The rapidly moving shift to value-based care has several medical practice leaders questioning the traditional methods of practice management and determining how to advance their practices in these new times. Many practice leaders have been slow to commit their organizations’ investment to support changes, but considering the persistent duplication of work, communication breakdowns and dollars being left on the table, it’s time for them to move forward.
- Three of every ten laboratory tests must be reordered because the results cannot be found
- Twenty-five percent of patients don’t have records transferred to a referred provider in time for the appointment
- More than half (55%) of health system revenue is lost due to referral leakage, which costs each physician approximately $900,000 in lost revenue each year
- Missed appointments translate to approximately $150 billion in lost revenue each year
For practices we work with in the 100 providers and 150,000 patients size range, many still struggle with seeing more than 50 percent of preventive service appointments eligible for Medicare reimbursement. We’ve worked with one practice this size that has had ongoing struggles with patients missing preventive service appointments that are eligible for Medicare reimbursement. If those missed appointments could more easily be managed to capture just 75 percent, the practice could anticipate a healthier patient population and an additional $1.5 million in revenue; at 100 percent, they stand to capture $3 million.
So how can we get practices to transform and achieve value-based goals while also capturing more value for the practice?
To survive in this changing marketplace, healthcare providers and practices must be empowered with meaningful insights and actionable intelligence to better operate their business.
It is vital that clinicians are engaged through value and that value is created through insights.
Nowhere is there a better source of insights than within the data already being collected at a practice. From patient intake through clinical exam, documentation and the check-out process, each practice is collecting data that can be analyzed to advance patient care and practice management.
Analytics software, such as what’s been developed at EagleDream Health – recently acquired by NextGen Healthcare – enables practices to make better decisions about how they care for patients and run their business, while delivering those insights when and where they matter most.
Used effectively, these analyses can be utilized to hit value-based incentives and advance practice operations and profitability that support further transformation, and to ultimately improve the health of their patient population.