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Welcome to the HealthAware Studio, where we are changing behaviors, reinventing care, every day.
Moz Mirbaba: Hello and thank you, my name is Moz Mirbaba and today I am with Greg Gossett, Founder and CEO of HealthAware. For the past 20 years, Greg has been at the forefront of early disease detection and has worked with more than 250 health care systems across the nation.
So Greg, we talked about some of problems that medical groups and hospitals are facing today. Can you explain what you are seeing in the marketplace with how no shows are affecting physicians and medical groups bottom line?
The sad reality is the way most practices deal with this no show rate- is that they overbook. Just like airlines do and hotels, they will oversell their capacity and they’ll expect no shows…and I just think that is an unacceptable practice personally. Let’s assume a physician sees 2000 patients per year and the average reimbursement for those patients is $158 dollars with a 12 % percent No Show Rate. That physician alone is leaving $40,000 dollars in reimbursement on the table. That’s a very conservative estimate that most practices see. So you take a practice of ten physicians that’s almost half million dollars – that they are leaving on the table through No Shows. Investing in real technology that can communicate and help patients comply with their appointments and their care plans is worth a lot of money. And I think it’s in practices best interest to if they work with a vendor to communicate with patients and hold them accountable to self-care and care plans to put an ROI on the table. If we bring you into the mix with our patients, we expect this kind of financial return. That absolutely should be in the conversation throughout the year. So the financial problem is very real and I am glad you asked that.
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