Boost Self-Pay Collections with Health Data Analytics
One of the biggest challenges facing hospital financial executives is formulating a self-pay revenue cycle strategy. This is particularly true given the far-reaching effects of the Affordable Care Act. The self-pay patient population has changed. Although fewer patients are now uninsured, high deductibles and other out-of-pocket expenses leave hospitals with rising self-pay receivables.
In this webinar, MedeAnalytics will show how data insight and predictive modeling can determine the propensity to pay, identify charity care, establish a financial counseling workflow, and prioritize collections efforts. Patient data including payment history, federal poverty level, Medicaid eligibility, credit score, and more combine to give hospitals the power to improve collections and reduce the cost to collect.
Patient Access provides critical real-time analytics information during the patient registration and payment clearance processes. With intuitive dashboards and simple step-by-step checklists, front office staff are able to accurately estimate patient cost, improving pre-service collections and reducing back end denials.
The powerful Population Health analytics tool provides unmatched insight into understanding high-risk patient populations. By aggregating data on costs, quality and efficiency measures across multiple sources, it proactively identifies gaps in care and segments at-risk populations, cutting clinical costs and ensuring viability in a fee-for-quality system.
To ensure your financial viability, you need insight into the revenue cycle so you can boost cash collections, reduce bad debt, stop denials, enhance productivity, and guide business strategy. Business Office provides the analytics you need to identify revenue bottlenecks and manage reimbursement trends so you can focus your resources on what matters most: providing quality patient care.
Healthcare reimbursement is changing. By 2020, fee-for-value reimbursement is projected to represent 83% of your revenue—up from 43% today and 14% in 2010. Clinical operations will become vital to your bottom line. It is at the mid-cycle—the point between patient access and the business office—where improvement initiatives will have the greatest impact. Revenue Integrity gives you complete visibility into documentation and coding performance—and that of your peers. So you can quickly spot opportunities to improve revenue capture, minimize audit risk, and measure and monitor the impact of ICD-10 on your revenue.