Executive Summary: James McCorkle lead Cost Benefit Analysis while at Vianeta Communications (now known as www.mmodal.com and owned by 3M), the leading supplier of infrastructure software for business critical enterprise applications, worked with a leading Health System (Tenet Healthcare), its flagship Hospitals and CIO’s/HIM Directors at 25 other member Hospitals to complete an operations and cost impact study. The objective was to assess the benefits realized by deploying Vianeta Voice Express Platform across all of their member Hospitals. Our findings indicate that Vianeta Voice Express Platform has the potential to dramatically reduce costs while substantially improving workflow and automating manual, paper-intensive processes. The platform would impact the complete medical records lifecycle — dictation, transcription, and medical records to billing/coding and case management. As importantly, it compliments the System’s JACHO, HIPPA compliance and automated Case Management upgrade initiative.
Key Findings: Up to $119 Million savings/year for 110 hospitals – System savings include a direct reduction in capital, operational and FTE costs.
Accounts Receivables/Days Not Final Billed (DNFB) Reduction: Flagship Hospital’s use of Vianeta Voice Express Platform has resulted in a reduction in the ‘DNFB’ by 2+ days in less than three months. The financial impact of improved A/R and cash flow is being assessed. Fragmented & paper-based processes The System can significantly reduce paper-based processes and human intervention throughout the transcription/ coding process continuum
Coding, Billing and Case Management: Transcribed reports can be automatically uploaded and easily accessed which accelerates Coding/Billing and Case Management Review
Information Management, Control & Data-Mining: System will build and easily access a mine-able clinical data repository as Vianeta Voice Express Platform is deployed. By mining the aggregate data, best clinical practices can be assessed, outcomes tracked, clinical trials directed, consumption & utilization managed and vendor compliance monitored.
Savings Profile: 1-Year Savings using Software as a Service Platform Total – $119 Million