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Bridging the Patient | Provider Divide

Bridging the Patient | Provider Divide | Healthcare and Technology news | Scoop.it

There is a growing divide between patients and providers over medical billing. While patient surveys repeatedly cite online accessibility and ease of billing as top concerns, most healthcare providers are not working to address those concerns.

 

A February article in BeckersHospitalReview found that upgrading digital payment tools was not a priority for most healthcare providers. A separate survey found that 79 percent of patients “consider the billing and payment experience” when choosing a healthcare provider.

 

StrongBox eSolution, based in Boca Raton, FL, is working to bridge the patient/provide divide by addressing the needs of patients while providing innovating solutions for providers through our cloud-based revenue cycle management software and patient financing solutions.

 

What Poll Results Tell Us About Patient Expectations


A recent report by Patientco surveyed more than 50 providers at large health systems that had more
than 350 beds and 200 patients on average. Here are their findings.

 

  • Nearly 80 percent of patients said they consider billing options when choosing their healthcare provider.
  • The vast majority (90.5 percent) of patient respondents said they prefer the option to pay their medical bills through installment payments.
  • Nearly 70 percent of patient respondents prefer digital enrollment over mail.
  • Flexible payment options are desired by 87 percent of provider respondents.
  • Half of the patients reported affordability as a top concern while less than 13 percent of providers shared that concern. 

 

The patients have spoken. Affordability and ease of access are top priorities for patients, even if those concerns aren’t always shared by providers. So how can your private practice, MSO, or  medical/dental group begin to bridge the divide and benefit from a more efficient billing system? Simple. By using StrongBox eSolutions, our platform as a service offers two benefits that serve both your patients and your bottom line.


StrongBox eSolutions Services
StrongBox creates a win-win for both providers and patients. Your patients will receive a streamlined
billing and payment experience. We offer two financing options (Select and Pro) that will  provide your
patients with:

  • No hidden markups
  • Fixed-rate loans
  • No interest hikes for late payments
  • Access to top-tier lenders
  • Zero credit score impact
  • Fast lender response
  • Hassle-free applications
  • Fixed monthly payments

 

As a provider, you will receive an enhanced revenue profile and a lower risk profile.  StrongBox efficiency creation helps create a better patient experience, which in turn leads to higher patient
satisfaction and higher patient retention.

 

Providers also benefit from our interactive Dashboard, which tracks Key Performance Indicators (KPIs)
such as:

  • Total encounters
  • Total collections
  • Charges
  • Number of procedures
  • Total adjustments
  • Enhanced tracking over outstanding accounts receivable (AR)

 

You can view KPIs on a daily, weekly, monthly, and annual basis. Plus, we offer a 12-month revenue
snapshot that can be used to compare profitability with prior years. Any reports that are not built-in can
be added by using our software’s custom reporting tools.

 

Learn How StrongBox eSolutions Services Is Bridging the Patients/Provider Divide

 

Nearly 80 percent of patients consider billing options when choosing their healthcare provider. When patients are empowered to handle their own billing and financing, patient payment compliance rises and delinquent payments drop. Our online Patient Payment Portal is designed with this in mind.

 

By partnering with our online services, you will be sending the message that your business is listening and addressing those concerns. To learn more about our services, contact our team online or call our Boca Raton, FL office at (855) 468-7876.

Technical Dr. Inc.'s insight:
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Empower Patients With StrongBox Payment Portal & Patient Financing Alternatives

Empower Patients With StrongBox Payment Portal & Patient Financing Alternatives | Healthcare and Technology news | Scoop.it

Customer churn. The phrase refers to the periodic loss of patients and the gaining of new clients. One way to ensure that churn works in your office’s favor is to empower your customers through our online financing portal. StrongBox, a leading platform as a service (PaaS) provider based in Boca Raton, FL, understands that when patients have the freedom to finance their procedures at a time and place of their choosing they are more likely to follow through with timely payments.

