Profitability Tops Number 1 Priority for Healthcare Practices in 2022, Survey Reveals

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What You Should Know:

– Healthcare practices named ranked running a profitable practice as their number one priority for 2022, according to a new recently released survey by Updox. Additional practice priorities included improving patient satisfaction (32%), improving patient outcomes (21%), spending less time doing paperwork (12.34%), and improving staff satisfaction (5.65%).

– The Updox survey was designed to determine healthcare practice priorities in 2022 and how paperless and virtual care solutions have impacted practices amidst the COVID-19 pandemic.


COVID-19 Pandemic Impact on Healthcare Practices

Healthcare practices continue to feel pressure from the ongoing pandemic. Independent physicians lost up to $ 158 billion from 2020 to 2021 and 7 out of 10 healthcare workers say they feel burnt out. At the same time, patients expect an increasingly convenient, consumer-like experience from their providers. Healthcare practices are thus more focused than ever on enhancing the patient experience while also reducing costs and potential burnout.

The results include data from more than 900 healthcare providers across a variety of specialty practices and highlight the evolving needs of providers, the role that healthcare technology has played over the last year and providers ’plans for leveraging various health IT solutions moving forward.

Additional survey findings include:

– When it comes to billing and cash flow, optimizing / maximizing practice revenue is the most important practice in 2022 (34.80%)

– The majority of practices (41%) are saving up to 15 hours per week by leveraging paperless solutions like eFax and eForms while 11% are saving more than 25 hours per week

– Over a quarter of surveyed practices (27%) reported saving up to $ 500 per month by leveraging eForms and 9% saved up to $ 1000 per month

“Just as patient expectations have evolved throughout the pandemic, so have practice priorities. While we saw a slight shift in where practices are focused, it is no surprise that running a profitable practice remains a top goal, ”said Zach Zettler, president of Updox. “When it comes to improving a practice’s bottom line while meeting goals for patient and staff satisfaction, data shows that utilizing Updox solutions like eForms, eFax and more can have a major impact. At large, running a paperless practice can reduce costs, allow providers to gain more hours in the day, and channel saved resources toward more value-driven initiatives, such as spending more time with patients.



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