborative team effort for improving performance and reducing inefficiencies. 

The method is based on lean manufacturing techniques. If you’re familiar with lean healthcare practices, then Lean Six Sigma may sound familiar. 

In addition to targeting defects and waste, Lean Six Sigma targets overall cultural change. The system emphasizes growth and optimization. 

You’ll encounter Lean Six Sigma at a range of corporations. It rose to popularity with electronics companies and car companies.  

Since the mid-2000s, however, we’ve seen Lean Six Sigma in healthcare, finance, supply chain, and other sectors.  

When implemented successfully, Lean Six Sigma maximizes efficiency while increasing profitability – in any field.  

How Lean Six Sigma Works with Healthcare 

Many healthcare organizations use lean healthcare practices – or specific Lean Six Sigma strategies – to maximize efficiency and increase profitability. 

Healthcare consultants spot inefficiencies within an organization. Good organizations can quickly fix these inefficiencies and move forward. Some organizations, however, need sweeping cultural changes and foundational shifts.  

The purpose of Lean Six Sigma is to identify defects. In healthcare, a single defect can be the difference between life and death. 

Medical errors in the United States contribute to the deaths of more than 210,000 people per year. They also cost healthcare organizations over $17.1 billion per year.  

By implementing Lean Six Sigma strategies, healthcare organizations can improve patient safety by eliminating life-threatening errors. It’s not just about optimizing revenue: it’s about improving patient safety. 

Benefits of Lean Six Sigma in Healthcare 

Lean Six Sigma and similar strategies can improve patient outcomes, maximize efficiency, and boost revenue at any healthcare organization. 

When properly implemented, Lean Six Sigma could improve the follow areas of your healthcare organization: 

• Reduce waiting times in hospitals and private practices 
• Reduce the risk of a defect that negatively affects patient outcomes 
• Prevent falls, injuries, and other accidents in the workplace for patients and staff 
• Reduce medication errors when prescribing or administering drugs 

• Reduce unnecessary expenses 
• Improve workplace environment, efficiency, and safety for staff  

How to Implement Lean Six Sigma 

Healthcare organizations may partner with healthcare consultants to implement Lean Six Sigma methods. Many healthcare consultants are certified in Lean Six Sigma (LSS) methodology.  

Certified LSS experts often recommend the DMAIC method, where you Define, Measure, Analyze, Improve, and Control defects within a healthcare organization: 

Define: The consultant defines the problems with the process and sets goals. The consultant might observe high rates of medication errors, for example, and sets a goal of reducing those errors. The analyst then creates a process map that details each step of the process, from the initial prescription to the final dispensing. 

Measure: The consultant measures how the current process performs, gathering data for each step. The consultant looks for bottlenecks or areas with a high rate of errors. Where is the process inefficient? 

Analyze: The consultant analyzes data from each step, identifying areas that could be optimized. The goal is not just to identify bottlenecks, but to identify the root cause of those bottlenecks. 

Improve: The consultant develops and tests solutions. The consultant might recommend an extra safety check before the final dispensing of the prescription, for example, among other solutions. 

Control: The consultant ensures the new prescription procedure stays on course. The consultant monitors the new system, analyzes the improvement at each step of the way, and verifies the improved outcomes. 

The consultant repeats this process at every step of the organization. 

Some of these consultants work within organizations. They have titles like Chief Patient Experience Officer or Director of Quality Management. 

Other organizations hire outside consultants. 

Some healthcare consultants specifically advertise their Lean Six Sigma certification. Or, a healthcare organization may require Lean Six Sigma certification for some leadership positions – including a Green Belt or Black Belt certificate.  

Final Word 

Lean Six Sigma, also known as LSS, is a proven methodology that could improve patient outcomes – and boost revenue.  

Many healthcare organizations have implemented Lean Six Sigma strategies with powerful results. Some healthcare organizations achieve similar results just by implementing basic lean healthcare practices. 

