Align Your Physician Referrals To Boost Your Bottom Line
If you could get a physician to refer 100 percent of his or her patients to your hospital or health system, what would that be worth? If the physician refers to specialists, such as neurosurgeons or orthopedic surgeons, it could be worth $2.5 million to $3 million in annual revenue, according to Bryce Bartel, CEO of Marketware. Marketware’s physician relationship management (PRM) solution, Ascend, is designed to help health systems grow volume and retain referrals. Physician liaisons are key to this effort.
Lifepoint Health, with hospitals and other healthcare facilities in 22 states, uses Marketware’s Ascend solution to manage its physician relations program and team of 67 physician liaisons.
Two-thirds of referral decisions are made by physicians, and they frequently split referrals among different organizations—even employed physicians sometimes refer patients to other organizations, “leaking” revenue to competitors. The physician liaison’s role is to build and solidify relations with referring physicians, and grow referral revenues for key service lines or regions.
Read our full article now to learn how a geographically dispersed organization enables its physician relations team to keep track of every call and contact, understand the dynamics of physician referrals, and align with strategic growth objectives: Lifepoint Health Takes Its Physician Relations Program Up a Notch with Ascend PRM Solution.