For nearly 60 years, many patients have had access to Medicaid to cover their medical expenses. This has served as a beneficial program for doctors and patients both, giving everyone involved peace of mind when it comes to the expenses created by medical visits. However, recent cuts to the Medicaid program have reduced its expansion, leaving many doctors bracing for impact. What are some strategies medical providers can use to confidently process these changes and continue to serve patients to the best of their ability?
Understanding the Influence of Medicaid
Understandably, these recent changes to the Medicaid program have providers concerned—especially those who frequently assist individuals with low income. Medicaid expansion under the Affordable Care Act dropped unpaid medical care expenses by an average of 45% in expansion states. Now, providers are concerned that they may see an increase in patients without insurance, causing a higher rate of unpaid medical care. This is a difficult problem on both sides—patients need medical care, but providers need to be paid for their services. Many are concerned that this could impact the quality of care that providers are able to offer.
Diversify Income Sources
It’s dangerous for medical providers to rely too much on one source of income. If you’re depending heavily on Medicaid payments as an income stream, this could put your practice in jeopardy. Consider exploring other sources of income to ensure the stability of your practice.
Consider adopting a value-based care model, which can allow you to be compensated for the quality of your services as opposed to being compensated for the quantity. This makes both doctor and patient feel more at ease that the best care is being provided. Additionally, this creates an opportunity for reputation-based growth that could lead to greater income for your practice.
Improving your relationships with the insurance companies can also be a great strategy for increasing your income and easing the burden of Medicare changes. By negotiating better terms on your contracts, you can find new income opportunities from the insurance companies you work with and further diversify your sources of income.
Improve Clinical Operations Management
Another valuable strategy is adjusting and improving your clinical operations management. Improved efficiency can minimize wasted time and effort, substantially increasing your savings.
Through clinical operations management technology, you can use time-saving AI-guided workflows, manage patient communications all in one place, and access programs that match patients to assistance programs they’re eligible for.
Additionally, optimizing your billing practices can have a major impact on your clinical operations. Implement billing changes and improved clinical operations management to increase the efficiency of your practice and lower expenses.
Participate in the Local Community
By taking part in community events, as well as establishing relationships with local nonprofits, you can strengthen your connection with the community you’re a part of.
Many nonprofits offer assistance to patients who need it, like transportation, housing, and food necessities. By taking part in these programs and deepening relationships with those who provide them, you can proactively work to help patients implement preventative care measures, which can lower the need for expensive treatments and increase the overall health in your community.
Advocate for Policy Changes
Government policies don’t have to just affect you in a one-way relationship—through advocacy on local, state, and federal levels, you can impact the policy decisions being made. Your efforts can directly impact Medicaid funding and work to reverse the decisions that are currently causing concern.
For instance, you can become a member of an organization that advocates for policy changes. One such organization is the National Association of Healthcare Advocacy, which has numerous programs for healthcare providers to learn how they can advocate for change.
Additionally, direct interaction with legislators can make a notable impact. By joining public discussions that allow dialogue with those making decisions, you can help lawmakers see the impact policy changes like Medicaid reduction have on providers and their patients.
Provide Telehealth Services
Our world has changed significantly since the COVID-19 pandemic, and that means the way healthcare providers interact with patients has had to change as well. Offering telehealth service provides wider opportunities for you to reach new populations and expand your practice.
Overall, this service increases accessibility for patients, increases revenue, and cuts expenses.
Analyze the Data
By carefully tracking patient data, you can understand patterns that arise in treatment. Use this data to discover patterns and make decisions that increase the effectiveness of your practice. This will help you provide better care, in turn leading to better outcomes and lowering expenses for both you and your patients.
The decrease of Medicaid expansion is by no means a small loss. This complicated issue will impact providers and patients both to a significant degree. However, careful planning and diligent efforts to put a plan in place can reduce the impact of recent changes.
Use the strategies we’ve discussed to prepare your practice for the changes ahead. Diversify your income streams, build community bonds, improve your operations, advocate for policy changes, invest in telehealth, and analyze the data you receive. Stay vigilant to changes in the healthcare field that could impact you in the future. By remaining alert and adaptable, you can decrease the impact of undesirable policy changes and strengthen the future of your practice.
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