- NYC Health and Hospitals Corporation (NYCHHC) recently selected to implement an Epic healthcare revenue cycle management solution to help the health system boost adjusted patient revenue by another 5 percent.
The largest public health system in the nation chose the revenue cycle management solution a year after starting an Epic EHR implementation project. Although the health system announced in February 2017 that the system implementation would not be completed by the end of 2018 as planned. An NYCHHC spokesperson stated that the project would only be delayed by a “few months” and the health system was still on budget.
However, several reports indicated that NYCHHC faced a $779-million budget deficit that could grow to $1.8 billion in the next three years.
Despite Epic EHR implementation challenges, NYCHHC now plans to integrate the vendor’s revenue cycle management solution with its EHR system to standardize revenue collection across the system’s 11 public hospitals and over 70 community-based healthcare facilities.
Health system leaders projected the Epic revenue cycle management product to increase revenue by up to $142 million based on 2016 patient volume. They also expect the Epic solution to advance clinical documentation, decrease claims denials, and quicken claims reimbursement times.
“This information technology system is an essential investment that will pay for itself in a couple of years and provide the IT foundation for more advanced population health efforts,” stated Stan Brezenoff, NYCHHC Interim President and CEO. “In addition to its impact on our revenue, it’s also a fundamental component of our health system’s transformation to more streamlined and efficient operations. The result will be a greatly improved user and patient experience.”
The health system stated that both patients and providers should benefit from an integrated EHR and revenue cycle management solution. Patients will be able to access healthcare costs for their care and pay their medical bills online.
Providers will have access to a “consolidated and complete patient record.” With an integrated patient record, providers should become more efficient, like admitting patients faster by documenting specific care criteria, such as entering if a patient needs a ventilator.
The integrated Epic solution should also allow for more efficient medical billing. The platform will be able to recognize billable healthcare services and items when a provider orders them.
“Having revenue and clinical processes in a single system will make a big difference in productivity for the largest public health system in the country,” stated Judy Faulkner, Epic founder and CEO. “With more than a million patients treated annually, this critical institution will provide improved care for the people of New York City.”
NYCHHC plans to invest $289 million over the next five years to implement the Epic revenue cycle management system. Out of the total capital investment, New York City officials agreed that the city will give $150 million and the rest will come from the health system’s operating costs.
Implementation costs aim to cover staffing and training needed to customize the integrated Epic EHR and revenue cycle management platform.
The health system noted that it does not face a software fee because the revenue cycle management software was included with the Epic EHR implementation costs.
Health system leaders anticipate the integrated platform to launch by the fourth quarter of 2018. Although the Epic EHR and revenue cycle management platform is not slated to be fully complete until the last quarter of 2020.