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Patient Loyalty

Patient loyalty is a key to continued practice success in terms of both recurring and new revenue. Patient loyalty and profitability are crucial for the success of healthcare organizations. Building patient loyalty must be part of the standard patient care program because loyal patients show better and quicker outcomes. As patients return to your practice, you maintain revenue stability; as patients refer their friends and families, your practice billing collections grow. In terms of profitability, the new patient acquisition is more expensive than loyalty maintenance for existing patients by order of magnitude.   Factors Affecting Patient Loyalty The image below shows how different factors affect patient loyalty. Based on various studies, the image highlights the relationship between these determinants and patient loyalty. The determinants discussed include patient satisfaction, service quality, perceived value, trust, commitment, hospital brand image, organizational citizenship behavior (OCB), and customer complaints. Satisfaction, service quality, and trust are

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Book Blog

Has the Provider’s Compensation Kept Up With the Economy or Healthcare Costs?

Healthcare spending continues to rise at the fastest rate in our history.  The US 2021 healthcare spending was $12,318 per capita, and the following infographic shows that the US spent twice more on healthcare compared to most other advanced economies: Figure 1.  US spent twice on healthcare in 2021 as compared to the average of most other wealthy countries.  Source: (Infographic: U.S. Healthcare Spending, Peter and Petersons Foundation, 2023). In 2005, total national healthcare costs rose 6.9%—twice the inflation rate—reaching $2 trillion, or $6,700 per person. Currently, total healthcare spending represents 16% of the gross domestic product (GDP). In the next decade, U.S. healthcare spending is expected to increase at similar levels, reaching $4 trillion in 2015 (Borger et al., 2006). After the 2020 COVID-19 pandemic, healthcare costs rose 9.7% to $4.1 trillion due to unexpected federal spending (National Coalition on Health Care, n.d.). National Healthcare Expenditure (NHE) increased 2.7%

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Book Blog

FinTech Platforms to Manage Healthcare Networks Acquisition Risks

Summary Mergers and acquisitions can be effective tools for hospitals to improve access, quality, and efficiency of care. By partnering with other healthcare organizations, hospitals can expand their service offerings, access a wider network of specialists, and better serve their patients. Additionally, consolidating allows health systems to achieve economies of scale that can help reduce the costs of medical services and supplies, including prescription drugs. On the other hand, the hospital network consolidation process is complex, expensive, and carries a high failure risk. A systemic approach, including a platform software technology strategy, helps mitigate those risks. Why Mergers of Hospitals? Kaufman Hall’s analysis reveals that 40% of affiliated hospitals have expanded their services following mergers and acquisitions [1]. For financially struggling hospitals, these arrangements can be vital in keeping them open and avoiding bankruptcy or closure. Integrating with health systems can also strengthen the continuum of care for patients and

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ClinicMind Category

ClinicMind External NewsLetter vol 3

ClinicMind Unveils Live Chat System! We are thrilled to introduce an exciting new feature at ClinicMind that will revolutionize client support: Live Chat! Our dedicated team is committed to providing prompt assistance, and Live Chat offers a real-time and convenient way for clients to address queries, and concerns, or seek guidance. Here are some potential benefits of ClinicMind’s Live Chat support: Real-Time Convenience: Say goodbye to waiting for callbacks or lengthy email exchanges. With Live Chat, clients can receive immediate assistance without any hassle, enhancing overall convenience and satisfaction. Swift Issue Resolution: Our support representatives can address client issues promptly and efficiently through Live Chat. By engaging in real-time conversations, we can provide step-by-step guidance, troubleshoot problems, and deliver solutions swiftly, leading to faster issue resolution. Personalized and Interactive Support: Live Chat enables a personalized support experience, allowing clients to directly converse with our representatives. This interactive nature fosters better

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ClinicMind Category

Why Private Practices Need Insurance Denial and Appeals Management 

Why Private Practices Need Insurance Denial and Appeals Management  Denial and appeal management is a critical part of any private practice or healthcare system. It plays an important part in revenue cycle management and reducing denials and appeals makes it easier for providers to get paid. Denials have always been a struggle for providers because they take up so much time and require extra resources.  As insurance companies get more particular and technology continues to evolve, a lot of questions arise about why claims are being denied. In fact, recent studies have estimated that as many as 90% of all insurance denials are completely preventable. To do that, providers must first have an effective denial and appeal management process in place.  Common Reasons for Insurance Denials  Taking a proactive approach starts with education and understanding. According to the experts, the most common denials are because services aren’t deemed medically necessary.

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ClinicMind Category

Navigating Insurance Audits and Compliance 

Navigating Insurance Audits and Compliance  Insurance audits and compliance checks can be nerve-wracking, to say the least. Health insurance is complex, and it seems to be getting even more particular with each passing day. Every private practice will need to be prepared for the potential of insurance audits and other compliance inspections that may come up during normal business operations. Of course, that is often easier said than done.  Preparation and education are the two keys to success in navigating insurance and compliance as a private practitioner. The first thing that you need to know is who conducts audits and why they’re doing so. There are two main types of audits: routine audits and event-triggered audits. Each has its own considerations and compliance matters to know.  Who Conducts Insurance Audits? In private practice, insurance audits are conducted by payors. This could be a commercial insurance provider or Medicare or Medicaid.

