Using Analytic Solutions to Fix Revenue Cycle Weakness
As healthcare continues to move from fee-based services to value based services we must understand the total cost associated with caring for individuals and communities. Our goal is to help you deliver quality care that is aimed at achieving the best possible health and realizing financial results driven by exceptional patient outcome. Below is a brief overview of how revenue cycle analytics can help fix those gaps in your revenue cycle management.
What is Revenue Cycle Analytics?
Revenue cycle analytics is an approach to value analysis, which includes all aspects of patient care – from supplies and equipment, to services, care and outcomes. Our approach includes integrated teams, comprehensive scope, and strategic planning framework to best optimize your business to care for your patients in a cost-effective manner. Healthcare revenue cycle analytics is a holistic way to see total spend across all categories – not compartmentalized spending that only affects one or two areas. Your teams need access to all spend data in order to have a full picture of cost and develop strategies to contain clinical and non-clinical expenses.
Despite their stated need for revenue cycle analytics, 7% of the CFO’s surveyed stated they still had no plans to use predictive revenue cycle analytics in the future.
How Can Data Analytics Be Used To Assist in the Revenue Cycle Process?
Revenue cycle analytics can help you reclaim profits and drive costs down. Many healthcare organizations are unable to track where every dollar of their services is going. In looking at the entire spend – from the top down – are you able to view the initiatives that work together to give you a true cost analysis of your practice?
Most healthcare CFO’s anticipate dedicating 10% or more of their technology budgets to predictive RCM analytics by 2020. Overall, 77% of health provider systems believe their staff lacks the appropriate skills to analyze large data sets or use sophisticated, predictive modeling solutions.
"As fiscal pressures continue to build across the health care industry and as value-based care payment initiatives slowly simmer, health care organizations are recognizing the need for employing a robust data analytics program to pinpoint revenue cycle inefficiencies," said Doug Brown, President of Black Book.
We understand many health systems are not equipped to adapt to the new landscape of value-based care. As a result healthcare providers spend significant resources trying to collect payments using outdated and manual processes. ImagineIntelligenceTM offers real time analytics that can help health care organizations make more informed decisions regarding business models and monitor the strength of the organization – all under one dashboard.
“With patient liability increasing five times faster than overall reimbursement, some health systems are not equipped to adapt to this trend and disparate data sources and the lack of internal analytics skills are immobilizing some providers” states Brown. "Predictive analytics is a game changer in healthcare revenue cycle performance because it can be used to forecast revenue and correct issues that impact revenue before they occur.”
Get in touch with us for a full analysis of your current system to see how ImagineSoftware can increase your bottom line, decrease denials and bring your organization to the next level.