HMI, LLC specializes in spotting inefficiencies within healthcare organizations.  

Contact HMI, LLC for a consultation – and discover how your organization can improve patient outcomes and revenue. 

It’s been challenging for some healthcare organizations to keep up. However, by implementing certain strategies today, your healthcare organization can maximize revenue in 2021 and beyond. 

How are today’s top organizations optimizing revenue? Today, we’re highlighting some of the healthcare organization strategies firms are using to get ahead. 

Securing Domestic Manufacturing of Medicine, Supplies, and Equipment 

The COVID-19 pandemic showed how fragile international supply lines can be. As the COVID-19 pandemic surged, countries with domestic medical manufacturing facilities reigned supreme. 

Countries that had traditionally relied on China for PPE, for example, were suddenly unable to procure necessary amounts of equipment. Others struggled with drug supply lines. Some continue to struggle with vaccines. 

None of this has been secret: it’s been painfully obvious. 

Expect a significant “made in America” push in the coming years. Expect more domestic firms to rise to manufacture supplies, drugs, and equipment for healthcare organizations. 

There have been increasing calls for domestic manufacturing of crucial medical supply lines. It’s not just a convenience or cost issue: it’s a national security issue. Watch for significant growth in this space throughout 2021 and beyond. Healthcare providers will switch to domestic suppliers if they offer better, cheaper solutions.  

Making Large Investments in Telehealth  

Telehealth isn’t going away anytime soon. It was surging in popularity before the pandemic, and the pandemic illustrated the importance of telehealth even further. 

Virtual patient care is more common today than ever – and it’s going to become increasingly common in the coming years. 

Smart healthcare providers invested in telehealth yesterday. They stay on top of remote health regulatory requirements. They invest in the latest telemedicine technology to optimize patient care. 

Healthcare organizations that are not investing significantly in telehealth risk falling behind.  

With Medicare, Medicaid, and major healthcare organizations now covering telehealth, you can’t ignore telehealth any longer. It’s here, and it may be more popular than in-person patient care in the near future.  

One study showed 53% of all employers plan to offer more virtual care options in their benefits packages, making it the biggest change of the year. 

Meanwhile, CMS data showed that telehealth adoption increased 50% for primary care visits with Medicare beneficiaries.  

Telehealth has improved significantly in recent years. As telehealth grows to cover psychiatry and other areas of medicine, it will only become more popular.  

Increasing Focus on Genetic Health and Wellness 

We know more about our genetic code today than at any previous point in history. Our genetic health and wellness is becoming increasingly important. We won’t be changing our genetic code by the end of 2021, but it’s a space to watch moving forward. 

As The Motley Fool reports, there are only 6,000 genetic experts in the United States, which isn’t enough to serve 330 million people (especially for in-person visits). Expect more virtual healthcare platforms in the genetic space – and more genetic health specialists – as we move forward in one of the most exciting areas of patient care. 

Making More Value-based Arrangements to Optimize Patient Care 

Providers took a huge hit in 2020 when they were forced to halt services for COVID-19. 

However, there was a silver lining to this shift: it forced providers into value-based payment arrangements.  

Some analysts believe this will have the long-term effect of curbing healthcare spending in the United States. Payers will reimburse for improved outcomes instead of volume, which means lower overall spending. 

In other words, people are realizing the risk of antiquated, fee-for-service models – so they’re embracing new alternatives.  

Instead of focusing on caring for sick patients, for example, healthcare organizations may focus on keeping patients healthy. They’ll move further upstream, which ultimately reduces costs and improves patient outcomes.  

This shift is particularly important for providers that are heavily reliant on fee-for-service reimbursements. These providers took a huge hit last year – and smart providers are taking steps to end 2021 with a better financial picture.  

Making Better Insurer Partnerships 

Many healthcare providers have also sought better insurer partnerships as a result of the pandemic. The pandemic has illustrated the importance of good health insurer deals and partnerships. 

