Health tech solutions transform practice profitability

Technology has the potential to completely transform how a private healthcare practice operates – for the better. From reducing administrative burdens to expanding patient access, health tech solutions not only streamline workflows but also contribute directly to improved profitability. This blog explores specific ways technology can deliver measurable financial benefits for your practice.

Streamlining billing & collections with practice management software

A common pain point for private practices is managing billing & collections efficiently. Integrated billing & practice management software automates claims submissions, allowing you to bill in real-time & ensure fewer rejected claims & faster reimbursements. 

According to a study by the Medical Group Management Association (MGMA), practices that implemented automated billing systems saw a 55% reduction in days in accounts receivable & a 7% increase in collections [1]. 

In terms of your practice, how could this improvement in cash flow significantly impact your business’s financial health?

Enhancing productivity & patient experience with Electronic Medical Records (EMRs)

EMRs reduce the time clinicians & staff spend on paperwork by organising patient histories, lab results, & notes into one easy-to-access digital file. With real-time patient updates & voice-to-text capabilities, staff spend less time on manual data entry, reducing the chance of manual data capturing errors & improving workflow efficiency.

Research published in the Journal of the American Medical Informatics Association found that practices using EMRs experienced a 6% increase in revenue per patient visit [2]. This boost in efficiency allows practices to see more patients without sacrificing quality of care—a balance that many private practitioners struggle to achieve without the use of quality, intuitive technology. 

Expanding patient access through virtual consultations

Virtual consultation platforms allow practices to offer remote healthcare services. This expands your access to a broader patient base & increases revenue by filling time slots that might otherwise go unbooked.

A survey by the American Medical Association revealed that 85% of physician respondents indicated that telehealth increased the timeliness of care, & 75% reported that it allowed them to deliver high-quality care [3]. 

More & more patients expect the ease & convenience of virtual consultations & this improved access can translate directly to increased patient satisfaction & loyalty.

Enhancing patient engagement with digital communication tools

Simple but effective tools such as BulkSMS & email are easy-to-use & secure ways to improve communication between your practice & your patients. These tools allow for easy appointment scheduling & reminders, improved follow-up appointments, & patient adherence to their treatment plans. 

Studies have shown that practices using patient engagement technologies see a 90% reduction in no-show rates [4]. These tools directly contribute to a practice’s bottom line by minimising missed appointments & fostering stronger patient relationships.

Optimising resource allocation with data analytics

Advanced analytics tools can help practices make data-driven decisions about resource allocation, staffing, & service offerings. By analysing trends & patterns in patient flow, appointment scheduling, & treatment outcomes, practices can identify areas for improvement & optimisation.

Healthcare organisations using big data analytics have reported a 25% increase in operational efficiency [5]. This improved efficiency can lead to cost savings & better use of resources, ultimately boosting profitability.

Streamlining inventory management with smart solutions

Practices that dispense medicines &/or manage medical supplies’ inventory can prevent overstocking or stockouts with intuitive solutions that make inventory management simpler & more efficient. Systems that use AI & predictive analytics can be invaluable in forecasting demand & automating reordering.

Healthcare providers implementing automated inventory management systems have reported up to 40% reduction in carrying costs & a 30% decrease in stock-outs [6]. This optimisation can lead to significant cost savings & improved cash flow. 

By implementing these technology solutions, private practices can streamline operations, cut overhead costs, & improve revenue generation—all critical components for long-term success. 

Choosing solutions that align with your practice’s specific needs & goals is the key to successful implementation. With the right technology partners, like Healthbridge, you can navigate this digital transformation with confidence, setting your practice on a path to enhanced profitability & improved patient care. Contact us at sales@healthbridge.co.za for a free practice health assessment by an experienced Business Consultant. 

 

[References]

1. Medical Group Management Association (MGMA) DataDive Cost and Revenue Survey, 2019
2. Adler-Milstein, J., & Jha, A. K. (2017). HITECH Act Drove Large Gains In Hospital Electronic Health Record Adoption. Health Affairs, 36(8), 1416-1422.
3. American Medical Association (AMA) Telehealth Survey, 2021
4. Huang, Y., & Hanauer, D. A. (2016). Patient No-Show Predictive Model Development using Multiple Data Sources for an Effective Overbooking Approach. Applied Clinical Informatics, 7(3), 954-968.
5. McKinsey & Company, “The ‘big data’ revolution in healthcare: Accelerating value and innovation,” 2013
6. Cardinal Health Hospital Supply Chain Survey, 2018