Reach Millennials Using These 3 Strategies

3 Simple Tips For Healthcare Practices to Reach Millennials

 

Millennials
Millennials

Millennials are one of the most difficult age groups of individuals to work with for health care providers from physicians to insurance companies. This group is at an age where the need for health insurance may not seem like a necessity or something that should be high up their list of priorities as a sense of invincibility still remains for many unaffected by illness or injury. However, reaching out to this group can take a number of forms, including the use of technology Millennials love to share their lives and experiences with others via mobile devices.

 

extreme sports
extreme sports

Millennials often delay seeking medical assistance

Recent studies and reports have shown that health care and the need for medical help is something most Millennials rank rather low on their list of priorities. Not only did a study by Zocdoc and Harris Interactive show that most Millennials will delay seeking medical attention the study showed a medical appointment was seen as too annoying to consider. Seeking the assistance of articles found on the Internet was seen by many as a better option than looking for the assistance of a fully qualified health care professional.

 

latest medical technology
latest medical technology

Engage with Millennials using technology

A major issue facing many health care providers and insurance carriers is how to engage effectively with those members of society known as generation Y. The Affordable Care Act has seen a major push towards including Millennials in health insurance programs, but assisting those in need of coverage in finding it can be a difficult problem to face.

The first step to understand how this group of society prefers to interact with others and making sure these options are available no matter what size of organization is offering services. The use of technology is high on the list of most Millennials, which means Internet based options should always be available that can be viewed and used via mobile devices.

Studies from various groups have shown that members of generation Y are known to make their first port of call for any organization their Smartphone or mobile devices. This means that simply developing a Website is no longer enough for most young people and the creation of a mobile app should often be completed first and used as the first point of entry to any service.

 

Social Media Marketing
Social Media Marketing

Allow access to reviews and peer generated content

Mobile apps and Websites are filled with great content and reviews from users from a wide range of age and social groups. Any health care provider will be faced with a large number of questions from Millennials who may be experiencing the use of health insurance and medical facilities for the first time and need assistance in navigating this complicated field.

At this point it is always a good idea to remember the link many Millennials have to the technology around them and that Online reviews and forums are often the first point of call in solving a problem. A health care provider can include links to online forums and review Sites on their app or Website to assist Millennials in answering questions or solving problems they may have. Professionals working within these settings can also download customer generated stories and reviews and save them to allow Millennials to look them over when a question or problem crops up.

 

clear communication
clear communication

Allowing effective communication

Once the correct information is available and is available in the way a millennial likes to have it delivered just how do you stay in contact with a group of people who prefer not to talk on the phone? This is a problem facing many health care practices who hope to keep in contact with individuals to schedule services and provide feedback on the services already delivered.

Most young people now wish to avoid wasting their time chasing down details and information they feel could effectively be delivered via a text based service linked to a Smartphone or other mobile device. Many health care professionals feel there are problems with providing text based information, but this rarely differs from leaving a voicemail in the lack of personal involvement with a patient.

Through effective planning and training the delivery of health care information via a text based system can be undertaken by almost any health care provider. Implementing a text based communications delivery policy and having individual patients agree to it is an effective way of making sure information is passed to a patient in a safe and effective manner.

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This content was provided by Neches FCU, an Equal Employment Opportunity Employer Credit Union.

Neches FCU is a Texas credit union and has a superior team of professionals ready to deliver service their members. When the doors open at any of the 9 service centers, our core objective of “Ultimate Member Satisfaction” becomes the sole focus for every employee. They are well-respected for a personal, dynamic and enthusiastic work atmosphere, providing a memorable service experience, and where clients are known by name. Neches has approximately $438 Million in assets with over 45,000 members. Neches Federal Credit Union is acknowledged by members and the business community as one of the top credit unions in texas and an actively involved partner, helping our Family, Friends and Community!

 

What’s in Store for Electronic Medical Records

The History of, and predictions for, Electronic Medical Records

 

Electronic Medical Records
Electronic Medical Records

 

The question of whether or not to use Electronic Medical Records (EMRs) has been answered, the question now is what will the next generation of EMRs bring? Many thought that EMRs would bring about a revolutionary change to medical records, but the reality is much more boring. Current EMRs only mirror the old paper records which have existed since the 20’s.