 

Why Customer Empowerment Matters
We all live busy lives, and patients are no different. No matter how welcoming and friendly your clinic is, patients are always mindful of their next appointments. One way StrongBox allows your clinic to empower patients is through our online financing portal. Instead of requiring your customers to fill out lengthy forms in the office, they simply need to sign on through our online portal to apply for financing from top lenders. By allowing your patients to choose when they apply, you are showing that you respect their valuable time. Plus, the online platform reduces wait time in your office.

 

A 2016 article in the Journal of Dental Hygiene found that long wait times in office have a measurable “negative effect” on patients’ satisfaction with their dentist and lowers patient return rates.

 

How StrongBox Empowers Your Patients
In addition to our revenue recognition cloud-based platform and our Payment Portal, StrongBox also offers two financing options, Select and Pro, that are accessible at the office or to be completed by the patient when they have the time to complete the less than 5 minute application process. The application process is paperless and offers instant access to an easy to use online financing application form. By partnering with StongBox, your patients will benefit from: 

  • Fixed-rate loans
  • No hidden markups
  • No interest hikes for late payments
  • No impact on credit score
  • Access to top-tier lenders (Discover, OneMain, Ascend)
  • Fast response from lenders
  • Easy application process
  • Hassle-free payments
  • Set monthly payments

 

Small- to medium-sized providers will benefit from our Select financing option. This service gives patients access to 30 lenders simultaneously. Select financing applications are approved at twice the rate as medical credit card applications. Both forms of application take less than five minutes for patients to complete.

 

Larger groups and networks may be best served with our Pro patient financing option. Our cloud-based platform can analyze your patients’ credit characteristics and rank them accordingly. Once approved, your clinic will receive funds within 24 hours.

 

More options for patients means a greater likelihood of compliance with billing, accelerating revenue recognition and reducing collection risk for the provider.  Many patients already experience anxiety over medical bills and non-payment is a healthcare system issue. In fact, a recent survey found that 79 million Americans have trouble paying medical bills and medical debt. Why not turn those worried patients into informed allies. The StrongBox model has a proven track record. Hospitals and clinics that use Pro and Select plans can see their collection rate increase from 15 to 70 percent to best practices 95 percent over the near term.


Learn How Our Online Platform Can Grow Your Business
Once your office begins using our online financing platform and payment portal, you can enjoy the benefits of our prompt customer support and proven return on investment. The freedom delivered by our revenue recognition platform and financing options means that your patients will feel empowered to handle payments on their terms while your team of oral health professionals can spend more time focusing on what you do best — serving patients.

 

If you have questions about StrongBox’s financing services, contact our team online or call our Boca
Raton, FL office at (855) 468-7876.

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4 most important healthcare trends in 2018 

4 most important healthcare trends in 2018  | Healthcare and Technology news | Scoop.it

To say that it has been a tumultuous year for the healthcare industry is an understatement. Federal policy changes and recent transactions involving large insurers, health systems and retailers will affect providers, payers and patients alike.

 

While there are many new and emerging trends we need to pay close attention to in 2018, here are what I think are the four most significant issues that will command our attention in the year ahead.

 

1. Inconsistent healthcare policy will continue to dominate the headlines

 The federal debacle with so-called healthcare reform this year has been a case study in confusion, inefficiency and lack of focus. Every week seemed to bring a new twist in the direction of healthcare policy, especially in regards to the ACA, with almost no consistency to the legislative thought process. In many ways, the whole focus of ACA repeal and replace efforts was misguided — you can't take something apart without some ideas for a replacement. The federal government's lack of direction on healthcare policy has created chaos among all industry players.

 

Given the healthcare provisions in the proposed tax bill and potential future action with the ACA, there are serious implications for states across the country. The confusion surrounding Medicaid and other joint federal-state partnerships has discombobulated state budgets, and it is patients who will ultimately face the harshest consequences if states are forced to slash funding for healthcare.

 

For the foreseeable future, we're going to continue to see inconsistency in government policies and funding. This is especially dangerous for hospitals in underserved communities that rely almost exclusively on Medicaid and Medicare funding. Unless they are supported in some way, many of these providers will sink deeper into debt.

