COVID - 19 effect on medical practices

By Admin | 2020-05-30

COVID - 19 effect on medical practices

COVID-19 has struck at the heart of virtually every practice and in every field of life. While doctors and other healthcare workers are at the forefront of the crisis, the fight has largely been limited to emergency and quarantine facilities. Along with hundreds of other industries, medical clinics and private practices have taken a significant hit.

Medical clinics which are largely dependent on the outpatient services have been dealing with significantly lower volumes. As per press releases by multiple healthcare companies, the volume at rural clinics is down by 60%. Many health facilities have had to postpone or reschedule elective procedures to make space for available facilities in order to combat COVID-19.

As a result, the financial health of facilities largely dependent on outpatient and surgical services have been dented with decreased inflows of revenue, along with having to bare the additional cost of protective equipment for the safety of themselves and the patients alike. With so much lost in the revenue and business terms, private clinics will have to bounce back efficiently. Long lists of patients awaiting elective surgeries and checkups are due and this is precisely where MDSalesbook comes in. With our digital appointment system, improved connectivity with clients can be achieved through our automated chatting system and timely reminders. Furthermore, the billing system provided by MDSalesbook offers a daily update as opposed to monthly updates in the conventional methods.

Likewise, the clogging of private insurance setup has further caused a greater problem for the financial health of medical clinics. The number of insurance denials has also been on the rise, to an extent where in order to attend to patients, physicians have turned towards lesser cash payments. To solve the issue of private insurance denials, medical practitioners can use MDSalesbook’s insurance eligibility service. This way, clinics can be aware of those patients who have active insurance and avoid the hassle. Our eligibility system also furnishes information such as the correct amount to be charged based on their insurance, the average encounter of the clinic and the remaining balance left in their insurance. The holistic billing service provided by MDSalesbook based on relevant financial data can go a long way in easing the financial communication between the patients and the clinic.

As of 1st May, the total number of COVID-19 cases in the United States is 1.09 million with many analysts suggesting that the United States has passed its peak. A study by the Data-Driven Innovation Lab at Singapore University of Technology and Design has forecasted the number of new cases to be down by 97% on 18th May. Despite the trend showing a downwards trajectory now, medical clinics are still expected to work with minimal staff due to the aftermath of the financial impact of the crisis. By subscribing to MDSalesbook, medical clinics can progress efficiently through this phase due to the efficiency provided in management, scheduling and billing by our system. It is a reasonably priced substitute for relative office staff.

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