Hospitals can adopt these tips when managing large amounts of clinical, administrative, and financial data.
No one enters a union willingly without having great expectations for its success.
Hospital and health system mergers and acquisitions (M&A) have increased significantly in the past decade, with buyers and sellers looking for operational, strategic and financial benefits.
A common use of a M&A-derived capital is the purchase of new health information technology (HIT). But before hospitals can reap the benefits of new HIT, they have to figure out how to manage the data they are acquiring-in essence, a complex array of active and legacy clinical, administrative, and financial data.
Unfortunately, data management is not usually high on everyone’s list as they negotiate and work through the conditions of an M&A transitional service agreement. As a result, the situation can be frustrating, including unrealistic expectations, costly deadline extensions and sullied reputations.
Optimally and compliantly managing active and legacy data transfer comes down to knowing what, when and how to archive, as well as setting realistic expectations from the start.
What and when to archive
It’s best to map out which area of the organization will be most impacted by the system you are archiving: clinical, financial or perhaps a mix of revenue cycle and financial. Decide which data is worth unlocking and transferring to a proprietary system, and which can remain live as is, and when.
When it comes to revenue cycle systems, some organizations expect to go live on their new system and quickly archive old revenue cycle data. However, fresh collectives will be stuck in archives instead of being available in a legacy system for further run downs. This has been known to create a revenue hit. By properly analyzing use cases and the level of functionality needed, hospitals can find that accounts receivable sweet spot.
How to archive
Here are some tips on how to archive, based on lessons from the field:
Set realistic expectations
A successful transition benefits not only the buyer but the seller. Sellers have to provide data and might face challenges or need to do the work twice if data appears to be incorrect, incomplete or in an unusable format. Proper planning and processes will help prevent major issues and keep the seller’s compliance record and reputation intact. Specifically:
Lastly, get help from a professional. A consultant or healthcare contract expert can work with the archiving team to develop the most efficient approach and help make this a better and more successful experience and union for all.
Shelly Disser is vice president of solution delivery at MediQuant-offering her expertise in management, data strategy, and analysis.