You may need to take a closer look at the processes and technologies that your information passes through each day. Like hairline cracks in a plumbing system, the small, daily costs associated with gaps within information processing can lead to big financial expenses over time. Here are a couple of areas that might be having a surprisingly negative impact on your financial cost saving initiative.

Claims management

Recently we spoke with a CFO at a respected West Coast healthcare system, who has a department in his organization structure that is responsible for assembling the information needed to respond to insurance company claims denials, which have been increasing in recent years. The process can be very tedious, is often performed manually, and is often subject to costly errors and miscommunication due to the number of people and various systems involved. What he didn’t realize was that much of this process could be consolidated, computerized and automated. Indeed, by leveraging a simple “electronic stapling” solution and other measures, the health system was able to double its capacity in processing claims denials with its current staff and avoid errors and duplicated efforts – not to mention improve claim collections, and reduce printing, postage and labor costs.

Document management

Document management is an often overlooked area that can result in major financial losses within healthcare organizations. In many hospitals, such as one that we worked with, where standard scanned document turnaround time was  48+ hours, as the forms filled out by patients and employees funneled through different departments for scanning; and then for delivery to various stakeholders. By learning how to leverage their staff’s multifunction devices or MFPs as workstations at the point-of-care, this healthcare system was able to dramatically reduce courier service fees, scanning times and associated labor costs. More importantly, they were able to reduce document accessibility from originating source to electronic system for care givers and other stakeholders to less than four hours, arguably improving patient care and employee satisfaction in the process. 

These are just two examples of the types of data management processes where we can assist providers in identifying opportunities to save money. Indeed, in today’s increasingly challenging healthcare environment, where reimbursements are falling steadily, providers will need to dig deep to find the hidden financial leaks that are impacting their bottom line.