Healthcare costs are climbing, burnout is at an all-time high, and new data arrives on a daily basis highlighting the heavy toll that administrative burdens are placing on the workers making care delivery possible. Each of those issues is wildly complex, which is why Medallion is setting out to automate away the cumbersome operational processes at the core of the complexity.
CMS’ just-released 2022 National Health Expenditures helps set the stage by wrapping some numbers around the size of these challenges:
- US healthcare spending grew 4.1% last year to reach $4.5 trillion, outpacing the 3.2% increase seen in 2021. The two largest slices of that pie belong to hospital care (30% share) and physician services (20%), largely due to the massive amount of administrative and operational overhead that goes into care delivery.
- That same administrative overhead is placing a huge weight on providers and operations teams, with CDC figures now showing that 46% of healthcare workers are struggling with burnout (up from 32% in 2018).
Medallion tackles this administrative burden with an end-to-end provider network management platform, which streamlines time consuming and repetitive tasks like credentialing, licensing, and payor contracting and enrollment.
- The credentialing solution automatically performs primary source verifications, checks state licenses and board certifications, and provides alerts on provider eligibility changes to eliminate manual reviews and ensure regulatory compliance.
- The licensing solution simplifies cross-state licensing and license renewals to help keep up with ever-evolving state requirements, as well as continuing education tracking in all 50 states.
- The payor contracting and enrollment solution allows organizations to offload the payor negotiation process from start to finish, then solves the problem of getting providers in-network with enrollment services for any commercial and government payor.
- All of that information is housed in a provider data management dashboard that serves as a centralized view of the provider network, improving oversight and slashing operations task time.
The Takeaway
The healthcare industry has its work cut out for it reigning in administrative costs and burnout, but platforms like Medallion help make sure that the work filling the plates of providers and digital health companies is actually advancing their mission instead of distracting from it. Make sure to schedule a demo here to check out Medallion in action.
