The pressure on hospitals to improve patient care at lower costs is not new—and it’s not going away. Technology has never been more of a priority than it is right now for healthcare providers, especially as the industry continues to shift from fee-for-service to value-based care models.
Hospital leaders are juggling a growing slate of technology mandates and healthcare IT projects while balancing tighter budgets and more stringent regulations hence a requirement of outsourcing revenue cycle management services make sense.
Return on investment is a critical component of the health of any organization. This single number inherently reflects the success or failure of your investments. Whether your aim is to improve the patient experience, increase staff efficiency, purchase equipment or expedite processes, it is critical to know that your investments are worth the cost and effort that is put into them. The important question is how do you determine ROI?
Promote Wellness Initiatives
The best way to see tangible results is by planning, implementing, and perfecting company-wide wellness initiatives. Some examples could include employee activity days, goals and rewards for health or fitness milestones or even a rewards program for initiative participation. Other benefits may include having a full-time psychiatrist on site or offering wellness initiatives to spouses or children as well.
Companies that promote strong wellness programs often influence employees to lead healthier lifestyles on their own time. When employers take a strong, vested interest in the health and well-being of their employees, overall employee satisfaction and happiness tends to increase as well.
Know the Risks
The bulk of an organization’s health care costs are determined by how healthy its employees are. This includes, among other things, whether or not employees smoke, are at risk of cancer, or are pre-diabetic. These chronic conditions oftentimes slip through the cracks during periods of open enrollment, meaning that when issues do occur later; employers have to absorb most of the overhead costs.
It’s also necessary for organizations to understand current healthcare spend. Running quick claims analysis, which involves reviewing past claims data from insurance providers, can help employers develop strong, outcomes-focused wellness initiatives.
This way, organizations can make detailed connections between employees with chronic conditions, such as diabetes, and actual financial impacts, such as associated increases in Emergency Department visits.
Helping Employees Avoid Emergency Department
For employers looking to cut back costs and increase healthcare ROI, helping employees avoid the emergency room can quickly reduce costs. One way employers can mitigate the cost of preventable ED visits is by investing in an onsite or near-site clinic, which offers convenient access to needed health care services without emergency department prices. When it comes time to calculate employer healthcare costs, these hefty claims charges will certainly hike up company healthcare rates.