3 immediate benefits provider data management platforms offer
In the healthcare industry, accurate and up-to-date provider data is crucial for ensuring quality care and efficient operations.
However, managing provider networks can be a complex and time-consuming task, often leading to errors and delays. This is where provider data management platforms come in.
Provider groups now more than ever are facing increasing challenges for faster and more efficient operations, and these groups are under pressure to do more with less, all without sacrificing the quality of care they provide.
With limited resources, high turnover, and constraints on adding headcount, provider groups are looking for solutions to maximize productivity and streamline their workflows.
Provider data management platforms are the efficiency powerhouse
Let’s get right to it: Provider data management platforms are not just a nice-to-have but a must-have in today's healthcare environment.
Why?
Provider data management platforms that have built-in credentialing and enrollment workflows accelerate everything from provider onboarding to applications and revenue while offering transparency into every aspect of your operation.
Something that isn’t always present when you’re working between different spreadsheets or disparate software programs, for instance.
Provider data management platforms are also critical for provider groups looking to stay agile and responsive. According to a report by McKinsey, generally, automation can reduce the cost of a clinical process by up to 30%.
That's not just saving pennies; it's about redirecting resources to where they matter most – patient care.
Provider data management platforms tackle data accuracy challenges head-on
In healthcare, accuracy is non-negotiable. A single error can have far-reaching consequences.
Automated workflows minimize human error, ensuring that provider data is always spot-on.
New research shows that automation provides new opportunities for more effective and efficient workflows and helps ensure patient safety and compliance with stringent regulatory standards.
Provider data management platforms offer transparency
Transparency in provider operations isn't just about openness; it's about trust and accountability.
Provider data management platforms provide real-time insights into every step of the process, from credentialing to billing.
This level of transparency means no more guesswork, no more silos.
Studies highlight that transparency in healthcare operations can lead to a 15% reduction in medical errors.
It's about creating a culture of continuous improvement and trust, both within the organization and with the patients.
Automated solutions for provider data management
With automated solutions, healthcare organizations can easily update and maintain provider data in real-time, ensuring that all information is accurate and up-to-date. Automated workflows can also integrate with existing systems like practice management systems, allowing for seamless data management and reducing the risk of errors.
Real-world example of automated workflows in action
Based in Colorado, Family Care Center’s (FCC) in-house credentialing process was causing major headaches.
FCC provides a comprehensive outpatient mental health service model – to include talk therapy, various forms of counseling, medication management, and transcranial magnetic stimulation within their 5,000 to 7,000 square foot clinics.
Each unique clinic holds anywhere from 15-20 therapists, psychiatrists, and other licensed mental health professionals.
Their providers had to wait 90 days and often up to 6 months to complete the credentialing process, leading to cash flow issues for FCC and frustration for providers.
With a Medallion partnership, a provider data management platform and automated credentialing and enrollment workflows, FCC cut their direct payer enrollment days in half: from 90-120 days to 45-60 days.
FCC is now in growth mode with plans to enter several new markets. See more about what they've been able to accomplish using a provider data management platform.
Takeaways
In a world where healthcare is becoming increasingly complex, provider data management platforms and automated workflows stand out as beacons of efficiency, accuracy, and transparency.
They're not just tools; they're strategic assets that empower provider groups to navigate the challenges of modern healthcare.
By embracing these technologies, healthcare providers can ensure that they're not just keeping up with the times but setting the pace for the future of healthcare operations. Discover how to get started with Medallion’s automated platform and technology today.
