New revenue cycle technology will be added by NYC Health + Hospitals from Epic Systems with the target of improving efficiency and accumulating the maximum amount of revenue for the services it delivers.
In the month of February, NYC Health + Hospitals forced back the next phase of its $764 million, systemwide Epic electronic health record (EHR) system rollout by various months. The delay came almost a year after Charles Perry, MD, associate executive director and liaison to the Epic project at NYC H+H’s Queens and Elmhurst Hospital Centers, quit amid a controversy over sufferer safety. The health system claimed that the delay was to take into account insights learned from the victorious first phase of the execution, though it refused to specify what those insights were.
The Epic revenue cycle system is now being projected by the NYC H + H that will help to capture an additional 5% of adjusted patient revenue, which would total $142 million deployed on 2016 patient volume. Extra expected benefits involve better clinical documentation to support billed services, decreased claims denials and accelerated reimbursements.
The latest technology is hoped to standardize revenue collection and will integrate seamlessly with the Epic EHR system NYC Health + Hospitals started to adopt last year. The health system further added that revenue cycle technology of EPIC will develop a common platform for all providers, who will be capable to complete tasks without having to jump from system to system.
The public health system of city, NYC Health + Hospitals, will invest $289 million over the next 5 years to completely implement the new system at its eleven hospitals, 5 long-term care facilities, and more than 70 community-based health centers, the provider agency claimed. The City of New York has assigned $150 million in capital funds, and NYC Health + Hospitals will invest $139 million out of its operating charges, pending approval by its board, it added.
The rollout of the integrated platform is anticipated to start in the fourth quarter of 2018 year. The integrated revenue cycle and EHR (electronic health record) suite is hoped to be fully completed in the last quarter of 2020 year.
NYC Health + Hospitals interim president and CEO Stan Brezenoff said, “This IT system is a necessary investment that will pay for itself in a couple of years and offer the IT foundation for more advanced population health efforts. In addition to its affect on our revenue, it is also a basic component of our health system’s transformation to more streamlined and efficient operations. The outcome will be a highly improved user and patient experience.”
Judy Faulkner, Epic founder and CEO said, Having revenue and clinical procedures in a single system should make a big difference in productivity for the greatest public health system in the country.