Harnessing Enterprise Data Analytics for the New Healthcare Economy
In the new healthcare economy, healthcare organizations need a holistic, enterprise-wide view of their businesses. They need valuable data insights to help them tap into cost savings, streamline operations, and ensure quality care. The challenge, however, is that data is often confined to departmental silos or aggregated into data repositories without delivering actionable insights to the decision-makers who need them most.
This white paper outlines best practices that enable healthcare organizations to harness their data to create value in this transformative era of healthcare. We’ll discuss how enterprise analytics is less about the superiority of technology or data aggregation than the ability to create value, accelerate wins, and solve business problems. We’ll show how the healthcare c-suite can devise an analytics strategy built on the meaningful business insights needed to adapt to an evolving healthcare economy. We’ll also examine the healthcare technology ecosystem and identify where the internal IT organization can create value and where specialized analytics providers can lend assistance and expertise.
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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.
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.
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.