Tag Archives: Referral Leakage

Healthcare Transparency – Call to Action

A recent Fast Company article, Why We Need Health-Care Business Innovation More Than Ever, lambasted the current flow of information in the current healthcare system paradigm and expressed a call to action for “transparent business models and processes need to be established to enable collaboration.”

Some disturbing facts from this article:

Three out of every 10 tests are reordered because results cannot be found.
Patient charts cannot be found on 30% of visits.
One-fifth of medical errors are due to the lack of immediate access to patient information.
Thirty to forty percent of the money we spend on health care–more than half a trillion dollars a year–is spent on costs associated with “overuse, underuse, misuse, duplication, system failures, unnecessary repetition, poor communication and inefficiency.”

MedVoy was designed to address precisely these issues with transparency and collaboration. By improving the referral workflow, doctors have immediate access to patient records – eliminating the duplication of procedures, improving efficiency and improving the continuum of care.

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Measuring and Managing Referral Leakage

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A Leakage is an unrealized volume/revenue, that you believe is “yours”. The various problems with the leakage are lost revenue, lack of cases to build a program or retain key physicians, lack of cases to build a program or retain key physicians. This also creates unpredictable volume and a direct impact on operational aspects and therefore lesser quality due to uncoordinated care. The important thing to know about healthcare referrals is to not to jump to assumptions about what is causing referral leakage. It could be a lots of reason such as poor relationship, lack of imaging infrastructure, lack of convenient physician schedules, etc.,

With an simple, secure electronic referral platform such as MedVoy, now market maps, demographic charts, and data tables for discharge disposition, physician referral patterns, and benchmarks are all rendered real time and provides the level of information needed in your fingertip to make the right move towards physician marketing, physician engagement or physician outreach programs, operational improvements.

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Medvoy Live at Health 2.0

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MedVoy is selected one among the few in the nation to launch the platform as part of the famous Launch! session in the upcoming Health2.0 conference.

Launch! is a series of rapid-fire, back-to-back, 3.5 minute demos from new, buzz-worthy companies making their debut at Health 2.0. At the end, the audience will vote on a winner who will be invited to demo on the 2014 main-stage in San Francisco. Since it’s inception in 2008, Launch! has introduced over 45 new companies and products, including Unity Medical, Remedy Ventures, TheCarrot, and the WSJ’s 2010 top (and not just in health!) start-up company, Castlight Health.

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Why you Need a Referral Management System with your EHR

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Approximately 60 percent of ambulatory providers are unsatisfied with their electronic health records (EHR), according to a new IDC Health Insights report. The key complaints are usability and workflow; the paramount concern being lost productivity – 85 percent surveyed said that they were spending more time on documentation and 66 percent cited that they were seeing fewer patients.

Using a referral system, such as MedVoy can integrate with your existing EHR to help fill these gaps

Enhances Provider Communication

Healthcare relies on effective communication amongst the providers, specialist and staff. MedVoy enables the ability to track and manage referrals – even across disparate EHRs and patient management systems. A specialist can understand their cases before they see the patients – allowing them to use their limited patient time most efficiently.

Improved Documentation

MedVoy’s secure, HIPPA compliant platform has a very lightweight workflow and then uses push/pulls to other EHRs to allow access to all documentation in one place and to help avoid the duplication in procedures – eliminating the onerous data entry and documentation concerns.

Feedback Loops Aids with Continuum of Care

A current constraint with referrals is that they often fall into a “black hole”, where the referring providers do not know what happened with the patient. Using MedVoy, the referring providers can easily look at the referral status, follow up notes, appointments and ongoing patient care.

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Referral Leakage – Increasing Issue Impacting Profits

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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

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