Healthtech Security
Article | August 31, 2023
Managing accounts receivable (A/R) in private practice is a constant battle for physicians. Though most understand that lowering their A/R is critical for improving their practices’ efficiency and profitability, physicians often do not know how to address issues like lengthy collection periods and insurance claim denials.
It can be complex to manage A/R, as doing so involves various parties, including insurance carriers, the patient, the front office and billing staff, and the provider. All must work together to achieve a clean claims rate and avoid denials.
The best way to improve medical billing A/R is to reduce claim denials and speed up the patient collections process. In addition, you’ll need to ensure that patients and staff are filling out paperwork correctly and submitting claims on time. Other areas to manage are the follow-ups to correct errors and past-due accounts.
Accounts receivable is a collaborative effort
Each member of the practice staff plays an integral role in reducing claims denial rates. Take an all-hands-on-deck approach in order to identify issues and develop solutions. Start by making every team member privy to the A/R management process. This will ensure everyone is on the same page and involved. It will also help to increase efficiency, avoid redundancies, and eliminate mistakes that could waste time or profitability.
The front office staff is the front line of A/R. They are the first to verify and update patients’ insurance and personal details like address and contact information. They must also ensure that patients sign certain documents, like financial policies.
Providers are the next line of A/R. Providers select current procedural terminology (CPT) codes, and must be mindful of tedious details such as bundling correctly in order to ensure that claims are approved. A conscientious provider should not only select appropriate billing codes but also double-check the patient information that the front office staff provide.
The billing office is a final line of defense and should triple check that the patient’s information and the CPT codes are correct. Billing office staff are also responsible for ensuring the claims are submitted on time and that duplicates are not submitted.
Establish financial policies
Every practice needs clearly defined financial policies around patients or clients. Having these policies in place helps to clarify financial details and creates workflows and processes for staff to follow. Here are a few elements to consider:
State whether the practice will accept personal checks and, if so, what charges or actions are in place for bounced checks. Consider implementing technologies that convert paper checks to electronic transactions and verify them before patients leave the office.
Include a financial responsibilities section with information about who is responsible for the claim(s) if a patient’s insurance carrier partially or fully denies their claim.
Define the debt collection process. Patients should quickly know how long they have to pay their bills and at what point you may sell their debt to a third-party debt collectors agency.
Medical records can be copious, and practices often need to make physical copies of them. Consider implementing a policy that covers a pay-per-page cost associated with medical records.
Automate patient statements and payments
Offer different payment options for patients by implementing technologies and creative solutions that make it easier for them to pay their bills. Look for solutions that reduce manual work and provide reporting that tracks efficacy across delivery modes. Here are a few approaches to consider:
Automate sending statements via text message or email to help improve the rate of online payments.
Add QR codes to online and paper statements to help patients quickly access payment portals.
Offer payment plans, especially with low to no interest, to make it easier for patients to pay down balances.
Establish a written collections process
Not collecting patient payments at the time of service is the biggest challenge to patient collections. Establishing a written collections process can help to alleviate that pain point and clarify the practice’s policies and procedures so that patients can understand them more clearly and easily. Here are some guidelines to follow when creating your policies:
Include when, how, and how often bills are sent.
Provide information on payment plans and assistance programs, if available.
Explain the different available payment options and whether patients can pay over the phone, online through a payment portal, etc.
Clarify which extraordinary collection actions may be used, including selling the debt or taking legal action.
One of the most important processes to develop with collections is to respond to patients’ behavior. Communication should not be a one-size-fits-all approach. Patients expect personalization, and reaching out to them based on their preferred means of communication leads to optimal results.
Perseverance is vital when it comes to collections. By establishing clear policies and implementing integrated technology throughout your processes, you can improve the patient experience by eliminating confusion while streamlining workflow to reduce the administrative burden on billing and administrative staff.
Although implementing these steps can help your practice lower your accounts receivables, sometimes choosing to outsource to a medical billing company can help you save time, money, and resources. Medical billing companies can provide medical practices with specialized expertise, technology, and infrastructure to efficiently manage the revenue cycle and ensure timely payments. Outsourcing medical billing can also free up staff time and resources, allowing healthcare providers to focus on patient care and other essential aspects of running their practice. Whether you choose to outsource or to keep your medical billing in-house, these tips will help you to reduce your costs and increase your revenue.
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Health Technology, Digital Healthcare
Article | August 16, 2023
Your sales cycle encompasses every action you take to close a new customer as a salesperson. But there is a possibility for the sales cycle to be confused with sales methodology. Sales methodology is a framework in which one practices a sales cycle. Whereas the sales cycle is the step-by-step process of you, as a salesperson, to close a deal with a client.