 

Temporary solutions
Temporary solutions

 

Duct Tape Solutions

Current models are built upon a network which was developed in the 60’s. This old system is riddled with errors which, instead of scrapping and creating a new and better system, developers are simply attempting to fix by slapping a new feature on it. This is what is referred to as a duct tape solution. Rather than correct the profound structural issue, a temporary solution is used. This is done because of the potential cost involved in replacing the old system.

Both physicians and patients have difficult in navigating the current system. The sad reality is that many social media platforms provide far more usability and access to information than current EMRs. These problems can be addressed by having EMR vendors integrate around a collaborative connectivity hub. These hubs, like the nurses sheet, will provide better access to information for all parties. When the health of the patients are concerned, there is simply too much at stake for hospitals to maintain these legacy system.

 

medical transcription
medical transcription

 

Medical Scribes Are Not the Answer

One issue of particular concern is the use of medical scribes. There is little question that requiring physicians to enter large amounts of information into EMRs will cut down on their productivity and reduce patient contact time. Due to this reality, physicians employ medical scribes to enter data for them.

This unnecessary step will increase the cost of healthcare and reduce the original premise that EMRs would increase physician efficiency. A better designed system would allow physicians to customize their documentation to the workflow that works for them. This will help reduce on unnecessary costs and lower the cost of healthcare.

 

Scavenger Hunt
Scavenger Hunt

 

EMR Scavenger Hunts

The ability to connect with a single interface would improve day-to-day patient care and create a standard for where EMR information is stored. Using the current system, one must look in multiple places within the EMR in order to gather all of the relevant pieces of information. This current method is much like a scavenger hunt and reduces the quality of the patients care.

The old problems of paper-based medical charts are still here. Tools were simply developed to overcome their limitations, making them more readable but still containing all of the inherent flaws in the system. Forcing users to switch locations to view information relevant to a patients care will continue to prevent real advances in EMR technology.

 

Lack of Communication
Lack of Communication

 

Lack of Communication

A medical record is simply a log of patient data which has been annotated by the physicians and other healthcare practitioners. This means that above all other functions, the medical record is a way for physicians to communicate with one another to the benefit of the patient. While the current EMRs still serves this purpose while improving oversight and error detection, the communication capability does not go far beyond that of paper.

A user of the EMR must still search through information. If they are unable to find information, they have no way of knowing whether or not that information was discarded, missing or never entered. This issue frequently results in duplication and medical errors. In current EMRs, it is often not clear when a piece of information has been reviewed and acted upon. Future EMRs must address this problem.

 

Data Collaboration
Data Collaboration

 

“Smart” Hub Collaborative Data Needed

A system is needed that will align medical professionals with the data that they need. This needs to be a collaborative effort, not a passive one, which includes analysis. This will also allow the correct data to be delivered to the correct practitioners. This hub would include target notification, universal access from anywhere at any time, and open architecture for future innovation. Such a system would make the data “smart” through a collaborative platform that can analyze and interpret the data.

Perfection is not expected on the first iteration of such a grand endeavor, rather only progress is expected. Imagine a future where early adoptors are able to customize or even develop tools to streamline their EMRs. This future would allow for much more innovation and, ultimately, benefit the patient.

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Some Ideas on The Recent Paycheck Bonus Tax Credit Proposal

Thoughts on The New Paycheck Bonus Tax Credit Proposal

Paycheck Bonus Tax Credit
Paycheck Bonus Tax Credit

Democratic Congressman Chris Van Hollen represents the 8th congressional district in the state of Maryland. He was previously Senator Charles Mathias’s legislative assistant for defense and foreign policy, as well as Governor William Schaefer’s legislative advisor for federal affairs.

Before beginning his career in politics, Congressman Van Hollen practiced law in the state of Maryland. On January 12, 2015, he proposed a legislation that included several proposals, which included the Paycheck Bonus Tax Credit, the Saver’s Bonus, the CEO-Employee Paycheck Fairness Act, the Second Earner Tax Deduction and the Child and Dependent Care Tax Credit Increase.

