The Value of Privasent for Healthcare CFOs and Financial Staff
Chief Financial Officers (CFOs), Risk Management staff, and other senior leadership at hospitals and clinics have one priority above all at their facilities: to keep the practice profitable. There are two levers to pull in an effort to raise the bottom line in a medical organization: 1) increasing the number of patients seen and retaining them, and 2) containing unnecessary and unpredictable costs, like claims management. Privasent is a patient identification and security system which works to achieve both of those primary objectives by providing a more convenient patient experience to increase retention and preventing medical identity theft.
See if your clinical practice could take advantage of the cost containment benefits that Privasent delivers, such as:
Improved Patient Experience and Retention
Average patient acquisition costs are about five times higher than retention costs. That being said, delighting patients and delivering the absolute best care experience is vital to cost containment efforts in a healthcare setting. Research shows that trust is a critical component in achieving quality care outcomes. Trusting, healthy patients are more likely to return to the same provider. Privasent delivers the peace of mind and heightened security benefits patients look for in a healthcare provider.
More Accurate Care and Fewer Claims Denied
With Privasent, patients have a single identity and a single health record that’s connected to that identity. By implementing layers of biometric security and encrypted smart card technology, staff can rest assured that they’re working on the correct record every time. How does that help with denied claims? With fewer errors in patient records, the prevalence of incidents involving wrongful care, billing mistakes, and other costly errors all see a significant decline. To put it simply, Privasent preemptively eliminates the reasons for claims denial. Since claims denials regularly cost health systems up to 20% of their annual billing revenue, Privasent is responsible for putting a lot of money back in the hands of providers.
Reduced Risk of Compromised Data
When patient databases are inundated with duplicate records, wrongful transcriptions, and other errors, providers end up paying for those mistakes in one way or another. It could be through incurring HIPAA or other security penalties, or simply due to investing in IT personnel to clean up the system. Privasent allows facilities to maintain their data integrity and avoid the costs of fixing mistakes altogether.
Greater Staff Policy Compliance
Even when facilities already take careful measures to preserve patient record security, there’s still an issue of compliance. Getting clinical staff trained on best practices for record-keeping and ensuring they’re consistently following those practices can require additional staff, training time, and other resources.
With a system so easy to use that any patient can understand it in minutes, your clinical staff will have no problem understanding the system and using it correctly every time. Plus, it’s so much more efficient than conventional form and chart maintenance that you’ll win over staff management in no time.
Why spend another minute using processes that leave you exposed to unplanned costs?
Gain complete peace of mind by pairing the proven security of Privasent with your existing EHR system. Learn more about implementing Privasent at your health network today – book a demo with our team.