How West Tennessee Leverages MedeAnalytics to Gain Big Picture Insight into Its Revenue Cycle
In MedeAnalytics’ recent webinar, “Get Big Picture Insight into Your Revenue Cycle,” we demonstrated our Business Office solution and featured insights from Wade Wright, Executive Director of Patient Financial Services for West Tennessee Healthcare. The organization is a public, not-for-profit, four-hospital health system based in Jackson, Tennessee that covers 17 county service areas. It has a 635 bed hospital, outpatient clinics, 3 medical centers, 20 primary clinics, and 70 physicians and non-physician providers.
During the presentation, Wade shared how his organization uses data analytics to optimize cash flow and improve collections by bringing complex patient accounting data into a unified view. Wade and his team are able to:
- Prioritize accounts and increase cash
- Understand the root causes of denials and bad debt
- Identify self-pay patients’ propensity to pay and reduce the cost to collect
- Leverage self-service analytics to gather meaningful insight
Put simply, data is better than “going by your gut.” Until you really work with data, and understand what is going on, it is difficult to gain insight into trends.
Some of West Tennessee’s specific results and benefits include:
- At Jackson-Madison County General Hospital, billed account receivable dropped $34.9 million for a reduction of 15.2% in four months
- Bad debt to charity ratio dropped from a high of 3:1 to 1:1 and has remained consistent since February 2016
- West Tennessee improved business office efficiency while proactively reducing denials and bad debt, which ultimately helped them achieve a centralized financial clearing center and meaningful, self-service data analysis
To get the full details on West Tennessee Healthcare’s journey to revenue cycle success, download the webinar here. You can also check out our revenue cycle best practices blogs here.
Get our take on industry trends
Crystal ball not necessary: predictive analytics helps health systems reduce denials
The idea of having a crystal ball to better understand what claims will be denied is an awesome concept. But one we can’t rely on. Thankfully, we have predictive analytics to take the place of a crystal ball.
Read on...
How did we get here? Hospital analytics and the new normal
I have heard the word “unprecedented” so many times in 2020 that it has lost its significance; many of us have become desensitized to the extraordinary changes in the world this year.
Read on...
How to help employer groups plan in a time of uncertainty
Employers and their sponsored health plans are thinking about next year’s benefit designs with a significant challenge not seen before: the effect of the coronavirus pandemic. There are important considerations to take into account before making any decisions about new or existing coverage. Becky Niehus, a director of Product Consulting at MedeAnalytics, explores these new issues and what employers can do to ensure employees are “covered.”
Read on...
Healthcare’s return to “normal” after COVID-19: Is it possible?
As providers determine how to get patients to return to facilities for routine disease management and preventive screenings, opportunities are ripe for the application of analytics to triage at the right time to the right setting. Data related to COVID-19 will continue to flow rapidly, but there are possibly more questions than answers now about a return to “normal.”
Read on...