35 years ago it was every parent’s dream to have their child become a physician. For many, this title was the mark of supreme social status and community significance. Today, however, the landscape has changed dramatically. Nationwide, it has come increasingly difficult for physicians to earn a living worthy of the time and commitment they paid to achieve their degrees.
To survive in this new environment, physicians need to start evaluating how their practice operates as a business. Hello Health helps individual practices identify electronic medical records NOT as a costly and burdensome requirement, but rather a small and steady revenue stream. By offering transparent access between the physician’s practice and their patients, physicians are able to charge a nominal monthly fee to help support the practice.
But the company has gone further still—with today’s announcement —Hello Health is pleased to offer physicians the opportunity to get paid for third-party medical record requests. Physicians are already doing this work, but now, for the first time, there is an opportunity to make some money (between $500 and $1500 per month per practice on average).
Portals help MDs save time and create incremental revenue streams
NEW YORK–(BUSINESS WIRE)–Hello Health, the leader in revenue-generating EMR and patient management technology, and 5 O’clock Records, an innovator in medical request platforms, today announced a partnership where physicians using the Hello Health platform will be able to share medical records digitally through the 5 O’clock Records solution. Through this relationship, physicians are able not only to manage patient communication and medical information through Hello Health, but also fill requests for medical records online using the 5 O’clock Record platform. This streamlines several processes which optimizes efficiency in the practice.
“Hello Health continually looks to provide physicians with more tools to better manage their practices, and our partnership with 5 O’clock Records not only aids in this endeavor but also creates potential for additional revenue”
Today’s independent physician is facing economic challenges by handling necessary medical information sharing without being compensated for the request. Physicians currently field an average of 10 calls per medical request order. Not only is this process time-consuming, but physicians do not have the means to bill for the records or know what to charge. Physicians can be missing up to $1000 per month in lost revenue as a result. Hello Health is committed to helping physicians improve operational efficiency in the practice, while generating incremental revenue, ensuring they can care for the patients who rely on them. What has been historically a labor-intensive process can now be handled electronically through a secure digital platform.
“Our partnership with Hello Health provides an endorsement for our platform as a means of support to help ease the burdens physicians face, simply by changing the way the medical record requests are handled,” said Matt Cottrell, founder and chief executive officer of 5 O’clock Records. “Now, with a click of a button physicians can send out medical information to third parties in a safe and secure way, and generate incremental revenue.”
With the 5 O’clock Records platform, physicians can direct any requests for medical records to an online portal where requesters log in, input data, upload authorizations and pay market rates for copies—all electronically. Once the physician receives a request, he or she refers the requester to 5 O’clock Records who handles the payment online. Once the fee is agreed upon and paid, the physician digitally sends the patient’s medical record from the Hello Health platform to 5 O’clock Records, which uploads it to the website and shares it electronically with the requester.
“Hello Health continually looks to provide physicians with more tools to better manage their practices, and our partnership with 5 O’clock Records not only aids in this endeavor but also creates potential for additional revenue,” said Nathanial Findlay, founder and chief executive officer of Myca® Health, parent company of Hello Health. “Many people may not realize this, but the modern physician is struggling to maintain independence due to declining reimbursements and rising expenses. This collaboration is one more way we can help physicians take their practices back.”
About 5 O’clock Records
5 O’clock Records is a medical request platform, which allows physicians to receive compensation for fulfilling medical record copy requests, typically from insurance companies and law firms, at no cost to them. Physicians direct all incoming requests to the 5 O’clock Records platform where requesters input data, upload authorizations, and pay for copies online. Since physicians and hospitals don’t currently charge or undercharge for these requests, 5 O’clock Records uses proprietary knowledge of state statutes then applies that knowledge on each request, in order to help physicians earn the revenue they deserve. For more information please visit http://www.5oclockrecords.com/.
About Hello Health Inc.
New York City-based Hello Health Inc. is dedicated to transforming primary care by connecting patients and physicians through technology. The company’s Patient Management platform integrates an electronic medical record, practice management capabilities and a patient health portal on a single, secure platform. Hello Health is free to primary care practices and generates incremental revenue through a patient subscription model and creating a platform for physicians to get paid for more of the work they do. A subsidiary of Myca Health Inc., Hello Health collaborates with leading organizations who offer complementary and strategic solutions that connect patients and physicians. Learn more at www.hellohealth.com.
Hello Health® and Myca® are registered trademarks of Myca Health Incorporated.