All of us in business have, at one time or another, been told to think outside the box.
If you’re in healthcare, it’s time to tear the box into pieces and throw it in the trash. The enormous shifts taking place in healthcare and the rapid pace at which they’re occurring means everyone needs to completely rethink the way they do business.
Today’s cloud-based technology has removed all those limits, and those who realize the potential business advantages will steamroll past their competition.
A thoughtful article from the National Association of Certified Valuators and Analysts (NACVA) talks about the megatrends affecting today’s businesses, as outlined by Dr. Geoffrey Moore, author of Crossing the Chasm.
- Digitization: the migration of text to the digital form as a format of preference
- Virtualization: business is conducted online rather than in person
- Transformation: business is transitioning from large, integrated corporations to enterprises that staff a hybrid network of in-house and remote support personnel
Yes, the article was written for accounting professionals. But the principles are the same for medical billing companies. As practices and supportive services move to the cloud, and RCM companies must revamp the way they do business and adjust the way they add value for their clients.
- Physical limitations. Limitations fall away as billers are no longer tied to a geographic location.
- Regulatory limitations. Cloud-based billing software solves the majority of HIPAA data-related security issues.
- Data limitations. With front office, clinical, and back office all working on a unified system, new access to financial and clinical aspects of the practice allow medical billers to function more like CFOs rather than bookkeepers.
For medical billing companies, the question is not if these changes are coming, but how quickly they will be embraced. The technology is here—so medical billers must decide whether or not they’re ready to throw out the box. Those who choose to stay within its confines may find themselves on the wrong side of the dumpster.
It’s been stated multiple times but it doesn’t change the fact that cloud computing in the healthcare sector is here to stay. The benefits are numerous as a Healthcare Tech article mentions.
- Security and Privacy
- Decreased Expenses
8 years later, these changes and the lasting impact of thinking outside the box ring loud and true. Practices that have moved to the cloud and continue to do so have completely redesigned the box.
Photo Credit: LPHR Group
Last Updated on January 7, 2021