Network leakage is a major issue for hospitals as it is estimated that they lose 24 – 40% of all referral volume every year to network leakage. Hospitals don’t just lose the revenue from the patient, they lose a large percentage of the investment they made to build a relationship, recruit, or acquire that physician.
Our solution dramatically reduces the amount of profitable network leakage that a hospital has. Many software and data companies try to track and identify network leakage using only third party claims data. Prophit Insight’s proprietary technology is the only solution that can identify leakage in real-time.
Prophit Insight is the only comprehensive solution that focuses extensively on not just tracking, but reducing network leakage.
Prophit Leakage is such a big problem for several reasons:
It’s hard to track by nature, because you don’t have the patient anymore and can’t track them
Hospitals cannot tell a physician where they must send a referral, and can’t directly pay them more to do so
There are many reasons for network leakage, so there isn’t just one solution
Our solution touches multiple different areas in order to manage and monitor leakage.
In order to better keep referrals in network, you must clearly define your network, and which physicians are in and out of your network. An accurate Physician Master helps to more clearly identify network leakage as it happens, and allows physicians to more easily identify physicians that meet their patient’s specific needs.
The next place that network leakage should be addressed is physician on-boarding. As part of bringing a new physician into your organization you should educate them on the capabilities of your organization and discuss your hopes for referral flow with supporting evidence.
It is also important that you offer multiple opportunities for the new physicians to meet their new colleagues. Physicians refer to physicians that they know and like.
Education is an important step towards reducing referral leakage.
Identify & Track
Referral Partner Management
The next area of focus should be on the management of your medical staff. Just because a physician has been with you for an extended period of time doesn’t mean they don’t keep their referrals in network.
As we stated above, you can’t require a physician to refer within your network, and you can’t pay them more to either. However, you can educate and influence.
Our platform provides hospitals with the tools and processes they need to better manage the performance of their physicians.
While this might seem like a strange solution, a good deal of leakage is because the patient requests a referral out of network. This is either because the patient thinks more highly of your competition, or not as positively about yours. A strong patient marketing campaign for your best services helps to ensure that the patients request to refer to your organization even when your physician might try to send them outside your network.
Strong Business Case
Prophit Insight can have a huge impact on a hospitals bottom-line. A $2B health system may have upwards of $600M in network leakage. When we are able to reduce this by even 10% of profitable leakage we can put $60M of profit back on their books.
So what are you waiting for?
Address: 1350 Main St.
Springfield, MA 01103Phone: 617-663-8221
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