Maximizing Resources & Outcomes with a Patient Revenue Strategy
By Blakely Roth | March 23, 2023
Many healthcare organizations rely on practice management software (PMS) to simplify daily operations, such as financial and administrative tasks. There is no denying that these tools can help the business side of the practice run more efficiently. For high-growth medical practices, efficient business operations alone won’t help them stand out in a competitive healthcare market. They must also find innovative ways to put money back into their practice, build revenue streams that lead to scalable growth and take forward-thinking action to elevate their patient revenue strategy.
Learn how to compete for patients, scale revenue and stand out in a crowded healthcare market.
Achieving Competitive Differentiation and Success
After years of patients putting elective and well-care services on hold due to the global pandemic, patients are increasingly moving forward with specialty care appointments. There is no shortage of options for people looking for a new provider.
Amidst all of this competition and an ever-evolving healthcare industry, practices that want to thrive need to do three things in addition to streamlining internal operations:
- Capture revenue at every patient touchpoint to infuse the practice with increased cash flow
- Accelerate patient acquisition and retention by increasing scheduling options
- Maximize the power of front desk operations by using automation to free up staff workloads
Patient engagement is particularly important in the post-COVID world, as people are digitally savvy and rely on the internet for routine appointments and everyday needs. Jumping online to order dinner, pick out groceries or purchase a new outfit has become second nature. Patients expect the same fast, easy and convenient self-service experience when it comes to healthcare interactions.
Given the choice between engaging with a provider that offers a modern, digital patient experience with self-scheduling, online check-in and online bill pay, or one that relies on old-school methods of phone calls and in-office paperwork, most patients will choose the former. In fact, according to KPMG’s report on Healthcare 2030: The consumer at the center, “58 percent of millennials and 64 percent of Gen Xers value online booking to the extent that they would switch providers in order to do so.”
Maximizing Resources with a Patient Revenue Strategy
With high-growth practices so focused on patient care (as they should be), how is it possible to also maximize valuable staff time and increase patient acquisition and collections, while providing an experience that ensures retention? At the core of every successful, high-growth practice is a patient engagement engine that powers results while providing a top-line patient experience.
A patient revenue platform™ can provide automation and tools that are purpose-built to help practices prioritize the patient experience while achieving all three legs of the proverbial (doctor’s) stool: streamlining internal operations, modernizing the entire patient journey and maximizing revenue streams.
To drive this level of success, high-growth practices require a patient revenue platform that is purpose-built to put time and money back into their practice while providing a digital-first experience that today’s patients want. Your EHR knows your practice, but to ensure growth, choose a patient revenue platform that is uniquely tuned into the pre-visit, visit and post-visit patient needs of high-growth practices. With a purpose-built solution, you can capture revenue at every critical touchpoint, increase efficiency and scale growth without clunky patient portals that have historically low adoption/usage rates.
Unlock New Growth Opportunities
At Clearwave, we understand the pain points of these specialty practices. With Clearwave Core, you can provide a best-in-class patient experience that is designed to turbo-charge growth for your specialty practice. Clearwave Core is a fully automated, efficient and customizable patient revenue solution you can implement today, to scale tomorrow. Learn more about Clearwave Core and how medical practices and health groups leverage this patient revenue platform to accelerate growth.
See the impact of our patient revenue platform in real time. Watch this conversation on “How to Unlock Hidden Revenue During Patient Check-In.” See how high-growth practices and health groups use Clearwave Core to make patient engagement a competitive differentiator and revenue generator while unlocking new revenue streams.
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