Piper Drive, a sales CRM and pipeline management platform defines a sales cycle as the series of predictable phases required to sell a product or a service, and that sales cycles can vary greatly among organizations, products, and services, and no one sale will be the same.
Especially with the healthcare industry, a thorough understanding of your health tech sales cycle will make your sales operations more efficient. Shortening the sales cycle without an up-front investment for sales is one of the critical healthcare sales and marketing goals. If you shorten your health tech sales cycle, you get more time to make additional leads. This will ultimately result in having an improved bottom line.
A faster and shorter sales cycle can bring you more advantages in the competitive sales world of your industry. It will indeed allow your company to grow its business by improving market share. Have you ever thought, as a salesperson, about the effective ways to shorten the health tech sales cycle? This article mainly focuses on proactive ways to shorten your sales cycle and improve profitability.
Challenges of Long B2B Health Tech Sales Cycle
According to Marketing Sherpa, a market research institute, the length of the sales cycle can vary from industry to industry. Comparatively, the health tech industry has a longer sales cycle. Still, there are many effective ways to shorten it and bring a positive impact on your sales process.
In general, B2B sales take a lot of time to maintain. Thus, the B2B health tech sales cycle takes even months to close a sale with a prospect and faces many challenges in the process. Some of the challenges you may face, as a health tech salesperson, can be the following on the process:
Turning the Lead to a Sales-Ready Prospect
No health tech salesperson will find a lead ready to make the sale without any persuasion from you. In the health tech sales cycle, lead nurturing should be your best bet to convert a prospect.
With longer sales cycles, it won't be easy to nurture a lead all through the process and make a sales-ready prospect. It would be easier to convert leads when they are ready if you keep in touch with the prospects. People often find it difficult to do so in the long health tech sales cycle and end up not converting potential clients into happy customers.
Maintaining Engagement Over Time
The sales team keeps converting leads on their radar. As days and months pass, it is challenging to memorize each prospect you have interacted with. Neglecting them brings nothing to your business.
It can be a juggle to balance new prospects with existing SQLs. Older ones may get lost in the weeds as new leads come in. No one can tell which one is a higher priority. Whom will you pay more attention to and for how long? It can be a severe obstacle in the long B2B health tech sales cycle.
Keeping Your Sales Team Energized
If your sales team is not engaged with the process itself and enjoys it, they will have a more challenging time dealing with leads. It is a fact that, unfortunately, salespeople can become frustrated or bored due to working with difficult and hesitant leads.
As the health tech sales cycle drags on, it is tough to remain emotionally calm. If you have no strategies to energize them promptly, apathy or discouragement may come into play.
Ensuring Marketing and Sales Alignment
Lack of communication between the sales and healthcare marketing teams can pose the most detrimental challenges. It can impact the health tech sales cycle seriously. This loss of alignment between marketing and sales can hurt lead nurturing and lead to further difficulties like the ones listed above.
When the two teams move out of sync, it often requires a lot of effort to get them on the same page again. These teams can work separately with decisions and different goals, but it would not benefit the entire company.
Five Stages of the Typical Sales Cycle
It is better to understand the five stages of the health tech sales cycle to comprehend how the sales cycle comes into play completely.
Prospect
This is the stage where the sales team attracts leads and listens to them, and learns to offer what they need.
Connect
This is the stage for you to get leads to move forward with your offers. You can utilize all the data you have amassed during prospecting.
Research
As a salesperson, this is when you learn about leads and determine whether the prospect intends to buy.
Present
In this stage of the health tech sales cycle, you offer your product or services as an effective solution for your lead's pain points.
Close
It’s a fit! By now, you know if your lead wants your product or service and move forward.
Benefits of Shortening your Sales Cycle
A shorter health tech sales cycle allows you to meet more prospects within the same time frame. For example, if you take one week for each prospect to complete the cycle, you can meet more people than with a two-week average life cycle for a single prospect. As you meet more people, it allows you to make more money. Moreover, most of the prospects prefer to have shorter sales cycles provided that you fulfill their need and solve their problem.
However, even with a short health tech sales cycle, you should have an effective method to track sales information. Along with a short sales cycle, an effective method will increase your team’s efficiency and sales numbers. You will make more profits and improve your sales cycle.
Ways to Shorten your Long Health Tech Sales Cycle
One of the significant challenges faced by healthcare technology salespeople is shortening their health tech sales cycle. Unlike B2C, the B2B process of sales has to deal with many decision-makers and educate them about the value of your products. Typically, it takes a lot of time and effort to convince your prospects that your solution is customized to meet their unique needs.