 

2. In order to keep pace with newly formed organizations and partnerships, hospitals and health systems need to innovate

 

The CVS-Aetna deal did not come as a surprise to industry leaders who have been keeping their ears to the ground and have paid attention to recent trends. But nevertheless, this merger is a major shake-up that cannot be ignored. Google, Amazon and IBM Watson are all looking to stake out a piece of the healthcare field, and deals such as  Optum's purchase of DaVita Medical Group underscore the ever-evolving nature of the ways people access and pay for care and services. Providers should not view this movement as a threat that must be stopped. Instead, we should spur innovation on our end. We can't sit still. That's why, in Northwell Health's case, we have been forging new partnerships and pursuing ventures that will enable the organization to compete more effectively in this rapidly changing environment. 

 

It will be especially intriguing to see what market segments CVS and Aetna pursue after the merger is finalized. Undoubtedly, they will offer prescriptions, preventive care and other primary services to supplement CVS' "Minute Clinics," but it remains to be seen what other health services will be provided as part of this new collaboration. Regardless of what new competitors enter the healthcare market, the seriously ill, elderly patients with chronic conditions and those who have suffered traumatic injuries will still be relying on hospitals to take care of them. It's highly unlikely that any of the new players will be providing inpatient care. As we all know, the bulk of healthcare funding is spent on long-term care for people at the end of life. The Amazons and Googles of the world are not targeting that population.

 

Recognizing that traditional healthcare providers do need to adapt to this era of consumerism, among my strategies are to continue expanding our ambulatory network, facilitating innovative partnerships, enhancing efforts in prevention, maximizing our use of artificial or augmented intelligence, and improving our already robust telemedicine program.

 

In the end, I believe competition is good. Market disruptions give all of us headaches, but they are ultimately beneficial because they force us to do better and be more efficient, productive and creative

 

3. Unless we continue to improve the customer experience, customers will go elsewhere for care

 

The more competitive the market becomes, the more work we as providers must do to continually improve the patient experience and develop customer loyalty. This can partly be done through improving communication and curating a more retail-focused experience.

 

This is unbelievably important, as patients now have more access and choice for their healthcare than ever before. This is not limited to the in-person experience, but also how hospitals and health systems communicate with patients to help them get information and make appointments. Online and mobile platforms are already important for engaging customers, and they will only grow more essential in 2018.

 

Online engagement is not only for younger patients. It's a medium that has become increasingly more effective than print or broadcast advertising for reaching older patients. Equally important is creating an experience that connects families with providers. We deliver more than 40,000 babies every year in our health system. Those are 40,000 families with whom we could be creating life-long bonds. Pursuing initiatives to maintain a connection with mothers and families is essential.

 

Over the past five or six years, we've seen major changes in the way innovative organizations in all industries treat their customers. For far too long in our industry, there was a pervasive attitude of, "We're hospitals, or we're physicians, people will always come because we’re here in the community," but those days are over. Consumers don't want to be told when to come or what to do – they want to access care and services on their terms, not ours. We are in the consumer service business, and our patients are educated and knowledgeable. They value easy access, a pleasant experience and quality care, so it's our job to adapt quickly to meet their needs and expectations. 

 

4. Strategies about "healthcare" must now encompass behavioral and mental health

 

As social stigmas surrounding mental health begin to break down and more people feel comfortable confronting behavioral health issues, it is the responsibility of providers to design their systems in a way that addresses the needs of these individuals. This is especially important at a time when opioid abuse has become one of this nation's most-challenging public health crises.

 

The problem goes beyond drug and alcohol abuse. For instance, studies have shown that younger generations' increased use of technology, particularly mobile devices, can lead to increased rates of anxiety, depression or loneliness. We as providers must consider these trends and tailor services accordingly, as more and more patients turn to us seeking care for issues that are destroying lives and breaking up families. All of us need to do a better job developing and training staff to meet this demand, especially when it comes to screening those who are trying to hide their addictions to opioids. It entails not only psychiatrists but nurses, social workers, case managers and other clinicians.

