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
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