PALO ALTO, CA, April 26, 2018 – SymphonyRM will co-present on Referring Referral Leakage with Analytics at the 23rd Healthcare Marketing & Physician Strategy Summit. The presentation will focus on how, using data from internal systems as well as third-party claims, Intermountain Healthcare has developed a process for successfully tackling referral leakage. The presenters will cover the process to identify leakage points, targets efforts where they are most needed, and uses performance data to measure results.
Leakage is one of the healthcare industry’s largest issues, yet one that many hospitals don’t have a good grasp on just how much it is costing them, or how to address it. It is estimated that hospitals lose 55-65% of their annual revenue to leakage, or an average of $821K – $971K per physician per year. For a hospital with 100 affiliated providers, total leakage costs the health system between $78M to $97M per year.
“The SRM platform is a proven method in the healthcare industry to target and address leakage, personalized for each healthcare system we work with”, says Mike Linnert, Founder and CEO of SymphonyRM. “We are excited to show how it comes to life, and how we created real results in a very short time, saving money but also more importantly, improving patient outcomes.”
Created specifically for the healthcare industry, SymphonyRM utilizes a hands-on management approach with integrated technology to provide on-demand results. In fact, HealthOS is already driving results at a number of U.S. health systems, which in total serve more than 4 million patient lives, supporting 1,000+ Primary Care Providers, and coordinating engagement across their 64,000+ employees. Its success is in part due to SymphonyRM’s revolutionary CRM & PRM deployment methodology for health systems – an approach that enables clients to get started within 10 weeks and achieve 3x ROI within 10 weeks of launch.
Our goal is to transform every health system into a consumer-focused enterprise. We empower Health Systems with data science to identify Next Best Actions for each and every consumer in their market and orchestrate the workforce to deliver and realize value across every consumer touchpoint. SymphonyRM’s HealthOS is the catalyst to build the next generation health system.
The SymphonyRM model uniquely combines and analyzes data from multiple sources including EMRs and payer systems, communications and marketing campaigns, productivity tools and more, to give customers information that helps them make critical business decisions. The SymphonyRM platform also helps identify a series of prioritized Next Best Actions (NBAs) for existing and prospective patients and physician utilization, while also reducing network leakage.
Since launching in its first hospital system in late 2015, SRM has already generated more than $100M in verified value for clients. Further, clients typically see an average recovery of $10M in leaked referrals within the first 12 months, 30-50% increase in average patient visits per day and a 40-60% conversion rate for care gap closure campaigns.