We are already more than 2 months into 2020 and some of the practice management challenges that providers were facing in 2019 are still impacting independent medical practices today.
In order to remain on the path to success, providers need to be able to identify these challenges and be ready to find the solutions to combat them.
5 Practice Management Challenges in 2020:
1) Increasing Time Demands on Providers
For some providers found in independent healthcare practice, having enough time in the day is a constant challenge. This practice management challenge put on providers is only expected to increase throughout the year as patient expectations increase and the needs of the practice change. Patients are increasingly seeking out a one-on-one encounter with their physician where they can take the time they need to discuss their care. While many providers are eager for a value-based approach, practices are still operating largely on a fee-for-service model. This causes the provider to often feel pressure to visit with as many patients as possible in their day and maximize revenue. This practice management challenge leads to higher levels of physician burnout and needs to be taken seriously. Some ways to combat the increasing time demands on providers is to partner with a vendor of RCM services while also using the best practice management software and EHR to optimize and simplify their individual workflow.
2) Developing Standard for Technology
The growth of technology is not slowing down in 2020 and independent practices are expected to stay ahead of the curve or risk falling behind. This practice management challenge is leading providers to quickly adopt new technology, sometimes doing so without properly vetting the software and its vendor. New technology like Telehealth, an EHR Mobile App, and digital payment processing are all tools to combat some major practice management challenges, but you need the right software partner to be successful. A trusted partner can help your practice safely implement these tools without compromising your workflow even further and keeping your data secure.
3) Mobile Access
Mobile access is becoming increasingly important in the effort to combat practice management challenges for on-the-go providers. Whether your practice provides care in a patient’s home or has a need to communicate with your staff and patients in a secure way, outside of the office, your practice needs a quality mobile app. A mobile app combats practice management challenges by allowing a provider to document in real-time, access patient data on the go, prescribe form a secure mobile device, and securely message their staff and patients from wherever they are. The mobile app addresses practice management challenges like patient engagement, patient satisfaction, the quality of patient data, and the quality of clinical decision making.
4) Payment Options
Another practice management challenge that providers are facing in 2020 is that they are still limited to which payment options they have available to their patients. With new technology available, providers are increasingly expectant that their providers offer them accessible, quick, and simple to understand payment options. An Electronic Health Record that is fully integrated with your practices billing software and patient portal enables your practice to offer digital payment options. In their patient portal, a patient can view and understand their medical balance as well as make payments. With the right PM software, providers can easily determine what payment plans they may be able to offer their patients in need. By utilizing quality tools like these, providers can avoid this common practice management challenge and increase their bottom line.
To learn more about tools your practice can use to combat these practice management challenges, click here.