PHYND's ROI Model

By Thomas White | January 15, 2015

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Phynd has partnered with Dr. Kathryn Zuckweiler, Associate Dean of Graduate Studies, at the University of Nebraska near Phynd’s office in Kearney. The focus of the partnership is to study the impacts of manually managing provider data in many silos and the negative impact to the hospitals. Another aspect of the study is to review the performance improvements of hospitals after they have implemented the Phynd Platform to manage a single provider profile across all of their systems. The initial area of focus has been on the revenue cycle delays caused by inaccurate provider data and productivity losses by employees from all departments chasing down bad provider data. What is not included but that will be added is the IT win of eliminating redundant systems: physician marketing systems, provider analytics and others. Phynd enables hospitals to downsize the number of systems they own that overlap on provider data. 

As I mentioned the initial areas of research are: 

The cost of capital on delayed billing - Inpatient admissions and outpatient visits are frequently entered with inaccurate provider data. This is due to inaccurate information, naming conventions, poor search tools in the EMR and most importantly some patients’ primary care provider not having a profile in the EMR. Admissions, registration and ancillary departments create new profiles on the fly that contain erroneous data, thus slowing the billing cycle. This ROI estimates that up to 10% of providers have inaccurate data, and conservatively the health system’s annual cost of capital is 1%. 

The productivity Inefficiencies of departments managing their own provider data- Across the hospital, at least 1 FTE in most departments (radiology, lab, cardiology, admissions, scheduling, referral hotline, help desk, medical staff office, nursing, and others) manage data in local systems and each system manages the data slightly differently – two addresses versus one, no way to add custom fields (EMR IDs, others), etc. In order to get the job done, users do workarounds with the data that renders it unusable in other systems. 

Please try out our ROI and provide us with feedback. 

Thanks, 

Phynd Team

Thomas White

Written by Thomas White

Before founding Phynd, Tom co-founded Newscast Inc. and Vocada, Inc. With over 20 years of leadership experience, Tom has applied his knowledge in building software companies and creating new software categories from idea to large market share. He also serves as a mentor to the start-up accelerator Health Wildcatters.

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