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Posts in "revenue-cycle"
  • EPM Series: Providers, Follow these Best Practices to Optimize your Revenue

    October 19, 2017 Editorial Team in FeaturedPerformance ManagementRevenue CycleRevenue Integrity

    With the healthcare industry continuing to shift away from fee-for-service, healthcare organizations still face the challenge of properly tracking all their efforts and ensuring they are being appropriately reimbursed. A recent Healthcare Informatics report noted that:

    “Ongoing changes in both public and private payment are shifting the landscape around revenue cycle management these days, and U.S. physicians and hospitals are facing considerable impacts on their healthcare reimbursement.”

    The report also notes, that healthcare organizations are conducting procedures that are “more complex,” and so are the payments. Now more than ever, organizations need to be laser focused on their billing processes and revenue cycle. The ability to access data is obviously a key factor for success but transforming that data into a strategic plan to tackle revenue remains difficult.

    The challenges around creating plans can come from a lack of leadership accountability, insight into performance metrics, transparency and progress tracking. These factors all play a role in losing sight of tactical actions that drive results. Critical data gets lost in various outlets within the organization which creates a gap between setting goals and achieving them.

    Enter, Enterprise Performance Management, which offers a “closed-loop” system that organizations can use to combine robust data analytics with real-time action planning and progress tracking. Enterprise Performance Management enables organizations to clearly define, track and execute on strategic and operational objectives by empowering employees to track their day-to-day activities with the big-picture strategic plan in mind. For revenue, there are three potential goals to keep in mind:

    1. Increase point-of-service collections - Verify eligibility, confirm demographics and fully understand patient portions after insurance, so your registrars can collect payment prior to service.
    2. Understand denial root causes - Denials come from all parts of the revenue lifecycle. By linking denial trends to their origins, you can resolve errors and oversights that lead to payer rejections and denial write-offs.
    3. Monitor audit risk and reduce take-backs - Improving your financial health isn’t about finding maximum revenue. It’s about finding accurate revenue. By proactively identifying compliance risk areas, you can avoid revenue take-backs and track the audit appeal process.

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  • Looking Ahead: Analytics for Tomorrow’s Healthcare Economy

    June 30, 2017 Editorial Team in FeaturedMedeAnalyticsPayment Reform & Value-Based PurchasingValue-Based Care (VBC)Revenue Cycle

    While there’s still a lot of uncertainty in the healthcare atmosphere, tracking towards value-based care (VBC) will remain an unchanged goal, according to Rick Pollack, president and CEO of the American Hospital Association who spoke at the 18th Annual Citi Not-for-Profit Health Care Investor Conference. Healthcare organizations that are cognizant of this journey to value are beginning to invest more in data analytics to help support them. In fact, by 2021 the healthcare analytics market is projected to reach $24.55 billion according to a Research and Markets report.

    With the continued focus on value, it’s no surprise that at the recent HFMA ANI conference, many speakers on the agenda addressed just that, as well as highlighted the role data and analytics will play. In fact our very own customer, Wise Health System presented on their revenue cycle and compliance analytics partnership. Beyond the fruitful insights provided from the show, we’ve outlined three general themes that are resonating in the healthcare market:  

    • The steps to value – At HFMA ANI topics ranged from finding the path to value to simply growing your value. The topics – like providers’ readiness for the transition– vary widely. According to a HealthLeaders Survey, providers are still in the very early stages of the transition. If they haven’t begun the transition already, the time to start is now. The journey may seem arduous, but with the help of analytics tools, providers can understand where they stand in the process and how best to prepare for the steps ahead.  
    • Reimbursement under value – Providers will need to implement supporting payment programs. In a recent blog post, we outlined how providers feel unprepared for the implementation of programs like MACRA, citing time and complexity as the top concerns. Similarly, some providers may find themselves unaware of the other payment options available. For example, the often-forgotten MIPS-APM track helps physicians shift to VBC without taking on too much financial risk – but this track isn’t as well known, and thus not as frequently utilized. To succeed under value initiatives, providers ultimately need a good understanding of their clinical, financial and operational data. Revenue cycle data analytics helps providers understand these areas, all while minimizing their reimbursement risk.
    • Approaching value holistically, not piece-meal – Take for example quality improvement programs. Hospitals implement these programs hoping to reduce their hospital readmission rates, and in turn save money. However, just implementing one quality program isn’t enough. A new study from the Journal of the American Medical Association shows that quality improvement programs don’t necessarily translate into big financial savings. Providers need to see the entire picture of their organization to pinpoint where revenue improvement opportunities lay. Implementing analytics can help organizations figure out if they’re on track to overall financial value, or not.

