CLARK, N.J., June 19, 2008 – DB Technology, a recognized leader in automated information and report distribution solutions, today announced results from an audit which it conducted to measure how much its healthcare customers can save on average with the use of its innovative Report Automation System (RAS) software technology. DB Technology compiled data from a variety of studies including Gartner and PricewaterhouseCoopers and created an internal audit designed to help their clients quantify the actual cost savings using the RAS software platform.
For example, DB Technology estimates that the cost savings to a 200-bed healthcare facility is $1.2 million within the first year alone after the installation of the RAS system. This represents a 25 percent cost reduction just within the first twelve months. Over a five year period, that same hospital could realize savings of $4 million.
DB Technology has an established history of working with the healthcare industry and understands first hand how difficult it can be to not only integrate data across disparate systems, but how to then allow these documents to be easily accessed by the right individuals within the right departments. It’s a story that repeats itself on a daily basis and continues to plague the business world: how do you minimize paper trails, shorten accounting cycles and streamline operations?
DB Technology undertook a study of its healthcare clients to gauge just how effective an automated software solution can be in streamlining back office processes including paper usage and onsite file data storage. The company’s software modules which include RAS and its related imaging component known as RASi, have been utilized by a host of healthcare facilities in search of streamlining costs and optimizing back office processes.
“Our approach to solving the ‘paper silo’ issue has been to create a common ground where data from a variety of systems in a variety of formats can be seamlessly integrated to produce meaningful results that can be used by management to make solid business decisions,” said David Wechsler, president and CEO of DB Technology. “RAS effectively enables organizations to maximize corporate revenue by decreasing costs associated with the myriad of paper-oriented revenue cycle processes. When you add the imaging component, RASi, the financial gains are even more astounding.”
DB Technology studied data from its healthcare clients and began to look closely at elements that could be measured – tangibles where the implementation of RAS and RASi had a direct impact on the bottom line. Utilizing data from Gartner, PricewaterhouseCoopers, the State of Wisconsin, as well as the American Journal of Medicine and Healthcare Financial Management, the software company designed a series of strategic planning assumptions for healthcare facilities. The company created scenarios for 100, 200, 400 and 600-bed hospitals utilizing certain criteria to ascertain on average how much a hospital could anticipate saving on a yearly basis.
DB Technology made certain cost assumptions, including the percentage of misfiled or lost documents, the time it takes to pull a chart from storage, the percentage of charts needed to be photocopied for release of information processes, annual paper and printing costs, labor costs for assembling, retrieving, photocopying and re-keying data and data file storage costs.
The company’s flagship software solution provides healthcare organizations big and small, the ability to easily unify, search and gain value from documents stored across any and all disparate sources. And now, these hospitals can put a quantifiable figure with just how much they are saving.
With the RAS software along with its host of customizable modules, hospitals and healthcare facilities can benefit from improved revenue cycles that come with increased efficiencies. DB Technology researched the impact that RASi, the imaging component of RAS, had on a hospital’s bottom line. RASi is used to facilitate document management and workflow in a variety of settings including accounting, remittance and other back office processes as well as for purchasing and patient registration.
Figure 1 represents the estimated cost savings for paper, labor, supplies and file storage for a 200-bed hospital using RAS and RASi over a twelve month period.
Figure 1. Estimated First Year Cost Savings with RAS and RASi
“In the back office, there are three main cost centers that are the nemesis to many a CFO,” said Wechsler. “These are costs for labor, paper and printing, physical storage of data files – everything from patient registration to remittance information – someone has to process this material, sift through the files to find the information and then copy it for the appropriate departments who need access to the data,” he added.
“With RASi, we not only simplify the document management process, but we actually enable hospitals to realize dramatic cost savings upwards of hundreds of thousands of dollars in the course of a few years, across any and all disparate sources,” noted Wechsler. “We have the capabilities to help organizations across a host of industries leverage existing information in a painless, efficient manner,” he added.
Figure 2 illustrates the estimated annual savings that a healthcare facility can realize over a five year period with the use of RASi.
Figure 2. Estimated Annual Savings Over Five Years with RASi
The company’s flagship product offering, RAS is a suite of scalable and flexible automation modules, enabling corporations to easily streamline and manage the paper cycle. RAS automatically transforms data into actionable information by capturing data from any application without the use of interfaces. Once captured the information is easily searched and retrieved in a secure environment. RASi, which adds a scanning component to the platform, automatically captures and organizes valuable information and converts it into digital format, which is easier to manage and distribute.
DB Technology’s latest version of the RAS software, RAS 3.28, is designed to address the critical function of financial and operational information capture and report distribution, which in hospitals spans everything from patient registration to remittance. RASi complements RAS with document imaging and scanning capabilities that manages electronic and hardcopy patient accounting and clinical reports and documents from disparate systems. The information is stored in an electronic patient folder (EPF) for easy retrieval and distribution.
A new feature of RAS is the RAS eForms module which eliminates the need for pre-printed forms and the stacks of paper on which they are created. RAS eForms can create bar-coded forms, including patient ID bands, making it easy to keep all actionable data in one electronic patient folder, eliminating many manual processes. < The RAS software suite easily integrates with leading healthcare and financial information systems including Epic, Cerner, Siemens, MEDITECH, McKesson, QuadraMed, PeopleSoft, and Lawson.