It’s no secret the pandemic will lead to more payer-provider partnerships. Multiple analysts have made similar predictions in recent years. As healthcare organizations see the benefits of a fully integrated health system, it’s illustrating the importance of maintaining good partnerships. 

Preparing for Increased Numbers of Medicaid and Self-pay Patients 

Millions have lost healthcare because of the pandemic. Healthcare organizations are seeing record levels of patients using Medicaid or self-pay to cover their healthcare costs.  

Organization that are prepared for this surge are doing great. Organizations that are not prepared are falling behind. 

Organizations with improper medical coding, limited Medicaid or self-pay optimization, and other issues are losing revenue.  

As furloughs end for employees, and as jobless numbers continue to remain high, expect more Medicaid and self-pay patients throughout 2021. 

We Implement Proven Solutions for Healthcare Providers  

HMI, LLC stays on top of healthcare trends so you don’t have to. 

Schedule a consultation with HMI, LLC today. We have decades of proven experience optimizing healthcare organizations – from revenue cycle management to medical coding.   

Telehealth isn’t going away any time soon.  

Telehealth was surging before the pandemic – and the pandemic pushed telehealth to new levels.  

As telehealth rises in popularity, organizations are implementing telehealth in different ways. Some are investing billions into telehealth. Others are getting left behind. 

Today, we’re highlighting the most important telehealth trends for 2021, including some of the rising and falling movements we’ve seen from telehealth in recent months. 

1) A Growing Emphasis on Preventative Health for Patients and Families 

The COVID-19 pandemic demonstrated the importance of family health. Moving forward, we’re seeing families put a renewed emphasis on protecting themselves and their loved ones. 

As the dust settles on the COVID-19 pandemic, families want to prepare for the next threat. They’re more interested in preventative medicine. They might be more careful about scheduling checkups or managing conditions. Some have lost loved ones – and they recognize the importance of preventative care more than ever.  

2) Premium Telehealth Services Are Increasingly Becoming Standard 

Telehealth services that were once considered “premium” are rapidly becoming standard. Remote patient monitoring and asynchronous communication, for example, are becoming more popular with providers. 

Early in telemedicine, remote patient monitoring and asynchronous communication were premium services implemented by few providers. Today, they’re part of the standard operating procedure at many hospitals.  

3) Patients Will Control More Aspects of Their Health Than Ever 

Patient-controlled health is the future. For decades, healthcare organizations have controlled patient data and dictated patient’s decisions. Moving forward, things are starting to change. 

With patient-controlled health, the patient makes decisions in consultation with a healthcare provider. Instead of directly following the provider’s guidance, the patient makes a collaborative decision. 

Patient-controlled health is fuelled by growing access to health technology and data. Patients have more insights into their health. They have more information than ever. With this information accessible at their fingertips, patients may take a more active role in managing their own health.  

4) Relaxed (or Clearer) Telemedicine Regulations 

Healthcare organizations face regulatory hurdles as they implement telehealth systems.  

We saw authorities relax some regulations at the beginning of the pandemic, and it’s possible we’ll see new regulatory frameworks emerge in the coming months. 

Relaxed HIPAA Regulations early in the pandemic, for example, made it easier for providers to treat patients remotely.  

As telemedicine becomes more common, providers will push for more regulatory clarity – or relaxed regulations. Regulatory clarity makes it easier for organizations of all sizes to implement telehealth systems and stay competitive.  

5) Telemedicine Visits Will Be More Common than In-Person Visits 

Eventually, we’ll reach a point where telemedicine visits become more important than in-person visits.  

Telemedicine is convenient. It works around the schedules of patients. It does not require in-person appointments or a day off work.  

More serious problems may require in-person visits, but many aspects of patient care can move to telehealth – or have already moved to telehealth.  

6) Increased Insurance Acceptance of Telehealth 

Medicare, Medicaid, and many major insurers now cover telehealth visits. It’s a big shift for the industry – and it sets the stage for rapid future growth of telemedicine. 

