What if I ask the question again? Do hospitals lose revenue due to incorrect billing procedures or missed services? The answer is certainly “yes”, and it is a persistent problem not only in large and medium size hospitals, but also in small hospitals. Furthermore, the situation in worse in labs and pharmacies.

The staff and the top managements in many well known hospitals have been in a dilemma due to shrinking profits and unbelievably low figures in their revenue reports and financial data. Contrary to what is reflected, it was seen that the beds were full, doctors had been busy all through and nurses were completely occupied with work. It can be agonising for the top management, when they come across such things and the repercussions can be deleterious to the hospital, pharmacy, lab or day care centre.

Using a hospital information system software can serve as a strong deterrent against such undesirable situations. And particularly in India, with hospitals still making use of traditional manual processes the entire ecosystems are vulnerable to revenue leakages and substantial monetary losses. Revenue leakages happen due to numerous inadvertent reasons and lack of control over certain unexpected and unprecedented situations in hospitals. As it is an unforeseen and unrecognised cause of error, it can leave the managements of the hospitals or nursing homes literally bleeding.

Common Causes of Hospital Revenue Loss

Let us see some of the practical scenarios, that were encountered in hospitals. An urgent OT procedure was done in the midnight but was not added duly to the bill of the patient. Insurances not processed correctly due to incorrect codes, bed occupancy charges that were not included because of ward shifting processes, or delays in discharges that go unaccounted for, could be the real reasons. The list does not end here. So, practically there are several scenarios that can cause money to vanish from your coffers.

Preventing Revenue Loss in Hospital Pharmacy Management

Pharmacy is another vulnerable department in the hospital. As it requires meticulous handling of medicines and entering the correct details of the drug, it could put the pharmacy staff under huge administrative pressure. Discrepancies can arise due to various reasons such as missing out on drugs, entering lesser quantities of dispensed drugs or associating incorrect pricing with the drugs. Any of these can eat up the revenue generated in the pharmacies. In addition to all these, pharmacies face a very peculiar problem of filching, where individuals can steal small or medium sized items in a casual manner without any individual noticing or device tacking it. The income from pharmacies can get significantly reduced due to these reasons.

Hospital Inventory Management System for Laboratory Stock Control

Simultaneously, missing out on tests, unbilled lab procedures, incorrect lab charges and pilfering of lab syringes or reagents can create similar problems. Diagnostic delays can also lead to inadvertent errors that contribute to revenue leakages. The Hospital Inventory Management System can help you to keep stock of all your syringes and lab reagents.

How Hospital Information System Software Prevents Revenue Loss?

Despite the possibility of revenue leakages due to various reasons, an HMS can curb them as it can prevent erroneous inpatient services, track unplanned discounts, and handle unresolved medical claims. The HMS software goes an extra mile to mitigate errors that usually arise due to manual processing,

One of the main reasons for unrealised revenue is because the institutions do not track revenue specific to departments. The software does that and seamlessly reflects the data all over. As the software mandates certain fields to be filled compulsorily it leaves no room for missing out on patient registrations, or insufficient data. Patient throughput gets reduced and engagement levels are higher as patients no longer have to explain what happened during their earlier visits. Even the hospitals are able to trace records within few clicks. The software helps bridge the communication gaps between the staff and the patients as you can set alerts for billing and appointment schedules on WhatsApp, SMS and emails. Furthermore, the gap between the staff in different departments can be bridged. Unplanned expenses do not go untracked.

While all these can be accomplished, the hospital personnel must ensure that they collect all relevant data such as personal information, referral details, insurance details and payer details. With accurate patient information, it is possible to engage better with patients providing higher quality care thereby making them evince more trust in the hospital.

You can reduce no show patients by setting patient reminders. Another major step in preventing financial leakages is by defining proper processes in your hospital that streamlines steps in every department. The software provides smarter features to log the details instantly in the consolidated bills. As a consequence, no more missing out on entries, or to do later stuff. Insurance claims are processed in the requisite manner.

Also, handling bed occupancy using the HMS is possible in real time. You get to know the beds that are currently in use, The actual availability of beds and understanding the acuity levels can help you save nine. You prevent both underutilisation and overutilisation of beds, enabling you to serve patients better.

In addition to preventing revenue leakages, you end up easily adhering to the requisite compliance requirements in a more conducive environment focusing on offering more strategic things to patients.

Now, with fewer disputes to handle there is lot more to offer or develop. As the software is scalable and secure you are no more vulnerable to cybersecurity threats and data breaches. Data cannot be stolen for fraudulent claims, or further misallocation.

Ashwa Dazzle is a hospital information system software offered by Spigot Technologies, and a part of AlphaRxPro’s healthcare product offerings that can optimize revenue cycle processes, implement best practices, and adopt advanced technologies to enhance financial performance. Contact us today to improve the operational sustainability of your hospital, nursing home, clinic or pharmacy.

With Artificial Intelligence on an upswing, we offer an AI based HMS software for hospitals that can take substantially eliminate human errors and take your organisation on the coveted path of success and financial stability.