Let's face it—the healthcare landscape isn't just evolving. It's transforming right before our eyes. Getting your healthcare technology stack right isn't just about staying competitive anymore—it's about survival, and the market knows it. A Technavio report projects that the healthcare IT market will expand by $199.8 billion from 2024 to 2028. With medical billing becoming more complex, choosing the right revenue tools isn't optional anymore.
Success in 2025 will come down to how smartly you integrate these tools into your existing workflow. That's why we are going to share six tips that can help you build a healthcare technology stack that will work for your practice.
Tip 1: Embrace Emerging Telehealth Tools
Telehealth has become a standard, necessary tool in establishing accessible and efficient care. The numbers tell the story: the global telehealth market is currently valued at around $120.5 billion. However, industry experts expect this figure to reach $813.7 billion by 2034. This isn't just hype—it reflects a fundamental shift in delivering healthcare.
Telehealth is no longer our emergency response. It has become a sustainable shift that reflects changing patient preferences. Today's patients look for immediacy and accessibility, leading to an increase in virtual visits that cater to various health needs—from routine check-ups to in-depth specialist consultations. The numbers also back this up. With 76% of hospitals embracing telehealth, it's reshaping how doctors and patients interact.
Rather than the traditional model of scheduling appointments, braving the commute, and sitting in crowded waiting rooms, patients can receive care from the comfort of their homes. This approach fosters a sense of safety and comfort and encourages proactive engagement in personal health management. With healthcare technology tools like video conferencing, mobile health applications, and remote monitoring devices, patients have their healthcare at their fingertips, promoting a collaborative relationship that enhances the continuity of care.
How BillFlash Can Help
Platforms like BillFlash offer customized telehealth billing solutions. This ensures that payments are handled with the same level of care and security as traditional in-office appointments. To optimize the patient payment experience even more, healthcare providers may consider implementing pre-visit billing strategies.
This strategy includes securely sending anticipated visit charges to patients through email or SMS, allowing them to settle payments effortlessly through an online platform ahead of their appointment. BillFlash's PreBill solution streamlines this process, promoting transparency and reducing the likelihood of no-shows by taking a proactive approach when it comes to addressing financial obligations.
Adaptability is significant in addressing the evolving requirements of in-office and telehealth environments. In the end, your telehealth billing system should be scalable to adjust to the anticipated growth in telehealth services. A scalable billing system means your practice can expand its services without compromising the efficiency of its billing operations. This scalability is essential for maintaining smooth operations as the demand for telehealth will only increase.
Tip 2: Assess Revenue Cycle Management (RCM) for Steady Cash Flow
If you were to ask various stakeholders within your medical practice what the backbone of financial stability is, what would the number one answer be? Many would likely point to effective revenue cycle management (RCM). Some critical components of successful RCM include accurate tracking of key metrics like days in accounts receivable (A/R) and streamlined collections. Practices that optimize Revenue Cycle Management (RCM) processes can potentially increase their revenue by up to 10%-15%. Some practices can experience up to 20% in total collections.
BillFlash's Integrated Collections Services put healthcare providers in a better position to take charge of their collections process, ensuring they recover their outstanding balances promptly and efficiently. Integrated Collection Services streamline the collection process by eliminating the challenges associated with non-integrated agencies. With patient responsibility exceeding 50%, many providers face significant challenges in collecting outstanding balances, making effective collection methods essential.
Our healthcare technology solution, designed based on provider feedback, enhances visibility, approval workflows, and revenue recovery while ensuring respectful communication with payers and offering flexible payment plans when needed. This improved approach leads to higher recovery rates and better cash flow.
Tip 3: Look for Patient Communication Tools to Enhance Engagement
Healthcare technology also involves looking for the right patient communication tools. Practices implementing a multi-channel communication platform can see an increase of up to 20%–50% in patient engagement. This type of improvement results from the practice's consideration of the need for different patient communication preferences. In turn, this fosters a more personalized and inclusive environment. Patient engagement is notably improved because offering communication preferences, such as text messaging, email, or conventional mail, instills a sense of ease and respect, signifying that their choices are appreciated.
