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Health systems, especially accountable care organizations (ACOs) must retain patients throughout their continuum of care. Losing patients to competing providers (network leakage) results in revenue losses for the system. Reducing network leakage and improving the bottom line come from physician engagement, effective communication between leadership and providers, and consensus in care strategy.
To make risk adjustment and revenue management possible, the right tools need to be delivered to providers and care teams. Payers need to ensure that accurate coding and documentation is maintained to track revenues and reimburse physicians for cost-effective and high-quality care. A comprehensive prospective health assessment program helps providers diagnose and code accurately, patients receive better care, and payers engage providers and patients to achieve better clinical and financial outcomes.
The Accounts Payable team of El Camino Hospital was looking for a robust and reliable technology that could provide greater benefits and growth opportunities than their existing payment solution. After reviewing a number of options, El Camino chose American Express' Buyer Initiated Payments (BIP) solution, which provided streamlined technology that could be easily implemented and could scale as the company grew.
In two years, El Camino grew from processing $8 million electronically with eight suppliers to processing approximately $30 million annually with around 100 suppliers.
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