 

Regardless of the issues we face in this ever-evolving industry, we as providers must not resist change. We must continually adapt — those that don't will get left behind.

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7 Ways Health Informatics Transforms Health Care

7 Ways Health Informatics Transforms Health Care | Healthcare and Technology news | Scoop.it

It is amazing how technology intertwines with the health sector. Just a few years ago, nobody could predict how the development of technology would drive health care innovation.  Now we see that nearly everything in the health care industry derives from these transformations. Health informatics, for example, has had a significant impact on the management, handling, and storage of health care information. It is on the forefront of enabling ease in communication and coordination of activities within health facilities.

Below are some of the reasons to celebrate the impact health informatics has had on health care.

1. Health informatics improve coordination

If you have been to a healthcare facility recently, you probably know that specializations in the medical profession have increased significantly. This increase led to a rise in departmental divisions within hospitals, including telemedicine solution providers. These divisions require record-keeping that is coordinated across departments and easy to update.  Indeed, without health informatics hospitals would be in total chaos. You can imagine what would happen if, for example, you arrived in an X-ray room rather than the referred maternity ward!  Health informatics, through a channel of organized electronic facilities, allows easy transfer of patient information from one department to another for better communication and minimal error.

2. Health informatics is cost effective

Lack of coordination and resulting delays waste a lot of money.  Research has shown that hospitals spend significant amounts dealing with recurring procedures and errors due to inadequate information-sharing. A proper health informatics system minimizes such mishaps. This is because effective communication gives health care facilities the ability to carry out operations between departments without error.  The fact that the communication is electronic also eliminates delays in relaying updates between departments.  Therefore, health informatics systems decrease unnecessary spending.

3. Health informatics enables population health management

Consistency in keeping health records enables health professionals to analyze and compare common diseases that affect the general population. It also helps medical providers keep track of these illnesses and carefully design strategies to counter potential epidemics. Furthermore, the consistency achieved through health informatics makes it easier to carry out an evaluation of patients with common conditions and thus determine what treatment is most effective for the present, as well as develop procedures for the future.

4. Health informatics increases patient involvement

Through health informatics, patients have electronic access their health records. Electronic records give patients a chance to be more informed of their conditions and consider their health matters more seriously. They also allow patients to be more vigilant about the dos and don’ts regarding their treatment. Patients can interact with health practitioners through online portals, and specialists can have quick one-on-one consultations with a patient, even when the patient cannot be present at the health facility.

5. Health informatics improves efficiency

Improved efficiency is the key achievement of health informatics.  With hard-copy records, you have to wade through piles of paper files to trace records entered only a few days ago.  Using electronic systems to record and store data has proven to be the best way to keep high-quality authentic records that are easily accessible and useful far into the future.  And they definitely take up less space!  Similarly, automation of some activities empowers health professionals to make easier diagnoses and reduces fatigue from repetitive tasks. This allows doctors and nurses more productive time with their patients, resulting in better care.

6. Health informatics increases medical knowledge

Health informatics enables health care providers to gain knowledge systematically through continuously monitoring patients. For example, doctors can use electronic records to evaluate the effectiveness of certain drugs on some diseases and even individuals. This means they can more easily design the best treatment plans after considering a given sample of patients.  Then they can share the results of their analysis and treatment with the other health care providers in their system, facilitating innovations in health care.

7. Health informatics expands the margin of care

Because health informatics uses information about the patient’s medical history stored electronically, it is easy for a new doctor or nurse to understand the patient’s condition quickly. Such records are accurate and up-to-date — updated every time the patient visits the facility. This extends the ability to treat a patient effectively to any available medical practitioner, improving the speed and responsiveness of patient care.

There is no doubt about it, health informatics is steering a revolution that will see systematic improvement in the efficiency and reliability of care that health professionals are able to provide for their patients.

