In this episode, we explore the transformative role of technology in healthcare and what tools to implement for 2025. From the explosive growth of telehealth and the importance of revenue cycle management to the power of automation and flexible payment options, we dive into the tools and strategies that are revolutionizing the healthcare landscape. Learn how integrated solutions like BillFlash simplify billing, improve communication, and enhance financial performance. Discover actionable insights on how to embrace these advancements while maintaining the human touch in patient care. Tune in now to uncover how your practice can thrive in this era of rapid innovation and deliver exceptional value to both patients and providers!
Transcript
Narrator: 00:00
Welcome to the Billing Blueprint Podcast, your go to resource for innovative medical billing solutions. Each episode we explore the latest industry trends and share proven strategies to help your practice streamline operations and get paid faster. Now here are your hosts, Brad and Sarah.
Brad: 00:21
Welcome to our deep dive. Today on choosing the right healthcare tech for 2025. We've got a stack of insights from Bill Flash. They really seem to be, you know, making waves in the healthcare billing and payment space.
Sarah: 00:34
It's a. It is a very exciting time to be in healthcare tech. The industry is undergoing a massive transformation. The pace of innovation is incredible and Bill Flash is definitely a company to watch.
Brad: 00:45
Yeah, for sure.
Sarah: 00:46
Yeah.
Brad: 00:46
Okay, so let's dive into this. One of the first things that kind of jumped out at me from all these materials was this projection that the healthcare IT market is going to grow by almost $200 billion by 2028. I mean, that's just a staggering number. What does that tell us about where things are headed?
Sarah: 01:03
Well, it's a clear sign that technology is no longer just a nice to have in health care. It's really becoming the absolute foundation for pretty much everything. Efficiency, patient satisfaction, and of course, the financial health of the practice. This level of investment, I think, really just underscores how high the stakes are.
Brad: 01:19
Yeah, it makes you realize that choosing the wrong technology could really set you back. It's almost like you need a roadmap to navigate this landscape.
Sarah: 01:26
Yeah, exactly. It's important to be strategic and really think about, you know, your practice's specific needs and goals.
Brad: 01:32
For sure. Well, speaking of kind of big trends, telehealth seems to be absolutely exploding. This report says the global market is expected to reach over $800 billion by 2034. That's more than six times its current value. I have to admit, even I was surprised by that number. What was fueling this incredible growth?
Sarah: 01:51
Well, it's largely driven by patients demanding more convenient and accessible care options. You know, 76% of hospitals have already integrated telehealth into their systems, so virtual visits are becoming routine for everything from checkups to specialist consultations.
Brad: 02:08
It's true. I've even had a few telehealth appointments myself. And I have to say, it is pretty convenient not having to travel to a doctor's office for every little thing.
Sarah: 02:16
Absolutely, absolutely. And you know, for patients in rural areas or those with mobility issues, it can be truly life changing. It removes those geographical barriers and makes healthcare more equitable.
Brad: 02:26
That's a great point. I hadn't thought about it that way, but it Makes sense that it levels the playing field in a way that traditional healthcare models haven't always been able to.
Sarah: 02:34
Right. It's about empowering patients and giving them more control over their own healthcare.
Brad: 02:39
Absolutely. Okay, so if I'm a provider and I'm thinking about implementing telehealth, what are some of the key considerations?
Sarah: 02:47
Well, first and foremost, you need a reliable and secure platform. So it's important to do your research and choose one that meets your specific needs. You also want to think about things like integration with your existing electronic health record system and how you'll handle billing and payments.
Brad: 03:03
It sounds like BillFlash might have some solutions in that area.
Sarah: 03:06
They do. They offer custom telehealth billing solutions designed to streamline that process and ensure that you get reimbursed prior promptly for those virtual visits.
Brad: 03:15
That makes sense. You don't want the technology to create more administrative headaches.
Sarah: 03:19
Exactly. And speaking of streamlining processes and making sure you get paid what you're owed, let's talk about revenue cycle management.
Brad: 03:28
Ugh. Yes. Rcm. It's one of those terms that gets thrown around a lot, but I'm not sure everyone really understands what it means.
Sarah: 03:35
Yeah, it's essentially the lifeblood of any healthcare practice. It's the process of managing everything related to patient billing and collections from the moment a patient schedules an appointment to the time you receive payment.
Brad: 03:47
And Bill Flash seems to be placing a lot of emphasis on the importance of optimizing rcm. They're claiming practices can boost revenue by 10% to 15% with optimized rcm. Is that really possible?
Sarah: 04:00
Absolutely. You have to remember that many practices leave significant money on the table because of inefficient RCM processes. Things like manual billing, errors in coding, and delays in collections. Those can all eat into your bottom line.
Brad: 04:14
So it's really about plugging those leaks, right?
Sarah: 04:15
Yeah.