    Regardless of the changes and the in-flux state of healthcare now, tracking towards value-based care will remain a constant initiative. Providers must have a holistic view of their enterprise to figure out where they can mitigate risk and optimize value. To learn more about the analytics tools that can support you in your transition to value-based care, visit our solutions page here. If you are interested in learning about additional ways to amplify your analytics journey check out our latest white paper here.

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  • Putting a stop to revenue cycle leaks and tracking towards MACRA goals

    May 30, 2017 Editorial Team in FeaturedRevenue Cycle

    Performance measurement under MACRA has started in 2017, but only one-third (33 percent) of hospital-affiliated physicians have reported feeling prepared for its implementation, according to a recent Black Book Research survey. With several payment pathways to choose from, providers and their physicians have an added layer of complexity around clinical documentation, which increases their reimbursement risk. Though many providers feel strapped for time as more of their attention needs to be spent on properly categorizing claims data, analytics can help those organizations have a better grasp of their revenue cycle, especially as it ties back to value-based care goals.  

    Our very own Tom Schaal, director of product management, recently spoke with Jeff Lagasse at Healthcare Finance News to discuss the common revenue cycle management (RCM) challenges and opportunities as they relate to preparing for MACRA. One such challenge is the lack of time to consider revenue cycle leaks. Schaal shares three key takeaways that can help healthcare organizations have a better grasp of their revenue cycle and measurement:

    • RCM shouldn’t be a second job – However, many times it feels like it. Physicians want to focus on providing the best quality care to their patients. Focusing on the minutia of RCM draws their attention away from their primary job. Technology and data can turn the RCM job into a seamless task that can be incorporated into their everyday workflow.
    • Revenue leakage can happen at any stage of the care continuum – From registration to insurance verification to billing. Data analytics can help you identify where the biggest opportunity for improvement lies. Are patient no-shows causing you to lose money? Data analytics spots these trends and help you course correct the problem (i.e. set up appointment reminders for patients).
    • Physician quality is the biggest opportunity for RCM – As Schaal noted in his interview, “as we look toward patient satisfaction and payment structures around things like lack of readmissions, physician quality really becomes a focal point in terms of maximizing revenue.” Ultimately, physician quality measures are going to be a “cornerstone when it comes to any enterprise's [financial] health,” and data analytics helps physicians make meaningful decisions that will impact their bottom line and future.

    As MACRA moves full steam ahead, providers will need to have a good understanding of their clinical, financial and operational data to succeed. Implementing revenue cycle data analytics helps providers track towards value-based goals, while minimizing their reimbursement risk.

    Check out the full Healthcare Finance News article here. To learn how MedeAnalytics can help providers leverage data to improve their revenue cycle, visit our Revenue Lifecycle page here.

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  • Taking a Look Back - Our Top Webinars From 2016

    January 4, 2017 Editorial Team in Documentation and CodingFeaturedICD-10MedeAnalyticsPayment Reform & Value-Based PurchasingValue-Based Care (VBC)Population HealthRevenue CycleRevenue Integrity

    At MedeAnalytics, we pride ourselves on acting as a resource for the health IT community. From case studies to webinars, we strive to provide our customers and the overall industry with the information they need to excel in the changing healthcare landscape. As we enter 2017, we are taking a look back and counting down our top three webinars from 2016.

    3.)  In third place is ICD-10 Analytics, which offered an overview on how to leverage data from peer organizations to execute CDI strategies. The webinar included insight from Trevor Snow and Adrienne Younger of Ardent Health Services. They both shared Ardent’s success story and explained how they were able to use our Revenue Integrity solution to identify documentation trends, pinpoint and address coding issues and more.

    2.)   In second place is Value-Based Contracting: Ease the Transition to Accountable Care. The November webinar highlighted how St. Joseph Hospital, part of Covenant Health, was able to use our Population Health solution to reduce their employee health plan costs in the first eight months of 2016. It also identified best practices that organizations can follow to efficiently transition to VBC.

    1.) In first place is, Get Big Picture Insight into Your Revenue Cycle, which demonstrated how to leverage analytics to gain insight into the revenue cycle. The webinar highlighted how our customer, West Tennessee Healthcare, took control of their financial operations to improve AR days, reduce bad debt, understand denial root causes and more.

    As we march forward into the New Year, we are excited to continue on as a go-to resource for the health IT community. Make sure to check back weekly for new blogs on pressing healthcare issues and the latest news from MedeAnalytics. 

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  • How West Tennessee Improved its Revenue Cycle with MedeAnalytics

    December 2, 2016 Editorial Team in ComplianceCost Reduction & Process ImprovementFeaturedMedeAnalyticsPatient AccessRevenue CycleRevenue Integrity

    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.

    Check out the full Health Data Management article here. To learn how MedeAnalytics can help providers leverage data to improve their revenue cycle, visit our Revenue Lifecycle page here

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