How Can Maintaining Strong Provider Relations Reduce Network Leakage?
Did you know that network leakage accounts for 55%-65% of the total lost revenue resulting in a loss for a hospital of approximately $821,000-$971,000 per physician?
Network leakages are a critical aspect of patient journeys and hence, creating and defining a provider network is crucial to managing patients across the healthcare system. It is essential to facilitate the continuity of care while enhancing efficiency and effectively tracking care quality. While referrals are a critical aspect of patient journeys, they can complicate value-based reimbursements significantly. Therefore, creating and maintaining provider profiles that go beyond traditional credentialing data play a crucial role in defining your provider network, improving patient navigation, reducing referral leakage, and providing up-to-date notifications on provider availability.
This paper explores the importance of provider relationship management in reducing network referral leakage while delivering competent care aligned with unique patient needs.