02 Jul 5 reasons why you need Salesforce Health Cloud to optimize patient revenue streams
by Paul B. Stevenson, MPA, CPA
Healthcare organizations are under tremendous pressure to remain profitable. The high costs of healthcare services, combined with a fast-changing landscape for reimbursements, are causing many providers’ budgets to end up in the red. The prestigious Mayo Clinic shocked the healthcare industry in 2017 by publicly acknowledging that increasing its Medicaid patient load by just 3.7% wiped out the hospital’s profitability. Meanwhile, one in three physicians freely admits that they will decline to accept patients who are likely to be costly and use a lot of resources, according to a 2017 Medscape study.
The reality is that healthcare organizations need all the help they can get to optimize patient revenue streams and avoid dipping into the red. One of the most effective ways to regain a competitive footing in this tumultuous industry is to implement Salesforce Health Cloud. This cloud-based platform builds and manages relationships among patients, providers, and other healthcare organizations, and it’s game-changing for revenue-conscious providers (which is pretty much every provider!). Let’s explore five key reasons why you should be using Salesforce Health Cloud to optimize patient revenue streams:
1. The fee-for-service healthcare model is dying: Under the traditional healthcare revenue model, providers are reimbursed for every procedure, test, and service rendered. The more items they bill for, the more they get reimbursed. But the Affordable Care Act is ushering in big changes: Instead of incentivizing fee-for-service healthcare, reimbursements are increasingly based on the quality of services delivered. Thus, providers can no longer count on a laundry list of services to prop up their revenue; they need to focus on improving patient outcomes. This journey starts with a next-generation tool like Salesforce Health Cloud capable of tracking and managing the patient experience.
2. You need to spot—and then fill—gaps in healthcare: As hard as providers work to create comprehensive healthcare records for patients, there inevitably are gaps in care that traditional systems are unable to eliminate. Some 95% of healthcare providers say interoperability shortcomings limit their ability to transfer data from one medical center to another, according to a recent study by the healthcare alliance Premier. Providers also tend to be reliant on traditional methods for gathering patient data—that is, verbal transmissions from patient to provider, as well as disconnected systems that generate various data sets and imaging. Salesforce Health Cloud draws on a much broader base of sources, automatically reconciling and integrating information ranging from medication history to patient-generated health monitoring data to appointments and preferred communications methods. From these more comprehensive, automatically generated profiles, Health Cloud and providers alike can identify gaps in patient care and figure out what factors influence outcomes most. For example, perhaps a provider may learn that the trajectory of patient care completely changes when engaging with the patient via weekly phone calls; Health Cloud can zero in on this trend and immediately guide the provider in remedying it.
3. Your patients are increasingly “living” in the cloud: A generation ago, we stored all of our personal data on our own personal computers. We communicated primarily via cell phone and email; there were no interconnected “smart” devices that we could talk to and that could perform tasks for us. Today, people freely upload their personal data—including health data—to cloud-based apps and databases. And patients want to use cloud technology to receive care and access their healthcare data. A recent Salesforce study, for example, found that 62% of patients are interested in video conferencing and other forms of virtual-care delivery for non-urgent matters. Thus, to optimize patient revenue streams, you need to offer cloud-based healthcare services that give modern-day patients the accessibility they expect.
4. You need to build and strengthen patient relationships: Patients have options for their healthcare, and they value and are willing to pay for a stronger doctor-patient relationship. That’s why it’s essential that providers differentiate themselves in a competitive marketplace with customized, personalized service. Salesforce Health Cloud strengthens relationships with patients using features like a single point of engagement for all patient data, artificial intelligence to deliver proactive care, and automatic prioritization of cases based on patient needs. These features make it easier and more seamless to get the answers, information, and care they need—and ultimately feel good about the care they’re receiving.
5. You need a single place to manage benefits, authorizations, and claims: Healthcare providers should not be wasting precious resources on administrative functions like memberships, benefits, authorizations, and claims. These functions are critically important and necessary, of course, but where healthcare providers should be spending the bulk of their time is on driving value-add improvements to the patient experience. Salesforce Health Cloud takes care of integrating patient administrative functions onto a single platform, then serving up the data in an accessible, user-friendly manner. In this way, Health Cloud simplifies and streamlines administrative functions, enabling providers to focus on higher-value areas, such as getting accurate and timely information to patients, making the data more accessible to patients, and enhancing the quality and frequency of communication with patients.
Salesforce Health Cloud should be at the heart of every healthcare provider’s strategy for managing and optimizing revenue. What makes Salesforce Health Cloud such an effective revenue management solution is that it’s responsive to the demise of the fee-for-service healthcare delivery model, it helps providers easily spot and fill critical gaps in care, it’s a perfect complement to patients’ growing expectation that healthcare delivery includes a cloud component, it helps build and strengthen patient relationships, and it streamlines key administrative functions.
Want to learn more about how Salesforce Health Cloud can optimize your patient revenue streams? Simplus’ Health Cloud implementation experts are standing by to show you how; contact us today.
Paul is Simplus’ Subject Matter Expert in HLS CRM Strategy. An expert with deep CRM experience in healthcare, telecom, distribution, and financial segments, Paul is a consultant who drives CRM innovations to clear a path for growth in revenue and operational efficiency. He has hands-on experience in developing, marketing, and selling CRM Apps and is a proven project leader with skills to lead CRM integrations with payer, provider, telecom, and proprietary operational and financial information systems.