The Patient Revenue Platform™ for High-Growth Practices
By Blakely Roth | Updated December, 2024
Healthcare practices are facing make-or-break revenue challenges including, rising costs, continually reduced reimbursement rates, increasing competition and an uncertain economy. Healthcare practices have since ranked “Running a Profitable Practice” as their number one priority in the coming years.
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. Yet, some practices are rising to the top, generating $138,522 more revenue per physician per year than the competition. What are they doing right?
To achieve similar revenue results, high-growth 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 demands, lean on technology to supplement staffing costs or shortages, 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 specialty practice, while providing a digital-first experience that today’s patients demand.
Invest in a Solution Purpose-built to Drive Scalable Practice Growth
The minimum wage for healthcare workers, including administrative staff, is increasing across the country by 10-30% in some areas. At the same time, staffing burnout, churn and rehiring are also increasing overhead costs and operational inefficiencies for practices. Adding to the growing burden, 56% of medical practices are increasing benefits packages, further raising overhead costs. These wage increases span across your entire staff, including physicians, nurses, clinical and administrative staff.
With labor costs on the rise and many practices still facing staff shortages, healthcare leaders are turning to technology solutions to ensure efficiency without impacting their bottom line. Practice leaders are investing in technology to automate administrative tasks, integrate and standardize operational efficiencies and improve patient acquisition and retention, with 66% of practices investing in self-service kiosks and 40% prioritizing automated solutions to circumvent lean/costly administrative staffing challenges.
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 revenue and expectations.”
It’s imperative to recognize that your practice management systems (PMS) or electronic health records (EHR) are not purpose-built to drive patient revenue. High-growth practices go beyond their PMS/EHR to amplify revenue results.
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. See what a purpose-built patient revenue platform™ achieves for your bottom line.
Clearwave Core: Put Revenue Back Into Your Healthcare Practice
High-growth, specialty healthcare practices need more than just an off-the-shelf or add-on platform to increase profits and truly reduce administrative burdens. We work with high-growth organizations that specifically need a patient revenue platform with multi-factor eligibility™ for accurate collections, truly self-service and passwordless solutions for improved efficiency, and customizable workflows to meet patient, practice and provider requirements. Built specifically for these needs and more, Clearwave Core solutions turbo-charge practice growth by accelerating revenue through increased POS collections and helping practices boost profits and patients with fewer staff on payroll. From implementation and strategy to ongoing best practice Clearwave remains an ally to our customers.
With Clearwave Core’s automated and efficient solutions for every point of the patient journey, healthcare practices drive growth by:
- Accelerated Revenue Through Increased POS Collections
- Improved Patient Experiences That Drive Retention
- Increased New Patient Acquisition
- Optimized Staffing Through Patient Self-Service
- An Ally You Can Rely On, From Strategy To Best Practice
Whether you need to stay efficient despite lean FTE numbers, are facing high costs, need to boost profits or all the above, Clearwave makes it all possible.“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 healthcare practices, including;
- Clearwave Registration: Truly self-service and passwordless registration that drives an average of 96% patient adoption, improved data capture and increased collections. Clearwave provides pre-check complete with clinical intake and digital patient-self registration via kiosks, tablets and mobile, resulting in shorter wait times for patients, improved data accuracy and streamlined point-of-service collections. See more patients and collect payments — every day.
- 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 Multi-Factor Eligibility™: Drives cleaner data, reduced claim rejections and instant co-pay determination — meaning more money in your pocket. Don’t just keep up, accelerate your cash flow while reducing the hours it takes for staff to verify insurance, even reallocating those FTE resources (and costs) to other areas of the practice. Present the most accurate co-pay at every patient check-in, increasing collections by upwards of 100%, while reducing claim rejections by 94% and workloads by 2X.
- Clearwave Pay: Present co-pays, outstanding balance and estimates every time a patient registers for their appointment and bring in more revenue. Clearwave Pay seamlessly integrates into your existing payment processor or via a Clearwave preferred partner for advanced payment features.
- 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.
The Patient Revenue Platform™
Specialty healthcare 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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