Empowering patients to select their preferred method of communication and not have it chosen for them allows healthcare providers to share vital billing details in a way that is easiest and most convenient for them. This strategy also helps to minimize the chances of overlooked bills, resulting in quicker payments and a reduced need for manual administrative reminders. Ultimately, this approach benefits everyone involved, offering advantages that both patients and medical practices will value.
BillFlash offers several ways to communicate, such as through SMS, emails, and physical statements. This communication strategy keeps patients consistently informed about their financial situations, including account balances and upcoming payments. BillFlash's versatile communication options accommodate different preferences, guaranteeing that each patient stays updated on their economic status.
For example, let's say you talk to two patients: Lori, who's always on her phone and swears by text reminders, and Charlie, who still likes getting his statements in the mail. Both can stay current on their payments because they're getting updates in a way that works for them. It's not about forcing everyone into the same communication box—it's about letting them choose what works best for them.
Tip 4: Choose Flexible Payment Solutions for Better Patient Experiences
Today's patients want a variety of ways to view their statements and receive notices. However, they also expect to pay their balances using various payment methods. A healthcare technology stack should accommodate multiple payment options, including credit cards, checks, digital wallets like Apple Pay and Google Pay, over-the-phone transactions, and mobile payments.
Incorporating various payment solutions empowers patients to choose the most suitable method. It also allows them to make adjustments to the way they pay. For instance, one month, a patient may need to use a credit card to make a payment, and the next month, that same patient may want to use Apple Pay. Patients will not be tied down to one payment method, increasing the likelihood that they will make their payments.
From secure online transactions to convenient in-person payments, we guarantee that every interaction is seamless and efficient by offering flexible payment options for patients. In addition, practices that offer patient financing options, such as BillFlash FlexPay, collect up to 10% more revenue for payments they may not have otherwise received. With FlexPay, providers receive full payment upfront, while patients can choose to pay over time through a 0% interest monthly payment plan.
Tip 5: Leverage Automation to Reduce Administrative Burden
Manual billing processes not only take up a significant amount of time, but errors are more likely to be committed if billing is only done manually. For instance, only manually posting payments or sending invoices can lead to data entry mistakes and inconsistencies. Not only do these errors slow down payment processing, but they also create a burden for your staff. Automated systems like BillFlash can help practices experience positive benefits because:
- By automating tasks such as issuing paper bills, you can significantly reduce the time your staff spends on these responsibilities.
- Automation lowers the chances of making billing mistakes, leading to fewer disputes and a more efficient billing process.
- With automated systems sending out timely reminders and regular invoices, practices can maintain a steady cash flow.
Our solution handles billing tasks smoothly and automatically. You can easily batch bills and dispatch them to patients in just a few clicks. Another critical piece of our healthcare technology solution is the Automated Reminders Service. Automated reminders are text messages and emails with customizable messaging options for each practice. Practices can set up texts and emails to automatically send reminders to patients—up to three of every month—until the patient pays the balance. By combining customizable messaging with an automated, multi-channel approach, practices can notify patients about due payments while minimizing strain on administrative staff. Once a payment is received, patients are removed from the reminder workflow.
Tip 6: Verify Data Security and HIPAA Compliance
Any billing system in healthcare has to be HIPAA-compliant. There are no shortcuts when it comes to protecting patient information and maintaining regulatory compliance. Using a secure healthcare technology stack protects sensitive data—preventing breaches and adding to patient and provider confidence. Our platform uses advanced security measures that meet strict HIPAA standards to protect confidential information. By partnering with a reliable billing solution provider, you can ensure your practice stays compliant and protect your patients' data.
Build Your Ideal Healthcare Technology Stack for 2025
With one month left in 2024, now is the time to prepare your healthcare technology stack for the new year. Choosing the right technology stack for your practice will require you to focus on areas such as telehealth billing, revenue cycle management, patient communication, flexible payment options, automation, and data security. These elements work together to optimize your practice's revenue cycle and position it for success.
Ready to explore how BillFlash can optimize your practice's revenue cycle for success in 2025? Schedule a demo today and discover the benefits of our comprehensive billing, payment, and collection software.