Nuance Communications, Inc. (NASDAQ: NUAN), announced today that 11 hospitals have been named Million Dollar Club Winners for 2013, each saving $1 million or more in the last year through improved efficiency of medical transcription and clinical documentation by physicians at the point of care. Banner Health, Seattle Children’s Hospital and Intermountain Health Care are just a few of this year’s winners, joining a total of 56 organizations in the program that have saved the industry more than $240 million using Nuance’s Dragon Medical 360 solutions.
At a time of rapidly-increasing financial pressure when hospital executives are looking to simultaneously cut costs and preserve revenue, these Nuance customers demonstrate the financial impact of improved clinical documentation processes.
Among the 2013 Million Dollar Club Winners are: Banner Health $2.7 million savings; City of Hope $1.4 million savings; Intermountain Health Care $10 million savings; Orlando Health $2.5 million savings; Seattle Children’s $1.5 million savings; Sharp Rees-Stealy Medical Group $1 million savings; UMass Memorial Medical Center $10 million savings; and University of Wisconsin Medical Foundation $1.8 million savings.
Ten of the healthcare providers named Million Dollar Club winners this year used Dragon Medical 360 | eScription to overcome the escalating costs of medical transcription by improving and standardizing the traditional process of transcribing physician notes, generating productivity gains up to 120 percent. As part of a growing trend, several of these organizations also outsourced all or part of their medical transcription to Nuance Transcription Services to better manage fluctuating demand, and focus on larger, strategic priorities, such as ICD-10 readiness, Value-Based Purchasing and computer-assisted clinical documentation improvement and coding.Additionally, Sharp Rees-Stealy Medical Group saved $1 million by enabling physicians to dictate directly into their electronic health record (EHR) using Dragon Medical 360 | Network Edition, eliminating transcription costs and improving the productivity and satisfaction of their physicians. Today providers must not only cut costs, but also ensure they get accurately paid for the level of care they provide. These two priorities converge with physicians at the point of care where the accuracy and completeness of their clinical documentation directly impacts quality, efficiency and financial integrity. Nuance’s Clintegrity 360 is a unique solution that improves the entire process — from the capture of the complete patient record in real-time to clinical documentation improvement, coding, compliance and appropriate reimbursement. “We improved our Case Mix Index 11.6 percent by creating a robust clinical documentation program and emphasizing physician education. Our physicians now understand the correlation between good clinical documentation and severity of illness, and this benefits the physician and the provider,” says Anne Goodwill Pritchett, MPA, FHFMA and vice president of patient financial services at Hackensack University Medical Center. “By creating quality information from the start, online charting and coding will also be better.” “Generating the most complete, accurate, and real-time clinical documentation is critical to healthcare providers as they strive to improve quality of care, financial integrity and compliance,” says Melinda Tully, MSN, CCDS, CDIP, vice president clinical services and education of Nuance. “We have been helping healthcare providers and their physicians improve their clinical documentation for 20 + years so they get accurate information from the start. This attention to documentation detail pays off through clinical documentation integrity, which impacts financial performance.” Learn more:
- When it Comes to ICD-10 Physician Documentation: Collaborate & Educate –Paul Weygandt, MD, JD, MPH, MBA, CCS, vice president of physician services, Nuance.
- Moving to Value: Barnabas Health System’s Journey to Maximize Performance and Payments
- Concurrent Approach to Discharge Summaries Helps Keep RAC Auditors at Bay–Mel Tully, MSN, CCDS, CDIP, vice president clinical services and education, Nuance.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts