Revenue Leakage in Your Hospital

Consider a scenario where you visit your endocrinologist for a routine check-up, but despite requesting blood tests and approval from your insurance company, you never receive a response from the hospital. As a busy patient, you may forget to follow up, but who ultimately loses in this situation? It's up to the reader to decide.

Revenue leakage in hospitals is an extremely common phenomenon. Every hospital faces financial leakage in some form or the other which is a cause for losing significant revenue and profitability.

We get hijacked by magnificent analysis provided by CFOs in terms of trends, ARR, OP to IP conversion but high time we look at:

-??????How many approved unutilized claims were wasted?

-??????How many patients have we lost due to poor follow up?

-??????How many booked and lost no shows are happening?

-??????Are your patients visiting you again or looking for other options?

We already have enough concerns on our plate ranging from competition to new trends to worry about. The revenue leakage due to gaps in processes is huge and a low hanging quick win which every hospital should monitor.

Let’s look at instant fix to plug the drips affecting your profitability.

1.????Monitoring of unutilized OP and IP claims

Rigorous monitoring through CRM and an internal champion to monitor unutilized claims and pattern of patients. Why your patients are not utilizing the approved claims, is the follow up poor? Has patient lost confidence in physician or an overall ecosystem not compliant with patient needs?

2.???Patients not served at facility and referred out

Widely observed gap in healthcare organization and a daunting task on management to boost internal referrals and have patient journey within the hospital. Imagine referring a well worked up patient outside your facility who could have been managed and treated with far better outcome? Isn’t it a revenue as well as reputation loss?

3.???Robust follow up and reconfirmation

Patients appreciate hospitals that demonstrate an ongoing commitment to their care. Regular follow-up and reconfirmation can help patients feel valued and heard.

Technology, monitoring, evaluation, and interdepartmental collaboration is need of the hour. Financial literacy within employees is a must and to be inculcated to sustain and thrive complex hospital operations. Hospitals are bleeding due to revenue leakage and its high time we also look inward and treat every single patient with utmost care.?