Your MedTech company’s success is directly tied to your clients’ success. The healthcare organizations benefiting most from your systems or services need to maintain an adequate patient volume — and adequate revenues — to operate and continue to use your products. Patient leakage (i.e., patients seeking care or receiving referrals outside of a healthcare organization or outside of an expected catchment area) can threaten your clients’ ability to maintain volumes which impacts their viability, and in turn, could create a negative impact on your bottom line.
According to a study by referral management platform Fibroblast, 87 percent of healthcare executives consider patient leakage extremely or very important, although about one in five healthcare organizations do not understand where and why leakage occurs. In addition, 43 percent of healthcare executives say they’re losing more than 10 percent of annual revenues due to patient leakage.
Understanding where patients come from — and where they go — will provide valuable insights that you and your clients can use to make business decisions that lead to greater patient volume and greater profitability.
An Accountable Care Organization (ACO) plays an important role in reducing costs and re-aligning incentives across the healthcare system to encourage less focus on the volume of services delivered and emphasize the quality and outcomes of the services delivered. ACOs have the potential to revolutionize healthcare, but what exactly are ACOs, and why should they matter to you?
One common thread between the various organizations we work with at Carevoyance, is that they all have to maintain their own directories of physician and facility partners, opportunities and contacts in order to stay competitive. Losing track of physicians as they move jobs, cities or even careers is a huge competitive and revenue exposure. Thus, accuracy of these directories is not only vital for patient outcomes (device service alerts, recalls), but also for marketing (new product launches, updates), and sales.
Inaccurate provider directories are not simply an inconvenience