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Information Risk Management Still Needs Improvement

Information Risk Management Still Needs Improvement | Healthcare and Technology news | Scoop.it

Cybersecurity threats and attacks across various business sectors are on the rise pressuring for organizations to continuously assess the risks to any information. While the General Data Protection Regulation (GDPR) has garnered a lot of buzz in 2018, many standards and regulations in the United States also require cybersecurity.

 

But what are the technical details and operational steps needed to meet the high level guidance on cybersecurity risk? A recent Advisen survey revealed some interesting statistics:

 

  • 35% of respondents rated data integrity risks as “high risk” versus only 22% that of rated business continuity risks, or cyber related business interruption
  • Only 60% of the risk professionals surveyed said their executive management team viewed cyber risk as a significant threat to the organization, down 23% from the previous year.
  • Only 53% knew of any updates or changes even after the 2017 high profile attack

 

In short, these statistics paint a grim picture over the state of cybersecurity in the United States. While organizations are aware of the high risk of cyber attacks, management team involvement may be decreasing, and organizations may not be evolving their cybersecurity programs quickly enough.

 

Creating a Security First Risk Mitigation Posture
Many organizations have moved to a risk analysis security first compliance posture to enable stronger risk mitigation strategies and incorporate senior management oversight. However, identifying the potential risks to your environment only acts as the first step to understanding your overall risk. In order to identify all potential risks and engage in a full risk analysis that appropriately assesses the overall risk facing your data, you need to incorporate vendor risk as part of your risk management process.

 

That’s a lot of risk discussion, but you also have a lot of places in your overarching ecosystem that create vulnerabilities. Using a risk management process that establishes a security-first approach to your organization’s data environment and ecosystem means that you’re locking down potential weaknesses first and then backtracking to ensure you’ve aligned controls to standards and regulations. This approach, although it seems backward from a traditional compliance point-of-view, functions as a stronger risk mitigation program by continuously monitoring your data protection to stay ahead of hackers. Standards and regulations mean well, but as malicious attacks increasingly become sophisticated the best practices within these documents may be outdated in a single moment.

 

What is an Information Risk Management (IRM) Program?
An information risk management (IRM) program consists of aligning your information assets to a risk analysis, creating IRM policies that formalize the reasoning and decisions, and communicating these decisions with senior management and the Board of Directors. The National Institute of Standards and Technology (NIST) and the International Standards Organization (ISO) both provide guidance for establishing an IRM.

 

For example, the September 2017 NIST update to NIST 800-37 focuses on promoting information security by recognizing the need for organizational preparation as a key function in the risk mitigation process.

 

In fact, the core standards organization, ISO, updated its ISO 27005 in July 2018 to focus more on the information risk management process.

 

Specific to the United States, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) updated it enterprise risk management framework to minimize data threats while requiring organizations to detail potential risks and manage risks more proactively.

 

As risk analysis increasingly drives information security practices, you need to focus on a risk treatment program that begins with risk identification, establishes an acceptable level of risk, defines your risk treatment protocols, and create risk mitigation processes.

 

Create an Information Risk Management (IRM) Team
In order to appropriately manage risk, you need to create an IRM Team consisting of stakeholders across the organization. Relying solely on your IT department may leave gaps in the process. To determine the stakeholders, you should explore the departments integral to risk identification. For example, you might want to ask yourself:

 

  • What departments hire vendors?
  • What departments can help with the overall risk process?
  • What stakeholders are legally required (in the United States) to be informed of the risk process?
  • Who brings unique insights into the risks that affect my data environment and ecosystem?

 

For example, while your IT department sets the controls that protect your information, your human resources department handles a lot of sensitive data. You need to incorporate stakeholders who understand the data risks unique to their role in your organization so that they can work with your Chief Information Officer and Chief Information Security Officer. Additionally, many United States regulations, such as the Sarbanes-Oxley Act of 2002 (SOX) require senior management and Board of Director oversight so they should also be included as part of your IRM team.

