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3 Strategies to Increase Patient Financial Literacy

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  One of the top concerns for healthcare practice managers and billers is getting patients to make payments in a timely manner. There are countless tips and resources with ideas on how to accomplish this, but one method is often missing — improving patient financial literacy. Understanding medical bills, insurance policies, and payment options can empower patients to take charge of their bills and help them better manage their healthcare costs. For providers, increasing patient financial literacy also streamlines administrative processes and reduces financial stress by shortening revenue cycles. Below, we’ll dive into how patient financial literacy (or a lack thereof) affects medical practices. Then, we’ll discuss simple solutions that you can start implementing today. Why Poor Patient Financial Literacy Is a Problem Healthcare bills can be confusing even for those of us in the industry. Despite this complexity, most patients have never had someone sit down with them to explain what di
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Is AI Curbing Healthcare Inflation?

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  Artificial intelligence (AI) has revolutionized many sectors of the economy already, but with healthcare, the stakes are higher. When people’s health — and even their lives — are on the line, it’s easy to see why the rollout of AI has been a bit more conservative in our industry. Still, AI is already at work in healthcare, and as AI technologies continue to evolve, their applications promise groundbreaking advances in diagnostics, treatment, and the everyday operations of healthcare providers. Will this help curb the ever-increasing costs of care, offsetting inflation? In this blog post, we’ll explore AI’s impact on healthcare expenses. Understanding Healthcare Inflation Healthcare inflation refers to the ongoing rise in healthcare costs over time. The inflation rate in healthcare outpaces the inflation rate of the economy as a whole — while consumer goods and services have an 85% inflation rate since 2000,  healthcare expenses  have increased a staggering 119% during the same period
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How Healthcare Interoperability Drives Efficiency and Streamlines RCM

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  In today’s increasingly interconnected world, seamless data exchange across various industries has become an essential aspect of efficient operations. This principle holds true in the healthcare sector as well, where information about patients and their health journeys needs to be readily accessible across different healthcare providers, institutions, and stakeholders. This is where healthcare interoperability comes into play. What is Interoperability in Healthcare? Healthcare interoperability refers to the ability of different information systems to seamlessly exchange, integrate, and interpret data. In the context of healthcare, this translates to the ability of various healthcare IT systems, such as electronic health records (EHRs), laboratory systems, and imaging systems, to communicate and share patient data  securely  and efficiently. Why is Interoperability Important? Achieving interoperability in healthcare offers numerous benefits, including: Improved patient care:  When hea
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Revolutionizing Revenue Cycles With Machine Learning Chatbots

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  The intricate landscape of medical billing presents a challenge for healthcare providers. Complex coding systems, evolving regulatory environments, and patient inquiries can lead to significant delays, claim denials, and administrative burdens. However, innovative solutions like machine learning chatbots are emerging to streamline this process and improve efficiency. These AI-powered assistants are transforming medical billing and revenue cycle management (RCM) by automating tasks, improving accuracy, and enhancing patient communication. Let’s explore how  machine learning chatbots  are alleviating the complexities of the medical billing process. From Frustration to Automation: The Power of Machine Learning Chatbots With the increasing adoption of artificial intelligence and machine learning technologies in healthcare, a growing number of providers are leveraging these capabilities. A  recent study  revealed that healthcare providers are utilizing machine learning chatbots to empower
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