Brad: 04:16
Making sure everything runs as smooth, smoothly as possible.
Sarah: 04:18
Precisely. And technology can play a huge role in that. Billflash, for example, offers tools that automate many of the most time consuming and error prone RCM tasks.
Brad: 04:27
Yeah, sounds like it would free up staff to focus on more important things.
Sarah: 04:30
Exactly. Imagine your staff spending less time chasing down payments and more time providing quality patient care. That's a win win for everyone.
Brad: 04:39
Okay, so we've talked about telehealth and rcm, both of which rely heavily on technology, but with all this tech in healthcare, it makes you wonder about patient communication. How do we make sure we're not losing that personal touch?
Sarah: 04:52
That's a great question. And it's important to remember that technology should enhance communication, not replace it.
Brad: 04:58
So it's not just about sending automated reminders.
Sarah: 05:01
Definitely not. It's about using technology to create more personalized and engaging experiences for patients. Think about things like targeted messages based on patient preferences, online portals where patients can access their medical records and communicate with their providers, and even virtual assistants that can answer basic questions and schedule appointments.
Brad: 05:20
I like that. It's about using technology to make things more convenient and efficient, but without sacrificing that human element.
Sarah: 05:27
Absolutely. And it's important to offer patients choices when it comes to communication. Some people prefer to receive text messages, while others prefer email or even phone calls. A good healthcare technology stack should offer multiple channels to meet those diverse needs.
Brad: 05:42
It's interesting you say that because I was just reading in the Bill Flash material about these two patient profiles they use as examples. There's Lori, who loves text reminders, and then there's Charlie, who prefers traditional mail. It seems like they're really thinking about how to tailor communication to different preferences.
Sarah: 06:00
It's a great example of how technology can be used to personalize the patient experience.
Brad: 06:05
Alright, so we've covered a lot of ground already, but there's one more thing I want to touch on before we move on, and that's the issue of patient payments. I feel like there's a lot of frustration on both sides when it comes to this. Patients are often confused about what they owe and practices struggle to collect payments in a timely manner. What's the solution here?
Sarah: 06:23
Well, one key piece of the puzzle is offering flexible payment options. Patients are used to having choices in other areas of their lives, so why not healthcare? Things like online bill pay, mobile payments and even financing options like BillFlash's FlexPay can make a huge difference.
Brad: 06:39
Flexpay? Tell me more about that.
Sarah: 06:41
It essentially allows patients to spread out their medical bills into manageable monthly payments with zero percent interest.
Brad: 06:47
Wow, that sounds pretty attractive from a patient's perspective. But how does it work for the provider? Do they still get paid upfront?
Sarah: 06:53
Yes, that's the beauty of it. Billflash covers the full cost of the bill upfront and the patient simply repays Bill Flash over time. So it's a win win for both sides.
Brad: 07:03
I can see how that would be a game changer for practices struggling with collections. It takes the pressure off of them to chase down payments and it gives patients more breathing room financially.
Sarah: 07:13
It's about creating a more patient centric approach to billing and collections.
Brad: 07:17
I like that. Okay, so we've talked about technology's impact on telehealth, rcm, patient communication, and even payments. But there's one big piece of the puzzle we haven't addressed yet.
Sarah: 07:29
You're talking about automation, right?
Brad: 07:30
Exactly. Manual processes just seem so outdated and prone to errors in today's world. Is automation really the answer?
Sarah: 07:38
Oh, it can be a real game changer. Imagine this, you know, your staff no longer has to spend hours manually inputting data or tracking down payments or sending out reminders. With a system like Bill Flash, a lot of these tasks can be completely automated. And that frees up your team to focus on more strategic work. You know, things like improving patient care or even growing the practice.
Brad: 08:01
Yeah, that makes a lot of sense. It's like taking all those tedious administrative tasks and handing them off to a super efficient robot.
Sarah: 08:08
Exactly. And because these systems are designed to be highly accurate, you also reduce the risk of human error, which we all know can lead to, you know, those costly mistakes.
Brad: 08:17
I see what you mean. It's not just about saving time. It's about improving accuracy and reducing risk.
Sarah: 08:22
Absolutely. And let's not forget about the impact on patient satisfaction. You know, those automated reminders can help patients stay on top of their appointments and payments, which reduces stress and frustration for everyone involved.
Brad: 08:33
Yeah. So it's really about creating a more seamless and efficient experience for both patients and providers. That's the goal. Okay, so we've covered a lot of ground here. We've talked about the transformative potential of telehealth, the importance of optimizing rcm, the need for personalized patient communication, the benefits of flexible payment options, and the power of automation. So let's step back for a moment and consider the bigger picture here. We've talked about all these individual pieces of the healthcare technology puzzle, but how do they all fit together? What's the overall vision here?
