Millennia Blog

Positive patient encounters can improve retention rates and boost your facility’s success overall. One notable way to improve patient experience is with healthcare technology. These digital solutions can transform existing processes, allowing for more efficiency and accessibility.  Learn more about the benefits of healthcare technology and how it can help improve your patient experience. The Importance of Patient Experience in Healthcare Delivering a positive patient experience should be a central goal for all healthcare facilities. And this experience goes beyond clinical care — it consists

Your healthcare organization’s culture impacts how you approach your work and patient interactions. This shared collection of beliefs and practices can influence patient and employee well-being. By creating a positive environment, you can boost patient satisfaction and earn more revenue over time.  Learn how to improve organizational culture and how Millennia can help. What Is Organizational Culture and Why Does It Matter? Organizational culture is the shared collection of beliefs, values and behaviors that define an organization. For healthcare organizations, the culture impacts the way

Healthcare organizations need to accelerate their revenue cycle management (RCM) to be successful. They can do this by leveraging the proper healthcare technology. With effective RCM, your healthcare organization can offer services that protect your patients’ well-being and health.  RCM technology requires healthcare leaders to work together and communicate well to maintain peak conditions throughout the revenue cycle. Poor performance in RCM can lead to lost revenue, which is why improving and accelerating RCM is crucial. RCM begins when one of your patients schedules an

It’s a simple approach, but difficult to execute. At the end of the day, you need to invest in the right people, processes, and technology.   1. Make proactive, adaptable, and digital patient communication a top priority.  When it comes to communication–the earlier, the better. To fully engage your patients, you must invest in a robust communication system. Don’t wait to get critical information from your patients until they check-in. Most, if not all, check-in information can be done digitally before a patient presents at your

Healthcare Consumerism Is Here to Stay Self-pay cannot be ignored as a major player in a healthcare system’s financial success.  Consumer contribution to overall revenue continues to grow–35% of total physician practice revenue is contributed to patients18. Healthcare providers need to treat patients like a payor. They should have the patient experience front and center when determining the next wave of technology to drive revenue growth. Patients’ out-of-pocket (OOP) expenses will continue to grow. It’s projected that patients’ OOP expenses will grow by 10% year-over-year

Historically, the health system has been a business-to-business payment model6.   A healthcare provider’s revenue largely depended on how well it managed the flow of claims from its billing system to a payor’s (government or private) claim processing center.  Until recently, payor rules, regulations, and contracts dictated the level of data transparency for billing information, not patients. Since insured patients bore a small percentage of their healthcare expenses, they weren’t overly concerned with rising costs. Unless a patient’s insurance plan denied a specific service or treatment

Like it or not, healthcare is a business. And like any business, to survive and hopefully thrive, you must adapt to the market. Even though most healthcare facilities are non-profits 1, they still seek high operating margins that focus on maximizing revenue and reducing costs.   Traditionally, a health care provider’s ability to maximize payor revenues determined its financial success. Data transparency centered on a payor’s needs, not a patient’s.   For many insured patients, bills were treated as “informational only” since the cost passed between