In the wake of the shift to a value-based model of care, clinical documentation has never been more important nor so closely tied to a healthcare facility’s bottom line.
As hospitals seek to meet the evolving standards of patients and thrive under value-based reimbursement, optimized clinical documentation is critical. In fact, more providers are turning to strategic solutions like clinical documentation improvement (CDI).
CDI is the process of enhancing medical data collection and includes objectives of maximizing claims reimbursement revenue and improving care quality. Because payers rely on proper clinical documentation and coding to justify reimbursement from payers, it’s easy to see why data generated within an electronic health record (EHR) must be complete and accurate. Clumsy documentation, on the other hand, could fail to demonstrate their work and result in value-based penalties or the loss of an incentive payment.
Implementing smarter CDI solutions can also be a boon for hospital revenue cycles. Aside from the positive impact on overall patient care, CDI solutions earned 90 percent of hospitals at least $1.5 million more in healthcare revenue and claims reimbursement, according to a 2016 Black Book Market Research survey. The same research also revealed that nearly three-quarters of the 900-plus healthcare leaders surveyed put CDI on their 2017 budget agendas.
More recently, a survey from KLAS similarly revealed how providers are seeing significant financial gains after implementing CDI solutions, with 53 percent of healthcare leaders reporting an overall improvement in revenue. Thirty-eight percent of respondents also reported improved workflow efficiency and 19 percent noted an improvement in reporting accuracy and metric tracking.
Driving more efficient workflows in the midst of an ever-changing regulatory environment will benefit the day-to-day lives of physicians and help improve overall documentation quality. When EHRs and CDI solutions fit into normal workflows, physicians are more likely to document care in real-time because the solution won’t make their jobs harder.
Partnering with a vendor that has solutions that drive clinical and financial improvements will be vital in maximizing value-based reimbursements. Upgrade the clinical documentation at your hospital and reduce headaches. Email us at email@example.com or call 1.800.383.6278 to speak with one of our experts about how you can help remove error-prone processes and boost your bottom line.