 

Begin with Business Processes and Objective
Many organizations forget that businesses processes and organizational business objectives should be the baseline for their risk analysis. Senior management needs to not only review the current business objectives but think about the future as part of the risk identification process. Some questions to ask might include:

 

  • What businesses processes are most important to our current business objectives?
  • Do we want to scale in the next 3-5 years?
  • What business processes do we need to meet those goals?

 

Understanding the current business objectives and future goals allows organizations to create stronger risk mitigation strategies. Many organizational goals rely on adding new vendors whose software-as-a-service products enable scalability. Therefore, you need to determine where you are as well as where you want to be so that you can protect the data that grows your organization and choose vendors who align with your acceptable level of risk.

 

Catalogue Your IT Assets
The next step in the risk analysis process requires you to look at all the places you transmit, store, or access data. This step often becomes overwhelming as you add more cloud storage locations that streamline employee workflows. Some questions to ask here might include:

 

  • What information is most critical to my business processes?
  • What servers do I store information on?
  • What networks does information travel over?
  • What devices are connected to my servers and networks?
  • What information, servers, networks, and devices are most essential to my targeted business processes?
  • What vendors do I use to management my data?

 

Review Your Potential Risks from User Access
Once you know what information you need to protect and where it resides, you need to review the users accessing it. Using multi-factor authentication and maintaining a “need to know” access protocol protects your information.

 

  • Who accesses critical information?
  • What vendors access your systems and networks?
  • Does each user have a unique ID?
    Can each user be traced to a specific device?
  • Are users granted the least authority necessary to do their jobs?
  • Do you have multi-factor authentication processes in place?
  • Do users have strong passwords?
  • Do you have access termination procedures in place?

 

These questions can help you manage risks to critical information because employees lack password hygiene or decide to use the information maliciously upon employment termination.

 

Establish An Acceptable Level of Risk
Once you’ve completed the risk identification process, You need to review what risks you want to accept, transfer, refuse, or mitigate. To determine the acceptable level of risk, you may want to ask some questions such as:

 

  • What is an acceptable level of external risk to my data environment?
  • What is an acceptable level of risk arising out of vendor access?
  • How do I communicate the acceptable level of risk to senior management?
  • How can I incorporate my acceptable level of risk in service level agreements (SLAs) with my vendors?
  • Can I quantify the acceptable level of risk I have assumed as part of my risk analysis?

 

Your information risk management (IRM) process needs to incorporate the full level of tolerances and strategies that protect your environment. In some cases, you may decide that a risk is unacceptable. For example, you may want to limit consultants from accessing your corporate networks and servers. In other instances, you may need to find ways to mitigate risks with controls such as password management or a Bring-Your-Own-Device policy.

 

Define the Controls That Manage Risk
Once you’ve set the risk tolerance, you need to define controls that manage that risk. This process is also called risk treatment. Your data ecosystem can leave you at risk for a variety of data breach scenarios, so you need to create information risk management (IRM) policies that outline your risk treatment decisions. In doing this, you need to question:

 

  • What firewall settings do I need??
  • What controls protect my networks and servers?
  • What data encryption protects information in transit across my networks and servers?
  • What encryption protects the devices that connect to my systems and networks?
  • What do I need to make sure that all vendor supplied passwords are change?
  • What protects my web applications from attacks?
  • What do I need from my vendors as part of my SLAs to ensure they maintain an acceptable level of security?

 

Defining your controls includes everything from establishing passwords to requiring anti-malware protection on devices that connect to your systems and networks. Creating a clearly defined risk treatment program enables a stronger security-first position since your IRM policies focus on protecting data proactively rather than reactively changing your security controls after a data event occurs.

 

Tracking the Risks With IRM Policies
Creating a holistic security-first approach to risk treatment and management means using IRM policies to help create a risk register. A risk register creates a tracking list that establishes a mechanism for responding to security threats. Your IRM policies, which should outline the entire risk management process, help establish the risk register by providing the list of risks monitored and a threat’s impact.

 

Although this process seems intuitive, the larger your environment and ecosystem, the more information you need to track. As you add vendors and business partners, you increase the risk register’s length making threat monitoring cumbersome.