Democratic Congressman Chris Van Hollen
Democratic Congressman Chris Van Hollen

Paycheck Bonus Tax Credit

The Paycheck Bonus Tax Credit proposes that every worker should receive a tax credit of $1,000. Single workers would receive $1,000 and married couples would collectively receive $2,000. The tax credit would begin to decrease once wages earned reached $100,000 for singles and $200,000 for married working couples. The purpose of this legislation is to reduce the wide difference in pay between middle-class workers and rich investors.

Congressman Van Hollen theorizes that the current tax code is largely in favor of investors, who increase their wealth via the investments rather than making money as a result of hard work, as the average worker does. He believes that everyone’s income should increase instead of the rich getting richer and the poor getting poorer.

The proposal would raise the average worker’s income by $40,000 over a 40-year period, with the possibility of further increase if employees invest some of the additional money they acquire. With this plan, employees can keep more of the money they earn. The hope is that changes to the tax code would encourage businesses to increase employee paychecks, thus rewarding hard-working middle- and lower-class employees.

Paycheck Bonus Tax Credit Return
Paycheck Bonus Tax Credit Return

Saver’s Bonus

The Saver’s Bonus would provide an extra $250 for each employee who invests $500 into a tax-preferred savings plan. The $500 can come from the Paycheck Bonus Tax Credit or the Earned Income Tax Credit. This means workers are effectively being paid more in order to invest.

CEO-Employee Paycheck Fairness Act
CEO-Employee Paycheck Fairness Act

CEO-Employee Paycheck Fairness Act

Currently, large companies can claim tax deductions for CEO salaries up to $1 million, but deductions can exceed that for performance pay and bonuses. This means that taxpayers are effectively paying, at least in part, for these CEO perks. The CEO-Employee Paycheck Fairness Act is envisioned as a measure that would prevent companies from claiming CEO tax deductions that exceed $1 million unless workers receive a paycheck raise that reflects the increasing cost of living and also takes into account enhanced worker productivity. The business would also be prohibited from claiming such tax deductions if the business is laying off employees; on the other hand, it would be allowed to exceed $1 million if it gave workers profit-sharing plans and ownership benefits that meet pre-approved standards. In addition, companies that set up apprenticeships and various job-training partnerships would be eligible for certain tax credits.

Second Earner Tax Deduction

The Second Earner Tax Deduction is a tax deduction designed specifically for couples, where both parties are wage earners. This benefit would allow for a tax deduction of 20% for the second wage earner who has dependents, for up to $60,000. This could increase wages significantly for more than 7 million families and would help them save money on taxes.

 

Child and Dependent Care Tax Credit
Child and Dependent Care Tax Credit

Child and Dependent Care Tax Credit Increase

The Child and Dependent Care Tax Credit currently cannot exceed $3,000 for families with only one child or $6,000 for families with two or more children. Congressman Van Hollen’s proposal is that these amounts should change to $8,000 for one child and $16,000 for two or more children. In addition, a tax credit of between 20 and 25 percent would be available until the household reaches a wage above $200,000. He also proposed that the credit should be refundable in order to further benefit disadvantaged families who have trouble paying for childcare.

Obtaining Funds
Obtaining Funds

Proposal for Obtaining Funds

Congressman Van Hollen indicated that the funds to pay for these tax credits and benefits should be accomplished by imposing a fee on financial transactions. This practice would be in keeping with the habit of other areas such as the European Union and the United Kingdom, both of which currently impose a percentage fee on stock trades.

Congressman Chris Van Hollen believes that all the changes he proposes will increase wages, grow individual savings accounts and contribute to the growth of the economy. Since the Republicans dominate congress, Congressman Van Hollen’s proposals are unlikely to be passed. However, his ideas may eventually be embraced by the Democrats in the 2016 election year.

Hopefully, this article got you thinking about ways to advise your business clients on possible tax credits that could affect them. While you’re at it, consider streamlining your efforts this tax season. For instance, if you’re not using electronic tax filing, you may want to consider it. Choosing to efile 1099 and other tax forms could save you lots of time, and the expense of printing and mailing copies to recipients. Not a bad outcome for your practice at all.

Like most CPA’s or tax accountants, you probably have clients with sub-contractors and employees dispersed everywhere. If you’re investing time sending out tax forms, cut that time and work by 70% with this simple step. Use eFile4Biz.com to file 1099 online, and use the spare time to find new clients.
Watch the video below to see what I mean.

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