The Patient Revenue Platform™ for High-Growth Practices
By Blakely Roth | February 15, 2023
There are a number of practices still recovering from the effects of the global pandemic and now they’re facing the added pressure of an uncertain economy and increasing competition. Nearly 90% of medical practices reported costs have risen faster than revenues and less than two-thirds of medical practices hit their revenue goals in previous years. As a result, these practices are focused on optimizing patient revenue streams and internal operations to increase cash flow and fuel growth.
Sharing his thoughts on today’s evolving healthcare and economic environment, Clearwave CEO, Mike Lamb, says, “In this landscape, the practices that will thrive will be those that prioritize the patient experience and find ways to put revenue back into their practice.”
In this respect, healthcare organization leaders are finding success by implementing tools and strategies that are purpose-built to drive growth potential for their practice or health system, while providing a digital-first experience that today’s patients have become accustomed to.
Invest in a Solution Purpose-built to Drive Scalable Practice Growth
With labor costs up 30% and many practices still facing staff shortages, healthcare leaders are turning to technology solutions to ensure scalable growth. Practice leaders are investing in technology to automate administrative tasks, integrate and standardize operational efficiencies and improve patient acquisition and retention.
Of the increasing investment in healthcare IT infrastructure, Lamb shares, “While off-the-shelf and add-on practice management solutions might help some healthcare organizations manage their practice, they won’t provide the key differentiator that high-growth practices need to stand out in a competitive market – and that’s a laser-focus on patient engagement and revenue.”
It’s imperative to recognize that your practice management systems (PMS) or electronic health records (EHR) are not purpose-built to drive patient revenue. If you’re planning to invest valuable resources into technology to build a foundation for growth, ensure you choose a solution that is proven to put revenue back into your practice.
Clearwave Core: Helping Practices Accelerate Growth
High-growth medical practices have unique business needs, including patient acquisition and retention, schedule optimization, clean claims, point-of-service (POS) collections and premium services sales – all of which contribute to the overarching goal of infusing their practice with increased cash flow. Built specifically for these needs and more, Clearwave Core solutions are customizable and fully automated, so you can align each patient touchpoint with critical practice and provider requirements.
“Clearwave is uniquely tuned into the pre-visit, visit and post-visit patient engagement needs of high-growth practices, and Clearwave Core is proven to help customers capture revenue at every patient touchpoint,” adds Lamb.
At the Core, each solution is purpose-built to help your practice unlock growth potential while providing your patients with the experience they require from medical practices, including;
- Clearwave Registration: Provides digital patient-led registration and check-in options via kiosks, tablets, mobile QR codes and pre-registration links – resulting in shorter wait times for patients, improved data accuracy and streamlined point-of-service collections.
- Clearwave Scheduling: Empowers patients to self-schedule appointments – providing the instant access and convenience they expect in every aspect of their lives. Clearwave scheduling enables canceled appointments to be re-released back into inventory and the platform provides a waitlist to automatically fill all available time slots. Smart patient scheduling reflects your practice’s preferences to maximize acquisition, capacity and flexibility, all of which create noticeable results and fill more appointment slots for your providers.
- Clearwave Eligibility: Simple, instant and automated insurance eligibility verification, creates true financial transparency, which helps practices accelerate cash flow without the hassle. Instantly give your practice line-of-sight into co-pay amounts and primary, secondary and tertiary benefits, along with errors that your staff can correct ahead of patient appointments, to ensure payment at the point of service.
- Clearwave Communications: Helps practices connect with patients to keep appointment slots filled, reduce no-shows and drive patient satisfaction – without burdening staff. Provide patients with automated and customized appointment reminders via voice, text and email. Use Clearwave recalls to keep your practice top-of-mind for existing patients. Streamline patient acquisition and retention with communication tools built to minimize profit leakage and put revenue in your pocket.
With Clearwave Core’s automated and efficient technology supporting every point of the patient journey, medical practices drive growth by:
- Enabling faster time to revenue
- Increasing point-of-service collections
- Accelerating patient acquisition and retention
- Optimizing overall business operations for maximum effectiveness
- Providing executives with data-driven dashboards to measure and track revenue
The Patient Revenue Platform™
Specialty medical practices use Clearwave Core to enhance patient self-scheduling, streamline patient registration and intake, automate patient communications and create true financial transparency for both the patient and practice alike through real-time, automated insurance verification. Unlock your practice’s growth potential with Clearwave today and fuel your success now.
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