 

How SecurityScorecard Enables the Information Risk Management Process
SecurityScorecard continuously monitors threats to your environment across ten factors: application security, DNS health, network security, patching cadence, endpoint security, IP reputation, web application security, cubit score, hacker chatter, leaked credentials, and social engineering.

 

Using these ten factors, organizations can streamline the risk management process. A primary hassle for those engaging in the risk management process lies in defining risks and establishing definitions for controls that mitigate overall risk. The ten factors remove the burden of identifying both risks to the environment and ecosystem as well as controls that mitigate risk. Moreover, you can use these same ten factors to quantify your risk monitoring and reaction, as well as the security of your vendors.

 

SecurityScorecard’s continuous monitoring tool can help alleviate bandwidth problems and help facilitate a cybersecurity program more in line with the sophisticated cyberthreat landscape.

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Serve More Patients and Increase Your Revenue

Serve More Patients and Increase Your Revenue | Healthcare and Technology news | Scoop.it

Healthcare costs are rising. So are insurance deductibles and prescription fees. As more and more patients struggle to pay for their medical needs, healthcare providers suffer as well. Healthcare financing is evolving, and practice owners must change with it if they want to stay afloat. Our team at StrongBox offers healthcare/medical/dental patient financing that integrates seamlessly with our revenue cycle management software. Read on to find out how we can help you reduce bad debt expense and increase your return on investment (ROI).

 

Patients’ Confidence in Healthcare Affordability is Declining

In a study conducted this year, only 62.4% of adults in the United States said they were somewhat or very confident in their ability to pay for healthcare costs. [1]  This is a significant decline from 2015, when almost 70 percent of individuals said they were confident they could pay for medical care.

 

In this same study, about 55% of adults with employer-provided insurance plans said they felt certain they would be able to afford medical care when if necessary. But what about those with individual coverage? One-third of all American adults stated that healthcare has become significantly more difficult
to afford over the past year. Additionally, only half of the population said they would have the money necessary to cover the costs of an unexpected medical bill.

 

What Needs to Change?
The statistics mentioned above are staggering. Clearly, we need a better way to help patients afford the
care they need. However, if healthcare providers keep performing treatment on patients who cannot
pay, their business suffers. What is the solution? At StrongBox, we offer healthcare/medical/dental
patient financing that benefits both the doctor and the patient.

 

Lending Partners and Patient Financing
What if you could give your patients the option to search fixed-rate healthcare loans from top-tier lenders? This is precisely what StrongBox offers. When your patient fills out an application, rates are provided without markup. Better yet, compared to medical credit cards, over twice as many applicants are approved. This option is not only ideal for elective procedures, such as cosmetic surgery and fertility treatments, it’s also extremely beneficial for individuals who do not have the money to pay for health-related procedures upfront.

 

StrongBox Healthcare/Medical/Dental Patient Financing
When it comes to patient financing, StrongBox offers two primary solutions: Select and Pro. Select is ideal for small to mid-sized providers. This cloud-based software works in conjunction with StrongBox revenue cycle management. Patients can complete their application in less than five minutes, after which it is submitted to a pool of up to 15 lenders. With terms up to 60 months and reasonable interest rates, this option is non-recourse to healthcare providers.

 

Pro is designed for large group practices and hospitals. This proprietary software identifies each patient’s credit profile and predicts their ability to pay. After approval, the healthcare facility receives funds directly within 24 hours. This increases average collections from 15% to 70%. As a result, practice owners can enjoy improved revenue and reduced bad debt expense.

 

Learn More about Healthcare/Medical/Dental Patient Financing with StrongBox

Are rising healthcare costs having a negative impact on the financial state of your practice? We can help.
If you would like to learn more about StrongBox solutions, request a virtual demo. We can assess your
unique practice needs and design customized software to address those concerns. Contact our Boca
Raton, FL office by calling (855) 468-7876.

