Strategies for Mining Value From the Value Based Healthcare Model

Strategies for Mining Value From the Value Based Healthcare Model

There has been a fair amount of talk lately about value based care. As the healthcare industry shifts to this new model it will be up to healthcare providers, including physician owned medical practices, to find ways to engage their patients and provide more transparency when sharing information. To achieve effective revenue cycle management health executives should focus on some basic strategies and try to incorporate the changes across consumers, providers and payers. Taking the time now to properly implement change will have positive effects on your practice including increasing accountability, improving the patient experience and promoting cost efficiency.

Strategies for Mining Value From the Value Based Healthcare Model

So what are some of the basic strategies health executives should incorporate in order to derive the most value from the new model? Let’s start with the following:

Developing a Strong Brand Experience

Gone are the days when patients would simply visit the closest primary care physician that happened to be on their health insurance plan. Consumers today have high expectations in every business interaction, including healthcare. Small medical practices should determine what sets them apart, what provides the value that consumers are seeking, and promote those particular advantages to their patients. Build a strong association between your brand and the services that are unique to your establishment.

Invest in Communication Technology

The pervasiveness of communication technology has created very high consumer expectations. In order to differentiate themselves, healthcare providers must be ready to leverage digital technology. New digital communication technology allows your message to be tailored to the needs of your specific patients. Effective communication with patients includes reaching out in meaningful ways on a regular basis and not only to confirm appointments. It also means being more readily available to patients when they are not in your office.

It is likely that each of your patients has a preferred mode of communication. It is important to offer your patients a choice of how they would like to receive communications and have the technology in place to send messages by phone, email, text, Skype, instant messaging and social media platforms.

Outsource Billing and Collections

Outsourcing your medical practice’s billing operation can have a positive effect on your bottom line, and, in the value-based model, can free up time to better serve your patients. Effective medical billing takes time and resources, which when allocated do not always guarantee a smooth process. Claim denials and resubmissions can be costly and time consuming. Free up your staff to be available for your patients by outsourcing your billing and collections. A professional billing provider will not only provide you more time to care for patients, they can also optimize your collections and revenue cycle management.

All of these strategies are meant, ultimately, to move your medical practice to a more consumer friendly establishment. Consider the patient experience when making any major decision concerning your medical practice. And in the meantime, contact ProMD today to learn about our many Practice Management services.

ProMD Medical Billing is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 866-960-9558 or fill out our online form to request a billing assessment.

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