Yale New Haven Health System, New Haven, Conn., recently found itself in an enviable position. Over the course of 18 months, its physician organization doubled in size to more than 600 physicians and 64 separate practices.
But rapid growth came with challenges. New physicians and other employees came with separate systems, workflows and processes. The system was in danger of wasting resources if every practice operated “business as usual.”
Yale New Haven leaders wanted to standardize their operations and streamline their revenue cycle. This would not only help them eliminate waste and capture accurate revenue, but it would also help them create a foundation for continued growth, as they expanded their footprint from New York across southern Connecticut to Rhode Island.
The health system turned to MedSynergies, an Optum company specializing in physician/hospital alignment, to provide them with an impartial perspective. The resulting strategic performance and opportunity assessment helped Yale New Haven understand the costs associated with multiple and separate financial and clinical operations. And they identified key metrics that would help the health system monitor their performance goals.
The assessment showed Yale New Haven all the resources, processes and workflows that existed within their organization, and explained how each of these elements affected financial performance.
“The assessment process was instrumental in bringing a number of issues to the forefront,” said Christopher O’Connor, Yale New Haven’s chief operating officer. “The dialogue and decision-making that this process inspired has been a tremendous asset to our organization.”
The assessment identified opportunities to help Yale New Haven continue its growth, including:
- Standardizing business processes, resources and technology across its community practices,
- Close to $15 million in revenue cycle, payments, accounts receivable and denials savings opportunities, and
- A potential for up to $4 million in patient market share growth.
As systems across the nation seek to improve quality of care while reducing costs and ambulatory growth, these improvements could have an immediate and positive impact on Yale New Haven’s bottom line. For further details on Yale New Haven’s financial standardization, download the case study.