Innovaccer aims to ramp up hiring across India

Healthcare has troves of information on our health locked in electronic silos. Innovaccer want to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability.

Now more than ever, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness. We are the missing link in healthcare technology.

Innovaccer has announced that it'll be utilising recently raised funds to scale hiring efforts across the nation. With a sound leadership and world-class engineering, Innovaccer is building the future of healthcare, the company said. Citing dramatic growth since its founding, the latest entrant to the Unicorn club forecasts a 5 year CAGR of over 100% by the end of 2021.

There are certain large scale providers are consistently struggling with:

• Network leakage – 10–20% out-of-network leakage
• Missing specialist details – 87% of out-of-network referrals are due to a lack of specialist details
• Patient unaware of referral status – 46% of faxed referrals never result in a scheduled appointment
• Incomplete referral loops – 40% of patients that follow through with appointments don't inform their PCP

As a result, many of our existing customers expressed interest in a solution that can improve the referral flow, reduce leakage, and enhance the physician and patient experience. Our Referral Management solution is an important step in that direction. The Solution is key for the larger provider networks that employ multiple physicians and a central referral team (CRT) that processes and transmits all the referrals in a centralized fashion.

Business Outcomes

Health systems typically have two primary business outcomes they are looking to drive through a referral management solution:

1. For at-risk patients – preventing out-of-network referrals (leakage) to avoid losing control over care provided to the attributed patient, given they are on the hook for costs and quality for the entire attributed population, which impacts TCOC / shared savings. If there is a P4P arrangement, a health system might also be worried about the loss of revenue from patients leaving the system.
2. For FFS (Fee-for-Service) patients – streamlining patient acquisition through PCPs for specialist visits, associated diagnostics, inpatient admissions, and other downstream revenue opportunities and proactively monitoring referral leakage from the PCPs to engage them in minimizing revenue leakage.

Going forward, by the the end of last year, we started building the MVP of our Referral Management solution with a solution for the CRT. A new cross-functional team was formed to develop and deliver an efficient CRT solution for our keystone customers.