Technical Dr. Inc.'s insight:
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com

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6 Ways Health Informatics Is Transforming Health Care

6 Ways Health Informatics Is Transforming Health Care | Healthcare and Technology news | Scoop.it

The fact that technology is rapidly transforming health care should come as no surprise to anyone. From robotic arms that perform surgery tonanorobots that deliver drugs through the bloodstream, the days of being tended to by the human country doctor seem to have fully given way to machines and software more in keeping with the tools of Dr. McCoy from “Star Trek.”

 

However, technology’s evolutionary impact on health care isn’t all shooting stars and bells and whistles. Some of health care’s most important changes can slip beneath the radar due to their more pedestrian presentation, but that doesn’t mean they aren’t just as revolutionary as mini robots zipping through veins. Take the burgeoning field of health informatics, for example. A specialization that combines communications, information technology, and health care to improve patient care, it’s at the forefront of the current technological shift in medicine. Here are six ways it’s already transforming health care.

 

1. Dramatic Savings

Health care isn’t just expensive; it’s wasteful. It’s estimated that half of all medical expenditures are squandered on account of repeat procedures, the expenses associated with more traditional methods of sharing information, delays in care, errors in care or delivery, and the like. With an electronic and connected system in place, much of that waste can be curbed. From lab results that reach their destination sooner improving better an more timely care delivery to reduced malpractice claims, health informatics reduces errors, increases communication, and drives efficiency where before there was costly incompetence and obstruction.

 

2. Shared Knowledge

There’s a reason medicine is referred to as a “practice,” and it’s because health care providers are always learning more and honing their skills. Health informatics provides a way for knowledge about patients, diseases, therapies, medicines, and the like to be more easily shared. As knowledge is more readily passed back and forth between providers and patients, the practice of medicine gets better — something that aids everyone within the chain of care, from hospital administrators and physicians to pharmacists and patients.

 

3. Patient Participation

When patients have electronic access to their own health history and recommendations, it empowers them to take their role in their own health care more seriously. Patients who have access to care portals are able to educate themselves more effectively about their diagnoses and prognoses, while also keeping better track of medications and symptoms. They are also able to interact with doctors and nurses more easily, which yields better outcomes, as well. Health informatics allows individuals to feel like they are a valuable part of their own health care team, because they are.

 

4. The Impersonalization of Care

One criticism of approaching patient care through information and technology is that care is becoming less and less personal. Instead of a doctor getting to know a patient in real time and space in order to best offer care, the job of “knowing” is placed on data and algorithms.

As data is gathered regarding a patient, algorithms can be used to sort it in order to determine what is wrong and what care should be offered. It remains to be seen what effects this data-driven approach will have over time, but regardless, since care is getting less personal, having a valid and accurate record that the patient and his care providers can access remains vital.  

 

5. Increased Coordination

Health care is getting more and more specialized, which means most patients receive care from as many as a dozen different people in one hospital stay. This increase in specialists requires an increase in coordination, and it’s health informatics that provides the way forward. Pharmaceutical concerns, blood levels, nutrition, physical therapy, X-rays, discharge instructions — it’s astonishing how many different conversations a single patient may have with a team of people regarding care, and unless those conversations and efforts are made in tandem with one another, problems will arise and care will suffer. Health informatics makes the necessary coordination possible.  

 

6. Improved Outcomes

The most important way in which informatics is changing health care is in improved outcomes. Electronic medical records result in higher quality care and safer care as coordinated teams provide better diagnoses and decrease the chance for errors. Doctors and nurses are able to increase efficiency, which frees up time to spend with patients, and previously manual jobs and tasks are automated, which saves time and money — not just for hospitals, clinics, and providers, but for patients, insurance companies, and state and federal governments, too.  

 

Health care is undergoing a massive renovation thanks to technology, and health informatics is helping to ensure that part of the change results in greater efficiency, coordination, and improved care.

Technical Dr. Inc.'s insight:
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com

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Barbara Lond's curator insight, 22 December 2017, 20:42
Contact Details :

inquiry@technicaldr.com or 877-910-0004
www.technicaldr.com