In a recent blog post, we discussed how COVID-19 has changed revenue cycle management in the United States, and how outsourcing your medical billing and coding can help your healthcare practice weather this unprecedented crisis. One of the main points we touched upon is telehealth services, which have increased exponentially in the wake of the pandemic. While the sudden surge of telemedicine has necessitated changes in medical coding that many practices’ billing departments may find challenging, outsourced billing services can help make your transition to this revolutionary new form of healthcare as smooth as possible.
Although your practice may not have planned to expand into telemedicine, this new form of services can not only help keep your facility open during COVID-19, but it may also increase your bottom line. In this blog post, we discuss how your practice can leverage telehealth services to increase your overall revenue and perhaps even come out of COVID-19 stronger than ever before. Read on to learn more, then get in touch with Comprehensive Healthcare Revenue Management today about how you can streamline your practice with our outsourced revenue cycle management services.
The Ultimate Convenience
While telemedicine was once considered to be the domain of rural practices, today urban and rural facilities alike are embracing this new form of healthcare as a way to drastically increase patient accessibility. This is important not only during times that necessitate social distancing, such as COVID-19, but also for accommodating individuals’ increasingly busy lives in general.
Furthermore, telemedicine allows your practice to reach the people who need it most but for whom it may be most difficult to access, such as chronically ill or aging individuals and their caregivers. Specialty care providers, in particular, can benefit from telehealth services as a way to serve patients beyond their geographical area, simultaneously increasing profits and saving lives.
Retain Current Patients
A 2017 study by Amwell reported that one in five patients would be willing to switch primary care providers to one who offers remote visits. Most likely, this number has multiplied dramatically in the wake of COVID-19. In order to retain the patients you already have and compete with urgent care and boutique practices, your facility needs to stay on the cutting-edge of healthcare, which means offering comprehensive telehealth services.
Reduce No-Shows and Late Cancellations
No-shows and late cancellations are some of the biggest causes of revenue loss for many healthcare practices because they eat into providers’ billable time. With telemedicine, it is much less likely that patients will be unable to make their appointments due to barriers like work or transportation, since they can have them from virtually anywhere that they have access to a computer with a camera and microphone. Furthermore, telemedicine can help you actually recapture any lost billable time by queuing up same-day appointments. You’ll find that many patients are happy to go about their day and see you virtually should you suddenly have an open slot.
Extend Your Hours and Services
Since telehealth services can be offered from anywhere, many practices are leveraging this to provide video visits during evening or weekend hours. Chances are that many of your providers are already working off-hours for urgent inquiries without getting paid for them, so why not turn that into billable time? Extending your practice’s hours also allows you to extend your services, if applicable. Lifestyle-focused services such as weight loss coaching and smoking cessation are in high demand due to the stressors of COVID-19, and these services can easily be offered from anywhere without impacting your practice’s primary offerings.
Keep Your Practice Profitable With Telemedicine and CHRM
We’re all in this together when it comes to reducing the physical and economic impacts of COVID-19. By offering telehealth services, you can not only improve your medical practice’s revenue, but also offer vital services to the people who need it most.
Unfortunately, learning the new billing and coding regulations associated with telemedicine has caused many healthcare facilities to shy away from this transformative new practice. Comprehensive Healthcare Revenue Management is here to help. Our medical billing and coding professionals have years of experience working in revenue cycle management for all kinds of healthcare services, including telemedicine. To learn more about how you can increase your practice’s profitability, contact CHRM today to sign up for a free assessment.