The chronic disease management market reached a valuation of close to $5 billion in 2023. This is in line with the growing number of people living with one or more chronic diseases. While these cases increase, so does the burden on your clinical workflow. It becomes harder to juggle other everyday tasks, and that results in a drop in quality and health outcomes. However, partnering with a chronic care management provider can cure your challenges. Additionally, it is also the key to unlocking better financial health for your practice in terms of increasing your bottom line. Overall, here are some very strong reasons to adopt chronic care management (CCM) in your workflow.
1. CCM Makes Every Second Count
Spending time with patients and going about your other work takes enough time as it is, making it super difficult to accurately keep track of each billable hour. When that happens, your care practice loses money.
Chronic care management platforms such as our own can help you out with this. It can automate billable hour tracking so that you can make each patient interaction meaningful and profitable for you, thus raising the revenue potential of your practice.
2. Lower Burden of Administrative Tasks
Did you know that the US healthcare industry lost $18 billion to administrative tasks in 2021? These entail iterative tasks such as:
- Patient follow-up
- Dealing with paperwork
- Tracking billable hours and so on
With chronic care management in your workflow, you can shoulder the burden of administrative tasks by delegating some of them to automation. As a result, this frees up the time and cost that it takes your practice to sort out these tasks.
3. Enhanced Data Security
Traditional chronic care management, particularly paper-driven processes, heightens the risk of data breaches. This in turn compromises patient confidentiality and attracts hefty lawsuits that don’t just ruin your practice’s reputation but bottom line as well.
A CCM program built on strict authentication protocols, access/privilege permission features, and military-grade encryption, among other security measures – such as Aura Health’s technology- helps to keep your patient data safe, and your facility free from pesky lawsuits.
4. Easier CMS Compliance for Your Practice
The Centers for Medicare and Medicaid Services, known as CMS for short, have strict requirements on how you should go about chronic care management.
A CCM service can help implement best practices and ensure process and policy-compliant workflows. Overall, the right chronic care management helps you toe the line with regard to policies, federal acts, and legislation such as:
- HIPPA
- GDPR
- States laws and so on
5. Lowering Patient No-Shows
Chronic care patients have to check in with physicians several times throughout the care process. Over time, it can get difficult to keep up due to various reasons, resulting in missed appointments. This is becoming a grave problem with studies showing that care providers are losing about $150 billion a year to no-shows.
That’s where CCM solutions step into the save the day. With automated patient reminders by way of text or SMS, the rate of no-shows reduces. That also happens because of virtually-administered CCM, which affords more patient convenience by reducing travel and communication difficulties.
6. Creating Entirely New Revenue Sources
With economic times getting tougher, would you pass up the chance to create more revenue for your facility? Chronic care management services such as Aura Health allow you to expand your service offering to include:
- Virtual visits
- Online consolations
- Virtual prescriptions, and so on
All these, in addition to the potential of CCM reimbursements, can see your practice reel in an extra $39 to $57 monthly for every patient depending on your state.
7. CCM Creates Cost-Saving Opportunities
But it doesn’t end there. CCM presents even more cost-saving benefits for your practice. Here’s a look at some key ways it does that:
- Decreasing paperwork which reduces storage and utility expenses
- Helping to realize more accurate medical coding practices to ensure more reimbursement success
- Boosting the productivity of your physician, to lower the daily fee-per-service loss, which averages $15,000 a year for most practices.
A few CCM systems may even come with bonus inventory management features to help minimize losses arising from the embezzlement of resources like gloves, equipment, and so on.
8. Boosting Eligibility for CCM Reimbursements
We’ve discussed how CCM reimbursements can increase your practice’s revenue per patient. But simply having a chronic care management program in place or managing patients through it is not enough to qualify for CCM reimbursements.
An experienced chronic care management partner such as Aura Health Solutions can help you with patient enrollment. That’s in addition to improving your eligibility by helping you file the right CPT codes as well as documenting other important requirements as per Medicaid or other insurance program guidelines.
9. CCM Offers Real-Time Clinical Intelligence
Your healthcare practice may not be able to provide timely health care due to the lack of real-time connectivity to your patients and their data. And that’s exactly what a 24/7 CCM offers to ensure uninterrupted chronic care services uptime.
The benefits of this feature include:
- Better staff and resource allocation
- Improved chronic care coordination
- Reduction of the number of adverse events
- Improved personalizing of the patient experience (which encourages patient retention and repeat business for your practice)
10. Greater Staff Satisfaction
When it comes to employee satisfaction, one report by Qualtrics ranked the healthcare industry last among others. This is a huge problem, as discontent clinicians increase your practice’s turnover rates, and subsequently inflate your hiring expenses. Not to mention that they also won’t provide the best quality of care.
Chronic care management technology improves clinician satisfaction by reducing their workload and increasing the potential for higher income. When satisfaction goes up, your physicians become more productive and the quality of their work follows suit as well.
CCM Innovation for a Healthier Tomorrow. Take Your Practice to the Next Level!
From cutting down revenue leakages and widening net revenue to improving quality of care and raising staff productivity, just to name a few on an expansive list, chronic care management solutions can elevate your practice to great heights. If you’re keen to provide even more exceptional care and raise your bottom line, Aura Health’s CCM can make that happen for your workflow. Are you ready to realize your practice’s full chronic care management potential? Then reach out to us by scheduling your call right now.
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