In life, there are two things that frustrate me to no end. The first is paying for things I don’t need such as the warranty on a toaster or the undercoat treatment on a vehicle. The second is spending time on those things. Unfortunately, it wasn’t until later in life that I learned to guard my time more than any other asset (including money) and that is a lesson we can all learn. This has motivated me to find solutions both in my life and job to reduce frustration in all areas.
Now, let me bring that back into healthcare and revenue cycle management. Ever get suspicious that you’re spending time and money in areas that you shouldn’t be? We know that up to 25% of costs can come straight from administration in healthcare, which many are starting to address now. But how?
The answer has become making workflows and tools smarter by using data science, analytics and machine learning. I see you smirking as I throw a bunch of buzzwords at you, but I promise, it’s not just fancy talk. Healthcare has lagged behind financial services, retail and manufacturing when it comes to adopting modern technology. Instead of putting up your guard, I ask you to take the time to learn what technology can do for you. Wouldn’t it be great if you could identify the 20 percent of your patients who will be an “early-out” and not have to expend the resources to manage them? What about collecting 96 percent of your denials by only working 50 percent or less of denied claims? Or how about finding the 9-10 percent who will not pay?
I’m guessing I might have gotten your attention with some of those statistics. These outcomes are entirely possible by leveraging technology and your existing data. Imagine taking those savings and allocating them for additional training for your front-end staff or being able to contribute more of it to revenue instead of cost. According to a 2017 study, the average hospital loses $22 million when they focus on costs over revenue. How much is your organization losing?
There’s no time like here and now to start leveraging technology and data more effectively. At Wind River, we know the complexity that comes with healthcare, revenue cycle and payments. We’ve been living it for over 20 years. Putting the right tools in place can make all the difference. We can help you take advantage of your EHR investment and help it work smarter by expanding its capabilities. Let’s chat when you have a moment.