The Patient Information Lifecycle
Eliminating the Data Collection and Management Barriers to Improve Quality, Financial Performance
When it comes to hospitals and data, the stakes have never been higher. Proper capture, management and exchange of patient information drive quality and financial performance and ensure efficient and effective clinical and administrative workflows.
The financial risks alone for ineffective data management processes are significant. Failure to fully leverage regularly collected information causes the average hospital to lose 15 percent annually in additional revenues. That adds up to $70.2 million in revenues that U.S. hospitals are leaving on the table each year.
Delays, mistakes and misplaced information also jeopardize cash flow. The standard hospital fails to collect up to 12 percent of the monies to which it is entitled due to complicated billing and collection processes. The typical paper claim has a rejection rate of 30 percent and payment for services rendered is delayed, on average, by 75 days.
This drag on the revenue cycle can be remedied. The key is to implement processes that ensure access to a steady flow of accurate information that starts before registration and continues well after discharge. This requires overcoming several significant obstacles, including enabling efficient integration of paper-based information into the digital environment and addressing the dynamic nature of patient information.