By Will Baker | February 4, 2016
Investments in healthcare IT are still growing, but many organizations are now looking at technologies that can help them take advantage of the IT infrastructure they have already put in place.
There is a perceptible shift in IT investments away from EMRs and toward other key technology areas, with the top driver being revenue growth. The technology focus has shifted to care management, big data analytics and the cloud.Today, hospitals want to be able to look at the total picture of their business and how to align their IT resources to optimize revenue streams. One such new technology that is being implemented in many hospitals is a unified provider management platform that allows hospitals to manage, view and share important provider information across all their IT systems, delivering a verified, single, unified provider profile.
A seemingly simple change to a provider’s address can impact literally millions of data fields stored in hundreds of information silos across a healthcare organization’s technology infrastructure. Without a unified provider management platform, there is no way to handle the almost impossible task of managing this provider data. A minor change to a provider’s billing address, mailing address, communication preferences, Direct Addresses, licensing, internal identity management, exclusionary lists and contracting information can have an enormous impact on a healthcare organization’s:
Billing and revenue cycle
Marketing and referral management
Delivery of critical medical orders
Risk management compliance
An accurate, single source of truth for provider information can provide an immediate and real return on investment (ROI). An analysis performed by the Associate Dean of Graduate Studies at a leading academic institution, which focused on the costs of poor provider data, showed that a unified provider management platform provided on average an annual ROI of over 200 percent.