Transform Revenue Cycle Management with Advanced, Self-Service Analytics
The healthcare industry is in a state of transformation. New reimbursement models, tighter regulations, and coding changes like ICD-10 are changing the healthcare financial landscape. Studies show that financial viability continues to be a significant concern for healthcare CEOs.
What can revenue cycle managers do to improve their financial position in a tumultuous healthcare environment? The answers to hospitals’ financial woes lie in their data. McKinsey & Company estimates that the healthcare industry could potentially realize $300 billion in annual value by leveraging big data.
Electronic health information systems are designed to capture and operationalize a broad range of clinical and financial data. To capitalize on their EHR investments, however, more and more hospital systems are looking for a solution that will turn that data into meaningful information that can be used to guide their business decisions. The data insight required to ensure a healthcare system’s financial viability is only available through dynamic, end-to-end financial analytics.
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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.
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.