However, your health tech sales cycle can become agonizingly long as each prospect can have a different perspective about your solution. It can also occur due to the number of people involved in the decision-making in B2B companies. According to the latest Demand Gen Report, the buyer’s journey is getting more complicated and longer. This makes the sales process worse, which is already tedious.
However, the good news is that you can follow these marketing strategies to shorten your health tech sales cycle tactically.
Understand Your Buyer Personas
Keep yourself away from trying to engage the wrong people. This will not bring you any results in the end. Before commencing the sales process, you should have a clear idea of who your targeted audience is. The decision-makers or influencers in the organizations you are targeting are your buyer personas.
After identifying your personas, by answering the following questions, you can outline their qualities:
• What are their goals?
• What are their responsibilities?
• What trigger drives them to buy?
• What problems are they dealing with?
• How do they like to research?
• What inhibits a purchase?
As you answer these questions, you will get a clear idea of the best way to approach them.
Send an Introductory Video
The prospects get to know the salesperson only in the in-person meeting. So before the in-person meeting, you can consider sending them an introduction video. This would add value and explain why you are interested in them with a ‘call-to-action. It creates familiarity by the time you connect with them. This is a very creative step to shorten your health tech sales cycle.
Provide Pre-Sales Appointment Content
Having a sales appointment with a prospect, who does not know anything about your solution, is one of the biggest mistakes you can make in your health tech sales cycle. This means you may have to have several meetings to convince the client. This problem can be eliminated with a lead nurturing email with informative content. This email can have a link to an informative blog about your product, which was written previously. It will make them peruse your website before the actual sales meeting with you. It saves your time by eliminating many meetings to educate the prospect about your product.
Provide Post-Sales Appointment Content
The prospect is expected to come out with some concerns and objections after the first sales appointment. As a healthcare tech company salesperson, it is your responsibility to eliminate all those obstacles by addressing them strategically. Sending follow-up emails, videos, and case studies helps address those concerns. The content can be used to guide other prospects too. Overcoming these obstacles with effective content can shorten your health tech sales cycle effectively.
Come Clean with Pricing
Pricing of your products can be one of the main concerns for your prospects. Many salespeople address it only at the last stage of the health tech sales cycle. Not revealing the price at the beginning will only lengthen your process. Moreover, it may result in losing trust in you. Be transparent and reveal the price, to save yourself from such issues.
Leverage Social Proof
One of the smartest ways to win the trust of your prospect is to provide social proof. It will also make the deal close sooner. The best social proofs are case studies with the impact of your products or ROI. Remember to make that the company featured in the case study is similar to the particular prospect's company.
In the health tech sales cycle, it is crucial to thoroughly understand the prospect. Your sales cycle should connect with the process of lead nurturing, where you act as an advisor. This will also help you build trust with the prospects and increase your chances of closing the deal before the expected time.
Executing all of these alone would be challenging. At Media7, we help companies market their healthcare technology product with innovative strategies and support by implementing these strategies effectively. Our strategies help attract prospects, convert them and turn them into your happy customers forever. To know more about us, visit https://media7.com/
Frequently Asked Questions
What are the stages in the health tech sales cycle?
B2B health tech sales cycles include seven main stages. They are sales prospecting, making contact, qualifying the lead, nurturing the lead, making an offer, handling objections, and closing the sale. Following these steps help a salesperson to close the sale effectively.
How does the health tech sales cycle help?
The health tech sales cycle helps you identify potential clients and nurture them through the process of sales. It makes you effectively and efficiently guide your clients and gives them the confidence to go forward with more effort.
What are the best practices for the health tech sales cycle?
The best practices for the health tech sales cycle can be attracting more prospects through content marketing, building trust by understanding clients better, focusing on your customers' clients, and knowing the prospect’s organizational chart.
Why is the sales cycle important in health tech?
The sales cycle in the health tech industry helps the sales managers to forecast the accurate picture of your sales. This because they know where your salespersons are in the sales cycle. It also gives a clear picture of how many deals your salespeople close out of a given number of leads.
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Health Technology
Article | September 12, 2023
Do you know a friend or loved one who suffers from fear, anxiety, and depression and do not know what to do to help them?
It can be frustrating to watch someone you know struggle with their mental health and not be able to do anything to relieve their suffering.
With this in mind, here are seven ways to help the person cope in these kinds of situations.
1. Learn as much as you can in managing anxiety and depression: There are many books and information that will educate you on how to successfully overcome fear and anxiety. Share this information with the individual who is struggling with their fears. The key is to get your friend to understand how important it is to seek some guidance when it comes to their mental health.
