How are today’s top organizations optimizing revenue? Today, we’re highlighting some of the strategies firms are using to get ahead.
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 strategies healthcare organizations 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.
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Schedule a consultation with HMI, LLC today. We have decades of proven experience optimizing healthcare organizations – from revenue cycle management to medical coding.