Hospitals encounter anywhere from 5% to 15% "new" providers to their health system annually. New providers are either new to the area or their patient has travelled to or moved to the area. These are not credentialed providers but referring physicians.
EMRs and revenue cycle solutions require a complete provider profile as a key element of their work-flow to process a patient and the discharge process. When a patient is admitted or schedules an exam, if a provider is not in the EMR or financial system, registration will create a shell profile that IT later deletes and researches the actual providers data. Research often means Google. This takes time and provides mediocre data. This process delays billing on up to 10% of annual revenue for a hospital.
The cost of capital on delayed billing for hospitals is 1% to 2%. The number seems small but if you apply the borrowing costs against 10% of your annualized revenue the number ends up being $250,000 to $500,000 annually. This is lost money that could be used somewhere in the health operating capital.
Additionally, hospitals employs 5 to 10 IT staff to blow up and rebuild these provider profiles. With the Phynd Platform, hospitals can improve the revenue cycle management and eliminate the need for IT to delete and rebuild profiles.