July 1, 2014

What is Driving the Need for Data Analytics?

According to Julie Corcoran, principal consultant at Hayes Management Consulting, “Some of the major driving forces behind stress at the hospital’s C-Suite level are that there are so many competing high priority projects right now. They are focusing on ICD-10, meaningful use, clinical documentation education, reducing reimbursement, market changes — there’s never been a greater time of transformation in healthcare. That, in and of itself, is a huge challenge.”

This “huge challenge” has increased the level of risk healthcare providers have been forced to take. As a result, they need to have a sound revenue cycle strategy in place to ensure these risks don’t cripple them. Today’s health- care provider needs to squeeze every penny it can out of its revenue cycle, identifying vulnerabilities that can lead to lost income — from coding and documentation discrepancies to patient payment trends.

Moreover, providers need to be able to isolate, address, and correct these issues in order to optimize revenue generation and minimize loss. Today’s data analytics technology is an ideal way to arm providers with the actionable information needed to orchestrate positive change. These tools help providers better visualize their revenue vulnerabilities so they can quickly take corrective action.

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