In fact, survey results indicate that 87% of healthcare executives consider patient leakage very or extremely important, while two thirds of them do not understand nor manage leakage very well. From a revenue standpoint, almost 43% of healthcare organizations lose more than 10% of their revenue as a result of patient leakage.
It is clear that patient leakage has a significant impact on revenue and quality of patient care. However, the healthcare industry has not been able to properly address this strategic priority due to data challenges and outdated IT platforms. Specifically, the data needed to track and understand patient leakage comes from various sources with different formats and follows different standards and conventions. In addition, most legacy IT systems do not have the capabilities to integrate, standardize, and analyze this level of data complexity.
That’s where Stout comes in. One of the leading medical groups within the Eastern region of the U.S., hired Stout to perform an analysis that enabled them to better track and understand their patient outmigration in order to provide better quality of care to their patients and recapture a significant percentage of their lost revenue. As a result of the analysis, Stout’s Artificial Intelligence and Digital Transformation practice was able to help identify the major sources of patient leakage and provide recommendations that would enable our client to recapture 30% of their lost revenue within the first 6 months of implementation.
Download our case study, How Advanced Analytics Helps Prevent Patient Leakage in Healthcare Organizations to learn about how we provided insights and recommendations to a client to help them recapture a projected 30% of their lost revenue.