It’s no secret that health care providers have abundant opportunities to save. Some estimates put the dollar figure in the hundreds of billions in revenue that is lost due to unnecessary expenses, missed income and inefficiencies each year.
Executives can play a vital role here in reclaiming these lost resources. You can analyze and pinpoint savings opportunities and apply them to operations in five key areas:
- Patient access: Apply more efficient technologies to verification in order to eliminate wasted time and resources in scheduling and admissions.
- Clinical care: Seamless technology can help minimize adverse drug interactions, medical redundancies and utilization.
- Medical necessity: Technology improvements and process improvements can help ensure compliance and payment.
- Coding & documentation: Automated systems can reduce expenses, increase cash flow and free staff from redundant tasks.
Reimbursement: Ensure unbilled services are captured and every claim is being reimbursed without additional internal costs. For more advice to help your journey from providing care to managing health, check out a new Optum video —“The Provider Journey.”