Saving Hospitals’ Time and Money: Study Highlights MediTract’s Impressive Return on Investment
Hospital administrators are facing more challenges than ever as new healthcare laws take effect. The MediTract solution was designed to make compliance and contract management more efficient for hospitals and healthcare organizations.
An independent study of 389 hospitals (about 6% of all U.S. hospitals) found that on average MediTract client hospitals save between $9.59 and $10.80 for every dollar spent.
Here are the best examples of savings found in the study:
- One hospital system used MediTract to negotiate system agreements that resulted in $500,000 annual savings.
- Another hospital system used MediTract to negotiate a better rate for physician recruitment, saving $140,000 per year.
- Using MediTract’s automatic email notifications held managed-care payors to scheduled rate adjustments in a timely manner, resulting in annual reimbursement increase in the millions.
- Before utilizing MediTract’s automatic email notifications, payments continued on multiple expired agreements, resulting in overpayments ranging from $100,000 to $250,000.
- One hospital saw a 28.3% decrease in payments on expired contracts in just six months, thanks to MediTract’s automatic email notifications.
- Meditract’s online contract management solution enabled one hospital system to save 3.5 FTEs on contract administration, which resulted in annual savings of $156,520.
- Using MediTract instead of an internal system saved one hospital system’s IT department $123,200 annually – $63,200 in hardware and software costs, and another $60,000 per year in support.
- By providing auditors direct access to their MediTract libraries, numerous hospital systems reporting being able to save more than $100,000 over a five-year period and hundreds of hours annually when responding to audit requests.
- One hospital system estimated that, before it started using MediTract, it had lost hundreds of man-hours responding to federal anti-trust subpoenas, as millions of document copies had to be printed and shipped to the US Attorney. MediTract’s cloud-based document repository would have been a major time-saver.
- Having the MediTract solution helped numerous hospitals save hours on every document request related to due diligence.
- One hospital system reported in the case of a disaster, MediTract would save about $500,000 in contract archive recovery. Over one-third of respondents reported having experienced some sort of disaster.
Our solutions can be implemented without any up-front costs, and all our products are backed by our world-class customer service. Between the substantial ROI and the insulation from Stark and AKS non-compliance risk, can your organization afford not to have MediTract?
Interested in experiencing the MediTract difference? Request a demo by using the form below. Our healthcare experts will show you the power of our compliance and contract management solutions.