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ClinicMind Category

Using Analytics to Optimize Insurance Management 

Using Analytics to Optimize Insurance Management  Insurance management is a critical process for private practices and healthcare providers of all kinds. Of course, the increasing number of available providers and plans has complicated the process and created a demand for better ways to get results and manage claims, denials, and appeals. Thanks to technology, it’s much easier to manage and monitor these areas of your practice. Of course, that’s only if you use that technology appropriately.  For starters, that means embracing analytics and all that they can do. What are analytics, you ask? These are simply reports and metrics that convey how well a practice’s insurance management methods are working. For example, providers struggling with excessive denials might want to dig into the denials and approvals data to see what’s going wrong. There are several ways that providers can put analytics to use, including optimizing insurance management throughout the practice. 

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ClinicMind Category

Insurance Industry Trends and Changes: Keeping Your Practice Up to Date

Insurance Industry Trends and Changes: Keeping Your Practice Up to Date The health insurance industry is constantly changing. It seems like every time providers get used to something, there’s a modification or new rule or policy that upsets the apple cart and requires them to learn things all over again. Fortunately, the Internet and emerging technology are making it easier for providers to stay up to date with insurance trends and changes, but it still requires a dedicated effort.  There are several things providers and private practice owners can do to ensure that they are always updated on the most current insurance information and industry news, as well as compliance guidelines and other topics. It all starts with taking the time to get informed and to set your practice up for success with the right tools. Insurance and compliance can be a pain, but they are essential to private practice

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Creating a Fee Schedule for Your Private Practice
ClinicMind Category

Creating a Fee Schedule for Your Private Practice

Schedule A Demo Now Creating a Fee Schedule for Your Private Practice  Some providers are following outdated or unreliable fee schedules and losing revenue as a result. Others simply haven’t bothered to read up on how to create a profitable fee schedule that’s also fair for patients. When it comes to building a strong practice, a consistent, reasonable fee schedule is a must-have. If practices charge too much, patients might go elsewhere when they have to self-pay. Insurance companies might deny claims or only pay partial approvals if fee schedules aren’t accurate, so that’s another concern.  In creating a fee schedule for your private practice, there are several things to keep in mind.  What Is a Fee Schedule? A fee schedule is not a static document or database that assigns charges to services or procedures randomly. It is not a tool used to validate what is a “reasonable” payment. It

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Patient Loyalty

Has the Provider’s Compensation Kept Up With the Economy or Healthcare Costs?

FinTech Platforms to Manage Healthcare Networks Acquisition Risks

ClinicMind External NewsLetter vol 3

Why Private Practices Need Insurance Denial and Appeals Management 

Navigating Insurance Audits and Compliance 

Using Analytics to Optimize Insurance Management 

Insurance Industry Trends and Changes: Keeping Your Practice Up to Date

Creating a Fee Schedule for Your Private Practice

Coding and Billing Best Practices

ClinicMind External NewsLetter

Maximize Private Practice Revenues with Billing Efficiency

Positive Reputation Management Strategies for Private Practice Success

How to Structure Your Private Practice for Maximum Efficiency

How to Create a Successful Private Practice Business Plan

Best Practices for Developing a Strong Referral Network in Private Practice

Mobile Apps for Private Practice: Tips and Tricks for Success

How to Keep Patients Engaged in Their Healthcare

How to Get Credentialed for Insurance

How to Focus More on Patient Care

Content Strategy Tips for Private Practice Chiropractors

Blogging for Private Practice: Must-Know Tips and Tricks

Monthly New Features Highlights – January 2023

Taking Your Private Practice to the Next Level with a Website

Promoting Your Private Practice with Social Media

Navigating Self-Employment Taxes and Other Tax Issues for Private Practices

Public Relations for Private Practices

Choosing the Right Corporate Structure: S Corp or C Corp?

Google for Business for Private Practices

Monthly New Features Highlights – December 2022

Does My Private Practice Need a Website

Battling Insurance Claim Turbulence

Questions to Ask Before Switching EHRs Part-2

Facing Insurance Claim Adversity

These are the questions you should ask before switching EHRs

Switching EHRs: The Need for Change and the Challenges it Brings

Finding Solutions to Insurance Claim Problems

This is what you need to know about getting insurance claims paid

What the CURES Act Means for EHI and Information Sharing

The New 988 Mental Health Crisis Line

Marketing your private practice makes smart business sense

What are insurance panels?

Should I go into private practice?

Internal Vs External Billing

What to Consider When Setting Your Therapy Rates

Attracting New Chiropractic Patients 101: Part 1 Social Media

How You Can Avoid Common Costly Mental Health Billing Errors