How PatientMD Incentivisation Can Help Prevent Patient Leakage?
Proper Incentivisation Can Help Healthcare Providers Prevent Patient Leakage
Healthcare is a highly competitive industry, and any inefficiencies in the system can compromise a healthcare provider's success. Patient leakage is one example of inefficiency; it occurs when a healthcare provider fails to retain its current patients and instead loses them to competitors. Implementing an incentive system in healthcare is very helpful to cope with such issues.
If referrals are not handled properly, patient leakage may result in revenue loss. Furthermore, according to one study, 43 percent of health managers lose more than 10 percent of their revenue to patients who seek care elsewhere.
According to the study, 19% of executives report losing 20% of their revenue due to seeking care elsewhere. About 23% have no idea how much money they are losing due to leakage. The trend has led healthcare providers to prioritize patient leakage management, with 87% saying it is a significant problem.
Patient leakage occurs when a patient or referral who should theoretically remain in one health network leaves for another. Poor patient retention accounts for 10–20% of lost revenue, as per a report. 87 percent of healthcare leaders believe patient leakage is a serious problem.
Problems Caused by Patient Leakage
- The patient loses continuity of care, which frequently results in a frustrating patient experience and suboptimal patient health outcomes.
- The health system loses revenue as well as visibility into the patient's healthcare journey, both of which are necessary for tracking patient progress and administering future treatment.
- To ensure proper treatment, the out-of-network specialist may not have full access to the patient's medical records and history.
- Inefficiencies in the referral process can result in denied referrals, delays in patient diagnosis or care, duplicate testing, and reduced continuity of care with out-of-network referrals.
What causes patient leakage?
One of the primary causes of patient leakage is a lack of proper management and oversight. This is a problem because patient leakage is caused by a variety of factors, including patients choosing care from competitors, doctors not understanding what is considered in-network, and healthcare providers referring to competitors due to availability. The majority of providers believe that using a proper online appointment scheduling system and proper communication is the solution to patient leakage.
How does PatientMD help providers with patient leakage?
Our online health management platform will issue two types of tokens: a fungible "patient token" that adheres to the ERC20 standard and a non-fungible "health token" that adheres to the ERC721 standards. Each Patient token will be initially pegged to the USD, with 1 patient token equal to $1 USD as the lower bound. Our utility token "Patient" will be used to pay for services on our online platform. We will discuss our strategies for increasing patient engagement and preventing patient leakage further below.
PatientMD Solutions To Increase Your Patient Engagement And Reduce Patient Leakage
Online Appointment Scheduling
Improve the patient experience and your ability to attract new patients by providing a simple, convenient, and mobile-friendly online scheduling feature. After completing clinic, house calls, and scheduled appointments, patients will be paid in tokens (audio, video, and chat). The number of tokens awarded will be determined by the cost of the appointment as specified by the doctor/business. Patients can also pay businesses in coins for the services they use. The patient will be rewarded with a healthcare coin for each subsequent appointment with the same doctor.
You will be able to reduce patient leakage by using our digital health platform to send secure HIPAA-compliant messaging via video, audio, or text for all treatment-related patient questions. Our messaging services help doctors and patients communicate more quickly. This has been one of the most important and strategic tools for healthcare providers to use in order to increase patient engagement and retention.
Personal Medical Records (PHR)
Our platform offers a PHR that is compliant with the Fast Health Interoperability Resources (FHIR) protocol. FHIR is an interoperability standard created by the HL7 healthcare IT standards body. Patients have complete access and control over their data with our PHR. They have control over who has access to their data and how it is used. It can be shared and integrated with your EHR to improve practice efficiency and care coordination, resulting in lower patient leakage. Patient engagement is driven by the need for patients to take control of their health information, communicate with their providers about their health, and be free to move/access their health information wherever they want.
Our bidirectional text messaging is a HIPAA-compliant, feasible, and widely accepted form of communication for healthcare providers, with the potential to reach a large number of patients in clinical care. Doctors and businesses can communicate with patients without logging into our platform. By using this feature, you can also share the live link to begin telehealth with your patient. Our bidirectional text messaging service can assist you in keeping your patients motivated, engaged, and on the path to better health.
Reduce Patient Leakage With Incentivisation and Proper Patient Engagement Solutions
Practical patient engagement and incentivization solutions can assist healthcare providers in transitioning to value-based care providers, thereby reducing patient leakage. Incentives in the U.S. healthcare system are designed to improve the quality and experience of care and to contain cost growth.
Schedule a demo today or text us at +18727048154 to learn more about our solutions to coordinate care seamlessly.