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Post Covid Challenges and Opportunities in Healthcare Industry

Even before the Coronavirus disease (COVID-19) pandemic hit the United States, a significant number of healthcare practices were struggling with time-consuming and costly payment processes.<br>

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Post Covid Challenges and Opportunities in Healthcare Industry

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  1. Post Covid Challenges and Opportunities in Healthcare Industry COVID-19 has changed the face of every industry; healthcare is no exception to that. Pandemic created urgent issues for healthcare systems globally challenging standard operational protocols, disrupting the medical supply chain and causing critical supply shortages across the value chain. In addition, the pandemic has necessitated the health industry’s accelerated adoption of virtual care and enabled a digital care transformation. This digital transformation mainly digital services and systems are main challenges as well as opportunities for the healthcare industry in future. In general, practices should cover invoicing and payments, protection against data breaches, virtual healthcare aspects of providing accessible and safe healthcare. Challenges and Opportunities in Healthcare Industry Invoicing and payments Even before the Coronavirus disease (COVID-19) pandemic hit the United States, a significant number of healthcare practices were struggling with time-consuming and costly payment processes. According to research it costs as much as $31 to manually process each invoice and paper check and 42% of all healthcare payments are made via paper. However, this pandemic forced every healthcare practice to use digital medium for invoices and payments.

  2. Post Covid Challenges and Opportunities in Healthcare Industry Today payment options are now one of the best things a medical practice can offer to their patients which enhance customer experience. However, it can become confusing for practices who do not have the proper processes in place. With the help of the right software and systems, your patients can easily pay timely bills without having any trust issue. Moreover, digital systems can help your practice to offer paperless statements because of the ease and data that supports it. It is necessary for your practice to invest in digital invoicing payments systems by finding a compliant, secure payment portal and giving your staff the time and training for navigating it. Protection against data breaches Today the healthcare sector is the primary target for cyber criminals and data breaches can be caused by many different types of incidents, including credential-stealing malware, an insider who either purposefully or accidentally reveals patient data. Medical practices having an increased focus on virtual care and digital records should be protecting their data from these cyber criminals. They should have firewalls in place and multi-factor authentications for their systems which helps prevent potential cybersecurity issues, and it also helps your clinic become a trusted source for patients.

  3. Post Covid Challenges and Opportunities in Healthcare Industry Virtual health Virtual health includes remote interactions to enhance the care, health, and well-being of patients in a connected and coordinated manner. It includes virtual provider visits and many complex aspects of care delivery and management which includes Hospital at Home and virtual tumor boards. Currently, as per a study, 76 percent of U.S. hospitals connect with patients and consulting practitioners at a distance through the use of video and other technology. The COVID-19 crisis has accelerated the need, deployment, and adoption of virtual health solutions across health care practices, enabling practitioners and consumers to connect in a safer and more efficient setting. Federal regulators have loosened some restrictions around virtual health in response to the COVID-19 outbreak, in recent weeks, the US Centers for Medicare, and Medicaid Services (CMS) have temporarily eased restrictions on the use of virtual health among Medicare members to decrease administrative burdens and further expand telehealth including where, how, and what services are covered.

  4. Post Covid Challenges and Opportunities in Healthcare Industry Healthcare practices are undergoing exponential changes in their transition to virtual services. Lately, many hospitals and health systems quickly extend and expand technology into new areas to conduct virtual visits. Consumer adoption of these new care options is soaring in the wake of COVID-19. Hence if you have opted for a temporary solution of virtual care then you should invest in a method that is compliant and secure for their patients and HIPAA regulations as virtual care is a new opportunity for healthcare. A plan for how virtual care will be used, once it’s safe to have regular in-person appointments again, should also be put into motion. Now, you have a clearer picture of post COVID challenges and opportunities in the healthcare industry and you should adhere to these trends to out beat your competition and we can help you by offering medical billing services so that you can always stay ahead in your practice.

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