2. Be understanding and patient with the person struggling with their fears: Maintaining depression and anxiety can be difficult for the individual so do not add more problems than what is already there. Do not get into arguments with your friend who may be having a difficult time with their anxieties. Make an effort to listen to the person rather than making judgements.
3. Talk to the person instead of talking at them: It is important not to lecture the individual who’s having a hard time with anxiety and depression. Talk to the person about their issues without being rude. Most people will listen if you approach them in a proper manner. Remember to treat others the way you would want to be treated if you were the one who was struggling.
4. Ask for some ideas: Seek advice from a professional who can assist the person you know with their mental health issues. A counsellor can give you some ideas on how to overcome anxiety, fear, and depression. Getting help from a therapist is the number one priority in getting the individual to do something about their problems.
5. Find out why the person won’t get assistance: Address the issues on why he or she will not seek treatment. Many people who are struggling are fearful and frustrated. Try to find out the reasons why your friend won’t get the help they need and then try to find the ways that will overcome their resistance of seeking some guidance.
6. Remind the person on the consequences of not getting help: Another way to convince the individual who is struggling with fear and depression is to tell them what may happen if they don’t get some counselling. Anxiety and depression can make things worse and usually won’t go away by themselves.
7. You can’t manage your mental health all by yourself: A person’s fears and anxieties can be difficult to manage and more than likely he or she will need some help. Many people think that they can overcome their mental health problems on their own. This is a mistake. The individual should admit they have a problem and then seek treatment to get their life back on track.
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Health Technology
Article | December 8, 2022
Contents
1. Knowing The Basics
2. Importance Of EHR In A Rural Setting
3. Features That An EHR Must Have In A Rural Area
Today, we will discuss the crucial featuresof electronic health records (EHR) in rural hospitals. However, before listing out the key components, let us first understand what EHR is and how it can help the smooth functioning of medical treatment in a rural setup.
1. Knowing the Basics!
As the name suggests, an electronic health record is a computer file that stores a patient’s medical history, such as diagnosis, treatment, test results, etc. In short, an EHR is a digital version of a patient’s paper health record. It also includes previous appointments, billing details, and other general documentation. The need for an EHR popped up due to its easy and secure availability compared to patients' paper files. In addition, patients and doctors can easily access lab reports through an EHR that is updated in real-time and downloaded on any device with an internet connection.
2. Importance of EHR in a Rural Setting!
Healthcare Information and Management Systems Society (HIMSS) defines EHR usability as “The effectiveness, efficiency, and satisfaction with which specific users can achieve a specific set of tasks in a particular environment.' In essence, a system with good usability is easy to use and effective. It is intuitive, forgiving of mistakes, and allows one to perform necessary tasks quickly, efficiently, and with a minimum of mental effort.”
A patient's electronic health records can be beneficial in an era of digitization. It can improve patient care by minimizing the chances of medical errors, reducing test duplication, and making doctors and patients well-informed by fetching medical records anytime, thereby reducing delays in treatment.
3. Features That an EHR Must Have in a Rural Area
EHRs can prove beneficial in all areas situated far off by accessing the real-time, up-to-date data of patients’ health records and making timely decisions. When the distance between the clinics and specialists is more, an EHR report can easily be sent to look into a patient’s history before delivering treatment.
In a rural setup, EHR helps promote health awareness as patients' data can be monitored without needing to be physically present. Software-as-a-Service (SaaS) Solutions can be easily deployed in places with slow internet and help maintain a lightweight EHR that can support immediate patient care and easy documentation.
Next comes the option of configuration over coding. At the Rural Health Clinic (RHC), an EHR that the local IT team can handle would be of more use than one that may require a specialist’s check or additional coding. An EHR, equipped with the ability to configure and customize as per the clinic’s workflow, will give more control to the RHCs and enable them to function efficiently.
Another significant point of an EHR in a Rural Health Clinic will be the inclusion of applications that support instant communication, like Telehealth and patient portals. These applications enable direct consultation and virtual care of patients and specialists located far off, thereby reducing the dependency of RHCs on city or urban-based facilities.
When we are discussing rural hospitals, we need to look for an application that is both affordable and functional, as rural areas mostly struggle with problems regarding budget and resources. Hence, keeping this in mind, RHCs should install a cloud-based EHR that does not require buying servers or employing IT staff.
RHCs must use an EHR application with innovative analytic tools to access and develop reports for quick patient care decisions. In addition, the system must be able to pull large chunks of data and generate reports daily.
Enjoyed reading this? Want to read more related articles? Click the link for more information!
https://healthcare.report/trending-news/electronic-health-records-ehr-software-market-2019-foreseen-to-grow-exponentially-by-2026
Happy Reading!
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