Referral Leakage is lost revenue or volumes from patients being referred outside of your provider network – causing you to lose the referral dollars that you were expecting. Only 35-45% of referrals for adult inpatient care, measured by revenue, go to a partner hospital and this issue is expounding due to lack of preferred tracking mechanisms, lack of cross-EMR integrations, use of inefficient technologies, such as paper and fax, along with overall industry trends.
Referral leakage is a growing issue because the competition for referrals is increasing. In the past 15 years, the number of specialist has nearly doubled, and the advent of urgent cares and pharmacies has further diluted patient referrals. Hospitals are also buying up private practices in droves and refer within their own network, which hurts the remaining private practice specialist. Lastly, traditional networking, such as conferences and rounding as hospitals are waning so physicians are seeking new ways of networking. Compounding these overall trends is the reliance on antiquated and inefficient technologies, such as phone and fax which can stymie the referral management process and has no tracking and limited patient data.
MedVoy’s referral management software provides the solution to track referral leakage.
- Provides a lightweight patient portal to track and manages referrals and to schedule appointments online
- Refer directly to providers in disparate networks, including physician-to-physician referrals
- Provides a sophisticated business intelligence layer that tracks ROI and your best referral sources
- Offers a new way to network and assists the marketing department in physician outreach
Contact us today to be part of our limited launch!