HIMSS18 Series: PHS Shares How to Drive Enterprise ROI at the Largest Health IT Conference
Starting on Monday, March 5 more than 40,000 healthcare industry experts will land in Las Vegas for the HIMSS conference, the largest health IT event in the U.S. There are thousands of speaking sessions and showcases to see that will teach you everything from how to build APIs to making sense of genomics.
We’re especially excited to attend and hear our own MedeAnalytics’ customer, Soyal Momin, Vice President of Data and Analytics at Presbyterian Healthcare Services (PHS), present an educational session at the conference. The session titled, Driving Enterprise ROI by Eliminating Data Silos, will take place from 11:30-12:30 p.m. PT on Tuesday, March 6 at the Venetian Convention Center in Palazzo D. Soyal will address how after three years and many resources invested in an enterprise data warehouse, PHS needed an action plan and analytics solution that could turn raw data into business value. Soyal will discuss how PHS adopted a data-driven culture that allowed the health system to save more than $11 million and outline best practices to achieve this level of success, including:
- Creating business value from enterprise wide data and analytics strategy and execution
- Assembling an infrastructure around people, process and technology to drive a data-driven culture
- Discussing stakeholder buy-in and organizational-wide support by leveraging change management tools and creating a culture of inclusion across the enterprise
Can’t make the session? Make sure to download the presentation and review the materials on your own here. We’ll also be at HIMSS so don’t miss out on a chance to chat with us – you can schedule a meeting with us here. To achieve similar success as PHS, check out our enterprise analytics solution: http://medeanalytics.com/solutions/enterprise-analytics.
CHIME Series: Are You Making the Most of Your Analytics Investment?
This week we are continuing to share our College of Healthcare Information Management Executives (CHIME) survey results with you. The focus is specifically around the question: Do you feel that you have realized the full ROI of your data warehouse and analytics investments? The results were telling – with close to 100 percent responding “no.” The healthcare industry continues to view data and analytics as top priorities to driving change. We have outlined best practices and strategies to ensure healthcare organizations receive the full potential of their IT investments while making strides to maximize value through the improvement of quality care and reduction in costs.
In partnering with our clients, MedeAnalytics works to ensure that the large hospital investment – both from a cost and organizational perspective – is realized. The key to achieving an overall best-practice strategy is to not only take data to insight but also into action. Below are five steps healthcare organizations can do to get their analytics investment on track:
- Identify enterprise champions – They will be the point-people to turn data into change as they will lead the entire organization’s attitude on data governance. Establishing authority will create a trickledown effect ensuring value is tracked and achieved.
- Find value in existing data – Organizations should leverage their core data set and claims data, but also pull in existing ancillary data to have a better understanding of their organization.
- Create a data-driven culture – An analytics department ensures that the entire business is standardizing and handling data consistently, but also encourages the new analytics department to champion a holistic approach towards data management.
- Outline and develop manageable goals – Instead of tackling all problems at once, start small. By setting a goal with real, manageable next steps, the organization can quickly perceive value in an enterprise initiative.
- Train, train, train – Repeated trainings and regular communications ensure long-term success. By holding teams accountable, while empowering them with resources to succeed, data sharing efforts across the enterprise are bound to improve.
An investment in analytics is the first step toward becoming a data-driven healthcare organization; however, the real change comes from leadership and education. To learn more about analytics best practices, download our whitepaper here. For success stories, access our case studies here. If you’re looking for guidance on how to make the most of your analytics investment – make sure to contact us: http://medeanalytics.com/company/contact
How West Tennessee Improved its Revenue Cycle with MedeAnalytics
Last week, Bart Teague, executive financial director of patient financial services at West Tennessee Healthcare, connected with Joe Goedert of Health Data Management. In the article, Tennessee health system seeks revenue cycle improvement, Bart shares insight on how the MedeAnalytics partnership has aided the health system in their efforts to improve their revenue cycle. Bart highlights how analytics has allowed them to do the following:
- Analyze 4,000 record reviews
- Find $3.7 million in refunds owed
- Win $900,000 in payment appeals
He also discusses what the organization hopes to gain through the continued partnership. In particular, West Tennessee plans to leverage MedeAnalytics’ solutions to improve revenue cycle workflows and develop a more centralized process as patients move through the system. Analytics will also allow the organization to assess the process of creating HIPAA transactions and ultimately, improve point of service collections.
How West Tennessee Leverages MedeAnalytics to Gain Big Picture Insight into Its Revenue Cycle
In MedeAnalytics’ recent webinar, “Get Big Picture Insight into Your Revenue Cycle,” we demonstrated our Business Office solution and featured insights from Wade Wright, Executive Director of Patient Financial Services for West Tennessee Healthcare. The organization is a public, not-for-profit, four-hospital health system based in Jackson, Tennessee that covers 17 county service areas. It has a 635 bed hospital, outpatient clinics, 3 medical centers, 20 primary clinics, and 70 physicians and non-physician providers.
During the presentation, Wade shared how his organization uses data analytics to optimize cash flow and improve collections by bringing complex patient accounting data into a unified view. Wade and his team are able to:
- Prioritize accounts and increase cash
- Understand the root causes of denials and bad debt
- Identify self-pay patients’ propensity to pay and reduce the cost to collect
- Leverage self-service analytics to gather meaningful insight
Tips & Tricks to Identify Bottlenecks & Manage Reimbursement in Your Business Office
The healthcare financial landscape is constantly in a state of flux— with ICD-10, fee-for-value reimbursement, and shared accountability payment models contributing to the significant change – but one thing remains the same: uncompensated care is at an all-time high. To help providers navigate their financial health, MedeAnalytics Business Office provides insight into revenue and cost savings opportunities, by bringing complex patient accounting data into a unified view.
Comprised of several financial management tools our Revenue Cycle and Business Office solutions offer data analysis on accounts receivable, denials, bad debt, and payer contracts. Here are the top three tips and tricks you might consider when using the solution: