Leveraging Transfer Center Technology to Improve Financial Results
It’s no secret that health systems today face a multitude of financial pressures. Amid rising costs for delivering care, procuring drugs, maintaining cybersecurity, and operating a labor-intensive business, hospitals must also confront reductions in reimbursements from commercial and government payers. Plus, patients who are responsible for paying more healthcare costs out of their own pockets are increasingly turning to low-cost, high-convenience care options.
In the face of this financial uncertainty, and with many initiatives competing for attention, health systems may see transitions of care as a low priority for technology investment. However, investing in transfer center technology positions health systems to increase revenue, decrease costs, and reduce patient leakage.
4 Ways the Transfer Center Addresses Key Financial Challenges
Improving the effectiveness and efficiency of the transfer center can help health systems address four specific financial challenges.
- Transfer centers help health systems meet growth targets. Pressure to control spending is pushing health systems to set aggressive growth targets. Market competition often makes growth even more challenging, as systems must expand high-revenue business lines while also providing high-quality service so patients do not seek care from another health system. A centralized transfer center keeps patients within a health system, expedites the “time to yes,” and reduces average length of stay – all of which decrease expenses and improve patient satisfaction.
- Transfer centers help with expense management amid decreasing reimbursements. According to a 2017 study, Medicare reimbursements to hospitals could decrease as much as $250 billion over the next 15 years. This forces financial leaders to make difficult decisions in order to better manage hospital spending. An efficient transfer center ensures that patients are placed in the right care at the right time, which reduces spending on unnecessary medical care; in addition, efficiency reduces administrative costs such as staff hours devoted to manual scheduling.
- Transfer centers help health systems avoid initiatives that over-promise and under-deliver. Costly implementations of electronic health record (EHR) or data analytics systems has left many health systems with little appetite for potentially complex IT solutions that fail to deliver on their promises of cost savings, efficiency improvements, and end user satisfaction. Transfer center solutions deliver an immediate impact, with ROI realized in months and not years.
“Central Logic Transfer Center has helped us diversify the types of transfers we take. We use it for ED, inpatient, and even outpatient transfers. In addition, we’ve started accepting transfers from clinics and other outpatient sites.”
Robert Gavora, Mercy Medical Center, Director of Referrals
Why Investing in the Transfer Center Makes Financial Sense
We believe that the transfer center should be a high-priority investment. The financial struggles that health systems face show no signs of slowing down, but optimizing transitions of care can provide opportunities to increase revenue while decreasing costs. Here are three ways that Central Logic Transfer Center can help your health system respond to key financial challenges.
Meet your organization’s growth goals. As margins flatten, health systems must identify and optimize new revenue streams. Central Logic Transfer Center provides a centralized solution for managing patient transfers, provider schedules, clinical communications, and real-time data capture. These features offer numerous benefits that improve financial results:
- Higher transfer center call volume
- Increased patient transfers
- Reduced patient leakage to out-of-network providers
- Visibility into metrics that reveal growth opportunities
- Streamlined physician communications that reduce “time to yes”
- Improved relationships with referring sites, which increases market share
Effectively utilize existing investments. Health systems have made significant investments in technology, staff, and processes. Central Logic Transfer Center allows health systems to leverage these important resources and minimize the disruption that often comes along with implementing new software.
Our solution is designed to integrate with existing clinical systems, including Cerner, Epic, and MEDITECH, allowing your health system to optimize its existing workflows instead of designing new ones. Faster access to clinical information expedites decision-making within the transfer center. In addition, this helps your health system develop a trusting relationship with referring sites, which under value-based care models are now held responsible for patient outcomes following transfer or discharge.
Strengthen your competitive advantage. Many health systems use EHR systems, spreadsheets, or even paper to manage transitions of care. Central Logic Transfer Center is optimized for the complex needs and challenges of the transfer center.
Implementing a purpose-built solution in your transfer center will strengthen the competitive advantage of your health system. Improving the efficiency of care transitions can increase patient volume and throughput, which increases revenue. At the same time, helping care teams make faster decisions boosts the satisfaction of patients as well as physicians – both of which improve your health system’s reputation.
It’s time for your health system to optimize transitions of care. Download our datasheet to learn more about Central Logic Transfer Center, or contact us today to request a demo or speak to one of our transfer center experts.