The COVID-19 pandemic wreaked havoc with physician practices and healthcare in 2020, where many providers saw stunning declines in productivity and associated revenues. In general, physician productivity fell by over 8%, although this varied among specialties. Factors that contribute to limited productivity include providers being burdened with non-productive tasks such as searching for information, inefficiencies in patient flow, and others. In addition to lowered productivity, staff burnout and job dissatisfaction rose, causing up to 30% of healthcare workers to consider leaving their jobs.
Running a private medical practice is a challenging, but rewarding, business endeavor. Other than staff, patient documents are the most valuable parts of any medical practice. They serve an important role in ongoing patient relationships and require incredible care in order to protect patient privacy. Unfortunately, managing these documents in traditional ways can prove to be time consuming and costly. For a small, private practice; document management is even more challenging thank to limited staff resources and space for storing documents.
With average operating margins still remaining 30% below their 2015 levels, health care providers are searching for new ways to regain profitability among a bevy of challenges. While these challenges include an increase in publicly funded patients, rising denials of claims from insurers, and lowering collection rates, some of the strain can be chalked up to inefficiencies in the workplace.