Poor Patient Referral Management Responsible for 10% Revenue Loss of Healthcare Facilities
Around half of the healthcare organizations throughout the country are losing more than 10 percent of revenue because of patient leakage. Almost a quarter of them do not track out-of-network patient referrals.
A new survey shows that most healthcare organizations are losing a part of their revenue because they are failing to manage referrals and patient leakage appropriately.
Though the loss of revenue is close to 10 percent, around 23 percent of the hospitals participating in the survey reported not knowing how much revenue the organization is losing due to patient leakage.
With patient leakage contributing towards a significant amount of revenue loss, healthcare executives have moved better referral management up their priority list. Around 87 percent of respondents have agreed that reduced patient leakage is either very or tremendously important at their organization, while another 12 percent reporting it as moderately vital.
Despite the executives valuing patient referral management, there are several hospitals, physician practices, and medical groups that do not track patient leakage formally. About 23 percent of the survey participants reported that their organization does not monitor and report on patient leakage.
However, even the organizations that track patient leakage do not fully understand how to reduce the number of patients who seek care beyond their network. Nearly 20 percent of the respondents do not have any idea about where and why patient leakage occurs. Only 47 percent reported that they understand the problem, and just one-third said they are capable of managing leakage either very well, or perfectly.
Most organizations (38 percent) are using the EHR system to manage referrals and track patient leakage. However, they are not satisfied with EHR as a solution. Around 19 percent of the organizations are not satisfied at all, and 57 percent are somewhat satisfied with the patient referral management capability of EHR.
Around 19 percent of the executives reported planning to purchase a patient referral management solution in the next year. The remaining 81 percent have no intention to invest in a third-party solution.