NYC Health + Hospitals officials have announced a new technology they will be implementing: an Epic revenue cycle system they say will “improve efficiency and ensure that the health system is collecting the maximum amount of revenue for the services it delivers.”
The new system should improve clinical documentation, reduce claims denials and accelerate reimbursements, the health system said.
- Epic will standardize revenue collection in the system’s 11 public hospitals and community-based patient care sites. It will also work with the Epic patient electronic medical record system, which NYC Health + Hospitals implemented last year.
NYC Health +Hospitals officials said the 5% patient revenue increase is consistent with other national and local health systems that have already implemented the product.
Improving the revenue cycle and creating efficiencies are two terms that get health system leaders’ attention. Through this integrated system, NYC Health +Hospitals said Epic will create a common platform for all of its providers. No longer will they need to jump between systems, which will improve productivity.
NYC Health + Hospitals interim President and CEO Stan Brezenoff said the new system’s $289 million investment over five years will be paid off in a couple of years and will lead to more advanced population health efforts.
The investment will include $150 million in capital funds from the city of New York and $139 million from the health system’s operating costs.
NYC Health + Hospitals plans to begin the rollout of the integrated platform in the fourth quarter of 2018, and the system will fully implement the program by the last quarter of 2020.