There are a myriad of challenges facing hospital administrators during these difficult economic times. MediTract provides services that help administrators face those challenges by changing the way healthcare does business.
A recent study by independent consultants of 389 hospitals (approximately 6% of all U.S. hospitals) shows that a MediTract client can expect to save $14.40 to $16.28 per dollar spent by using the MediTract solution. Combined with no up-front costs and customer service that is second to none, this return on investment potential makes MediTract an exceptionally valuable tool for any healthcare system.
Below are actual savings examples provided by MediTract customers participating in the study.
Use of MediTract enabled a hospital system to negotiate system agreements resulting in an annual savings of $500,000.
A hospital system was able to save $140,000 annually, with use of MediTract, by negotiating an improved rate for physician recruitment services.
Use of MediTract automated notices increased reimbursements $1,000,000's annually, by holding managed care payors to scheduled rate adjustments in a timely manner.
Prior to use of MediTract automatic notices, overpayments ranging from $100,000 to $250,000, were made when payments continued on multiple expired agreements.
A hospital system reported saving 3.5 FTEs on contract administration, resulting in a savings of $156,520 annually through use of MediTract's electronic contract management solution.
Multiple hospital systems reported cost savings, more than $100,000 over five years, and time savings, of several hundred hours annually, when responding to information requests from auditors, by providing direct access to MediTract's electronic documents.
Prior to MediTract use, a hospital system reported an estimated loss of hundreds of man hours, when responding to federal anti-trust subpoenas, as millions of copies needed to be printed and shipped to the US Attorney. Use of MediTract's electronic document copies would have resulted in extensive time savings.
Hospital saw a 28.3% decrease in payments on expired contracts over a time period of 6 months with use of MediTract's automatic notices.
Several hospital systems reported hours of time savings per document request when conducting due diligence activities.
Use of MediTract vs. an internal system resulted in a reported IT savings of $123,200 annually ($63,200 in initial hardware and software costs and $60,000 per year in helpdesk and ongoing support costs) by a hospital system.
A hospital system reported that use of MediTract would save them an estimated cost of $500,000 to recover contract archives from a disaster. Over one-third of respondents have experienced a disaster.