Sarah: 09:05
Well, the ultimate goal is to create a healthcare system that is more efficient, more effective, and more patient centered. And technology is really the key to making this happen.
Brad: 09:17
So it's not just about adopting the latest gadgets and gizmos.
Sarah: 09:21
No, it's about using technology strategically to solve real problems and improve people's lives.
Brad: 09:26
I like that. It's about using technology to make healthcare more human, not less.
Sarah: 09:31
Exactly. And that's what makes this such an exciting time to be in healthcare. We have the opportunity to use technology to create a system that is truly worthy of the people it serves.
Brad: 09:39
It's a powerful vision, but let's be realistic. There are bound to be challenges along the way. What Are some of the potential roadblocks we need to be aware of?
Sarah: 09:49
Well, one of the biggest challenges is simply keeping up with the pace of change. Technology is evolving so rapidly, it can be difficult for healthcare organizations to stay ahead of the curve.
Brad: 09:59
It's almost like you need to be constantly learning and adapting.
Sarah: 10:02
That's exactly right. Another challenge is the issue of interoperability. There are so many different systems in healthcare, and they don't always talk to each other very well. And this can lead to fragmentation of care and make it difficult to get a complete picture of a patient's health history.
Brad: 10:18
So it's not just about adopting new technologies. It's also about making sure that they can work together seamlessly.
Sarah: 10:24
Precisely. And then there's the issue of cost. Implementing new technologies can be expensive, and not all healthcare organizations have the resources to do so.
Brad: 10:34
That's a valid point. So how do we make sure that these advancements are accessible to everyone, not just those with deep pockets?
Sarah: 10:41
That's a critical question, and there's no easy answer. But I think it starts with recognizing that technology is an investment, not just an expense. When implemented correctly, it can actually save money in the long run by improving efficiency and reducing waste.
Brad: 10:57
So it's a matter of kind of shifting our mindset.
Sarah: 11:00
Exactly. We need to start thinking of technology as a tool for transforming healthcare, not just automating existing processes.
Brad: 11:08
That's a great way to put it. So what's the best way for healthcare providers to stay informed about all of these advancements and make sure they're making the right decisions, Decisions for their practices?
Sarah: 11:18
Well, there are a lot of great resources available, you know, including industry publications, conferences, online forums. Bill Flash, for example, has a wealth of information on their website, including articles, webinars, case studies. They're not just selling products. They're trying to help healthcare organizations navigate this complex landscape and make informed decisions about technology. It's an exciting time to be a part of this transformation.
Brad: 11:43
It really is. So we've talked a lot about the technology itself, but what about the human side of all of this? How is technology impacting the patient experience?
Sarah: 11:52
Well, that's a question that's close to my heart. You know, I believe that technology has the power to dramatically improve the patient experience in many ways. For example, telehealth can make it much easier for patients to access care, especially those in rural areas or with mobility issues. Online portals can empower patients to take a more active role in their own health, you know, by giving them access to their medical records, appointment scheduling, secure messaging, with their providers. And then you have mobile apps that can provide personalized support and education, helping patients manage chronic conditions, track their progress, and stay motivated.
Brad: 12:28
It sounds like you're really passionate about this.
Sarah: 12:30
Yeah, I am. I believe that technology can help us create a healthcare system that is truly patient centered, where patients feel heard, understood and empowered.
Brad: 12:40
That's a beautiful vision. It's been an incredibly insightful conversation. I feel like I've gained a much deeper understanding of the complexities and opportunities surrounding healthcare technology. But before we wrap up, I want to leave our listeners with one final thought to ponder. We've talked about all these amazing advancements and the potential they have to really revolutionize healthcare. But I think it's important to kind of step back for a moment and ask ourselves, why does all of this matter? What's the driving force behind this push for technological innovation in healthcare?
Sarah: 13:11
At the end of the day, it's all about people. It's about improving patient outcomes, making healthcare more accessible and affordable, and empowering individuals to take control of their own health.
Brad: 13:21
It makes you realize that we're not just talking about bits and bytes here. We're talking about something much bigger, something that has the potential to impact every single one of us.
Sarah: 13:29
Yeah, it's an incredibly exciting time to be a part of this transformation.
Brad: 13:33
It really is. So to our listeners out there, I encourage you to stay curious, stay informed, and embrace the power of technology to create a better future for healthcare.
Sarah: 13:43
The future of healthcare is being shaped right now, and we all have a role to play in ensuring that it's a future we can all be proud of.
Brad: 13:50
Well said. Thank you for joining us on this deep dive into the world of healthcare technology. We hope you found it as insightful and thought provoking as we have.
Narrator: 14:00
Thanks for tuning into the Billing Blueprint podcast. For more insights or to dive deeper dive deeper into today's topics. Head over to billflash.com. Don't forget to subscribe and we'll catch you next week with more strategies to keep your practice running smoothly and getting paid faster.
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