Healthcare organizations are increasingly looking for ways to provide better quality care while reducing operational costs. One effective solution is the implementation of a next-generation Enterprise Master Patient Index (EMPI).
With a modern EMPI, healthcare organizations can achieve a comprehensive view of their patients, allowing them to more efficiently identify and manage patient records. This streamlined approach results in cost savings on multiple levels — from improved data accuracy that allows for more informed business decisions to reduced manual data stewardship. In this blog post, we will discuss strategies for utilizing your EMPI effectively to reduce costs within your healthcare organization.
Ways an EMPI Lowers Operating Costs
An EMPI is an identity solution that links information about one patient across a healthcare enterprise, including electronic medical records (EMRs), consumer, and claims data. It allows healthcare professionals to view a patient’s multiple records in one comprehensive profile, thereby reducing duplicate errors and the risk of medical errors.
Improved patient matching
A next-generation EMPI solution can match patient records even when they are incomplete, inaccurate, or out of date. Not only does this make operations more efficient and improve patient care, it also saves costs by reducing the number of denied claims. In fact, a Black Book survey shows 35% of all denied claims resulted from inaccurate patient identification or information. This costs the average hospital $2.5 million (2020), and the U.S. healthcare system over $6.7 billion dollars annually.
Verato Universal MPI™ is the industry’s most accurate EMPI solution and can significantly reduce costs associated with denied claims.
Reduced duplicate records
Duplicate records occur when multiple, disconnected records exist for the same patient in one healthcare system. Data entry errors, inconsistencies due to self-registration applications, and inconsistent data formatting across systems can lead to duplicate records.
Duplicate records make it harder for physicians to see a patient’s entire medical history, potentially resulting in duplicate testing and treatment and medical errors. Additionally, they result in increased costs due to extra administrative tasks, time spent verifying and correcting information, and potential legal costs associated with HIPAA violations or other breaches of patient information.
Standardized risk compliance
HIPAA violations, failing to comply with data protection regulations, or a security breach can be extremely expensive mistakes that can be prevented with proper data standardization. A modern EMPI solution can address all of these issues intuitively before they become a headache.
Ways a Cloud-Based EMPI Saves Money
The trend toward cloud-based EMPI technology is becoming increasingly popular as it helps organizations save money while offering greater scalability and data-integrity.
Easier Implementation and Integration
A cloud-based EMPI is easier and faster to deploy than an on-premise solution, allowing organizations to reduce traditionally lengthy implementation times. Its inherent compatibility with modern APIs and microservices architecture simplifies integration with existing systems. This results in smooth data synchronization and exchange across various platforms, promoting interoperability and real-time data updates within the EMPI.
Low to No Maintenance Cost
Traditional on-premise EMPI systems require significant investment in hardware, software, and technical staff for their upkeep. On the other hand, with a cloud-based EMPI, these overhead expenses are substantially reduced. The service provider takes responsibility for system updates, security, and problem resolution, reducing the need for in-house IT staff dedicated to these tasks.
No to Low Infrastructure Cost
There is also little infrastructure cost associated with cloud-based EMPIs. Because services are delivered over the cloud, there is no need to reconfigure or add hardware and software to the existing systems. Right from the start, organizations won’t need dedicated in-house servers for hosting the software and storing data as they would with an onsite EMPI solution.
More Nimble and Agile to Meet Changing Requirements
Not only are cloud-based EMPI solutions cost effective, they are also nimble and agile, quickly adapting to the changing requirements of healthcare organizations. Unlike traditional systems, cloud-based solutions are not constrained by the physical limitations of on-premise hardware. They can be easily updated or scaled up as per the evolving needs and growth of the organization. This flexibility allows healthcare organizations to respond effectively to new operational challenges.
Scalable
The scalable nature of cloud-based EMPI systems can save significant costs for healthcare organizations. As organizations grow, so do their data requirements. Traditional on-premise systems require a large upfront financial commitment for additional storage and processing capacity to accommodate this growth. However, cloud-based EMPIs offer a scalable solution, where capacity can be seamlessly expanded or reduced on an as-needed basis. This ‘pay-as-you-grow’ approach eliminates wasteful expenditure on unused capacity and enables organizations to align their spending with actual usage.
How to Lower EMPI Costs With Verato UMPI
Verato Universal MPI is the next-generation EMPI solution thanks to its ability to match person data that is inconsistent, inaccurate, or incomplete. This function is especially important as 30% of demographic data is inaccurate, so having a solution that can match identities despite these errors is crucial in delivering quality care.
Verato has developed a number of unique features that are purpose-built to improve efficiency, increase accuracy, and lower costs for healthcare organizations.
Referential Matching Technology: Smarter Probabilistic Algorithm
Most EMPIs utilize probabilistic algorithms to match identity records. While these algorithms are able to overcome simple data errors, they struggle to overcome out-of-date, inconsistent, or incomplete data. In contrast, Verato deploys Referential Matching for the highest accuracy match rate.
Verato Referential Matching® incorporates smart probabilistic algorithms with a proprietary reference database of demographic information spanning the U.S. population with up to 30 years of historical data. The algorithms use this database as an answer key during matching to overcome many demographic data errors and inconsistencies. This reference data is used to augment existing patient registry data while matching to overcome the 30% of demographic data that is out-of-date, incomplete, or inaccurate.
Match Tiers
Verato Match Tiers™ allows healthcare organizations to layer clinical, consumer, and digital data without compromising the integrity of clinical data. By compiling a larger view of each individual, sending the right message to the right person at the right time for highly personalized patient engagement campaigns becomes a reality.
Achieve more with hMDM
The Verato Universal Identity platform is the first master data management (MDM) solution purpose-built for healthcare. Powered by Verato UMPI, the platform combines the sophisticated matching algorithms of a healthcare-specific EMPI solution with the data management capabilities of an MDM solution.
Unlike legacy solutions, the Universal Identity platform allows healthcare organizations to manage patient, provider, member, and consumer data with one platform for a 360-degree view of every person across a healthcare enterprise.
To learn more about how Verato can help you improve efficiency and reduce costs, book a strategy session.