Expect insurers to provide further clarity on how they cover telemedicine – and what they cover. Telemedicine is going mainstream, and insurers need to keep up. 

7) Telemedicine Will Branch Beyond Basic Healthcare 

Today’s telemedicine is the tip of the iceberg. We’re just beginning to see the potential of telehealth.  

Moving forward, telemedicine will grow into spaces like mental health, providing remote psychology and psychiatry services to patients. We’ll see telemedicine deal with prescriptions (some call it “ePrescribing”).  

Providers are still figuring out how to implement advanced healthcare with telemedicine. Expect more developments in the near future.  

8) Healthcare Provider Location Will Be Less Relevant  

Telemedicine is changing the way healthcare organizations – and all organizations – think about location. Location is becoming less relevant. 

Let’s say a patient returns home after surgery. Traditionally, doctors may ask the patient to return to the hospital for a checkup. With telemedicine, patients can receive instant care at home whenever they need it, making location less relevant. 

Similarly, some healthcare providers will invest heavily into telemedicine, providing healthcare services to patients across the country from remote locations. Some providers may even maintain remote offices, distributing employees around the world. 

9) Increased Focus on Patient Data Management 

Patient data management has become increasingly important in recent years. With telehealth, patient data is increasingly being transferred and tracked online – and that means organizations need to invest in secure patient data management systems. 

Even the best healthcare organizations are one data leak away from losing their reputation.  

Expect tech companies to lead the charge. Countless tech startups are already maneuvering to become patient health data management leaders. Tech giants like Apple, Google, and Amazon may also get involved. 

What Comes Next? 

Telehealth has always been the future. 

In recent years, healthcare providers have tried to figure out remote healthcare. The COVID-19 pandemic was like getting thrown into the deep end. 

Will your organization sink or swim as telemedicine expands?  

Contact HMI, LLC today to speak with experienced healthcare consultants with proven experiencing solving complex problems.  

Today, we’re explaining some of the ways physicians can benefit from healthcare consulting whether running a small practice or working for a larger organization.

97% of America’s healthcare organizations have experienced some disruption due to COVID-19.
As states re-open, healthcare organizations continue to navigate healthcare revenue cycle management. Some organizations are managing more effectively than others.
COVID-19 has introduced billing and coding challenges, patient financial responsibility issues, and other problems for healthcare organizations.
Today, we’re explaining healthcare revenue strategies firms are using to manage revenue cycles during the COVID-19 pandemic – including how your organization can stay ahead.

Demand for medical coding companies has surged in recent months. COVID-19 has revealed medical coding inefficiencies, and firms are struggling to keep up.
Good medical coding companies work with healthcare organizations to solve inefficiencies and reduce errors. Effective medical coding tips helps a company avoid wastage, capture lost revenue, and reduce patient conflicts.
Your healthcare organization might have effective medical coding systems in place. Unfortunately, a pandemic like COVID-19 can reveal problems with any organization’s medical coding.
The CDC, CMS, and AMA have all released COVID-19 coding guidelines in recent weeks. We’ll summarize that information below to help your organization manage the COVID-19 pandemic.

Many healthcare organizations struggle to retain talent. Unfortunately, this leads to big losses.
A median turnover in the emergency medical services (EMS) space costs an agency $72,000, according to Prehospital Emergency Care.
Meanwhile, the average cost of a turnover for a bedside RN is $52,100, causing the average hospital to lose $4.4 million to $6.9 million. Some healthcare organizations spend 5% of their annual operating budget on employee turnover and related expenses.
By emphasizing employee retention and minimizing patient turnover, healthcare organizations can save millions of dollars per year.
Today, we’re explaining why employees leave – and how today’s top healthcare organizations are attracting and retaining top talent.

