Cost Reduction Strategies Using Patient Matching Technology

This document is a guide that outlines strategies for reducing operational and IT costs in healthcare organizations through the implementation of a new patient matching technology known as Referential Matching. It details how automating duplicate record resolution can save significant amounts annually, with estimates of $240,000 in operational costs and $175,000 in IT costs by transitioning to a Software-as-a-Service (SaaS) Master Patient Index (MPI). The guide explains the conventional challenges faced by healthcare organizations in managing patient data and highlights the inefficiencies and costs associated with traditional patient matching methods. It presents Referential Matching as a solution that combines a big data database with advanced algorithms to improve accuracy and reduce costs. The document also emphasizes the importance of accurate patient matching for enhancing patient safety, improving quality performance, and increasing patient satisfaction, as well as the potential for recovering lost revenue due to denied claims caused by inaccurate patient identification.