Physician relationship management: It’s a matter of survival
September 7, 2017
In previous blogs, I’ve talked a lot about the value of a true, data-driven physician relationship management (PRM) strategy. I’ve outlined the myriad positives we get from knowing which physicians are making sure patients use our inpatient and outpatient services, rather than sending them out our doors. It starts with the obvious—dollars—with each physician worth an average of $1,560,688 a year in net revenue to a hospital.
According to Gallup, $460,000 in patient revenue, per physician, per year is lost due to non-engaged physicians not making referrals. In our ever-changing (and sometimes what feels like precarious) payer climate, those referrals are crucial to financial sustainability.
But successful PRM also has a lot of impact beyond the bottom line. Knowing why physicians are referring patients to your people and services is a key indicator of patient care quality and belief in excellent outcomes. Conversely, when physicians are not referring patients it has an immeasurable cost in terms of an organization’s reputation and market perception, as well as continuity of patient care.
In a recent Infor piece, What are your physicians sending out the door? we outline the costs and perils of relying on intuition to guide our PRM.
Infor Healthcare has solutions at work in 72 percent of US hospitals. So we know that busy physicians want hard data to tell them why they should refer patients to a system’s services. It’s not enough for your physician liaison to ask a doctor, “Why are you sending half of your referrals to another hospital?” Instead, a more specific and actionable conversation can start with, “What is it you don’t like about our surgery unit? Is it the suite, the staff, the scheduling?”
To drill down into that level of detail means going beyond raw claims data, and applying the specific analytics to learn what I call the The Five Ws of physician engagement including:
- Who is sending patients your way?
- What service lines and sub-service lines are growing?
- When was the claims data generated?
- Where are your geographical “hot spots?”
- Why is physician leakage—not loyalty—occurring?
The Infor PRM solution provides real-time access to both in-house and local market claims data, seamlessly integrated with physician information. Queries and reports are easily customized to your physician liaison’s needs. The time to implement strategic, data-driven PRM is now and I’d like to hear from you about your PRM priorities and strategies. In the meantime, you can learn more about PRM by reading Leveraging data to increase physician engagement.
-Dann Lemerand, Director, Healthcare Industry and Solution Strategy
- North America