Top 3 Reasons Employees Leave

Healthcare employees leave organizations for any number of different reasons. However, one study found that professional development, poor work-life balance, and bad managers were responsible for most departures.
According to a study featured in Employee Benefits News, 75% of the reasons employees leave could be prevented. Here are the top 3 reasons employees leave, according to that study:
Career Development: When healthcare organizations fail to give professional development opportunities to employees, they’re more likely to leave. Thanks to several recessions, employees understand the importance of having specialized skills. If organizations fail to invest in employee training initiatives, or if organizations fail to give employees professional opportunities, employees are likely to leave for greener pastures.
Work-Life Balance: Many employees leave organizations because of poor work-life balance. Work-life balance is important among all age groups, but it’s particularly important among millennials and parents (a class that is increasingly becoming blurred). Even older adults seek good work-life balance as they seek to care for increasingly aging parents.
Management Behavior: Good employee-manager relationships are crucial to retaining talent. Training your managers to treat employees well has always been important, but it’s more important today than it has been with past generations. Employees, particularly younger employees, are more likely to stick with an organization when that organization treats them well.

1) Top 5 Ways to Reduce Employee Turnover

75% of employee turnover is preventable. By targeting and reducing preventable employee turnover, healthcare organizations can have a meaningful impact on their bottom line.
Foster a Positive Work Environment
Millennials increasingly value a positive work environment over salary and other benefits. Millennials are willing to take a pay cut if it means working in a less stressful position with better work-life balance.
According to the Harvard Business Review, healthcare organizations can have a negative work environment because of the following issues:
The Stress of Hierarchy Positions: High-stress jobs have 50% higher healthcare expenses than low-stress jobs. A company’s work environment could literally increase healthcare costs and have a significant impact on employee health.
Employee Disengagement: Disengaged workers are 37% more likely to skip work, according to a study by the Queens School of Business. Disengaged workers are also more likely to cause accidents, make errors, or produce work with defects.
Low Loyalty: Workplace stress decreases employee loyalty, making it 50% more likely for employees to leave.

2) Promote Communication & Feedback Among Employees

Even employees at the best-run organizations have issues. When employees have issues, it’s crucial they have a way to communicate and provide feedback related to those issues.
Take the time to build a relationship with employees. Foster communication with employees. Let employees know they can approach you with various challenges and issues.
Organizations with poor manager-employee relationships can stifle this communication, leading to low employee retention, bad patient care, and overall organizational issues. When employees feel they cannot communicate with managers, it’s bad for any healthcare organization.

3) Invest in Career Development

When organizations invest in an individual’s career development, it reduces the chances of that individual leaving. Individuals like to feel valued. They want to know an employer is investing in their future and their skills.
Invest in an employee’s career development. Invest in employee certifications and educational initiatives.
By investing in career development, you not only get a better employee – you get a more loyal employee. By combining career development with other strategies listed here, healthcare organizations can maximize employee retention.

4) Emphasize Employee Safety

Healthcare organizations that fail to invest in employee safety are unlikely to retain top talent.
This lesson is particularly true during the COVID-19 pandemic. Healthcare organizations that did not invest in employee safety early observed a mass exodus of employees.
Employees want to feel valued. They want to feel like more than just a number. They want to feel like human beings with real goals, needs, and safety concerns. When a healthcare organization ignores all of that, it leads to poor employee retention.

5) Invest in Customized Workplace Training

Not all employees learn the same way. Some employees will appreciate your learning initiatives – while others will feel left behind because it’s not catered to their learning system.
Millennial employees tend to learn differently than older employees, for example. As millennials continue to dominate the workforce, healthcare organizations need to adjust their training systems to avoid having employees feel left behind.
Invest in customized coaching instead of pre-packaged modules. Host real classes and educational initiatives. Emphasize employee training to maximize retention.

Request a Free Consultation with HMI, LLC Today

From employee retention to medical coding and revenue cycle management, HMI, LLC has 30+ years of experience helping healthcare organizations tackle the toughest challenges.
Request a free consultation with HMI, LLC today to discover how today’s best practices can help your organization attract and retain top talent.