Physician Referral Management for Improved Patient Care - Everything You Need to Know
Physician referrals are the lifeblood of hospitals and Physician Practices, considering the tremendous impact it could have on the outcomes and revenues.
The Medical Group Management Association (MGMA) research indicates a massive negative financial impact on Physicians: Every physician faces excessive financial losses of over $200,000 on an average. The emergence of value-based care model has had dramatic effects on Hospitals and Physician Practices getting their reimbursements for their care services by the insurers.
Physician referrals are the lifeblood of hospitals and Physician Practices, considering the tremendous impact it could have on the outcomes and revenues. Healthcare organizations must build a robust Physician referral strategy such as:
Hospitals must measure the physician referral performance to identify and prevent leakage, which gives actionable insights into critical factors including the key metrics and outcomes. This analytics help enhance performance by laying a strategic roadmap on the changes to be implemented and how they will impact the results. It is also equally important that the right information is communicated to the right person at the right time.
To deconstruct the physician referral performance, organizations need to focus on three key criteria.
Most care providers do not have sufficient access to the claims data. However, organizations can leverage the internal data analytical capabilities in such scenarios—to maximize efficiencies and performance.
Taking a patient-centric data model approach is one of the key ways to simplify patient tracking and monitoring. This strategy will accelerate the revenue cycle performance of your hospital or practice by:
Relationship management is a significant aspect of patient engagement that can be combined with other strategies including:
Care providers need to take strategic initiatives to integrate physician referrals into their patient engagement solutions and revenue cycle models. This can further be elevated using the internal data that hospitals and practices have accumulated. However, data and analytics are just a starting point. As large volumes of physician referral data are gathered, these data need to be turned into actionable insights that support patient management and enhance collaboration.
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From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.