Success Story: How UF Health tackled analytics challenges to improve revenue cycle efficiency
A significant amount of waste and financial loss within healthcare organizations can be attributed to inefficiencies within daily processes and programs. Realizing room for increased productivity within their revenue cycle management, University of Florida (UF) Health partnered with MedeAnalytics to catalyze change.
The Challenge
Two not-for-profit hospitals – UF Health Leesburg and UF Health The Villages – were renowned for their clinical procedures and outcomes, but struggled with unacceptably high denial rates, unreliable analytics and reporting, and very time-consuming A/R recovery processes.
The Solution
MedeAnalytics’ actionable, insights-driven and user-friendly revenue management platform catalyzed significant improvements in analytics and reporting capabilities, including:
- Real-time insights into important RCM opportunities
- Accelerated A/R recovery
- Clear A/R and denials trends, drill downs and causal analyses
- Proactive monitoring and optimization of A/R and denials
UF Health management also gained visibility into staff productivity and efficiency, as well as access to role-based, actionable reports and dashboards (enabling quick decision-making).
Measurable Impact
- 23% Reduction in Overall Avg Aging A/R
- 34% Increase in Average # of Accounts Worked
- 38% Increase in Overall Monthly A/R Recovery
- 100% Reduction in Write-offs as % of Net Patient Revenue
“MedeAnalytics’ self-service Revenue Cycle Management (RCM) offered the valuable tools and capabilities we needed to start making meaningful change. In less than six months, we saw significant advancements in A/R recovery, reduction in denials, and gains in revenue cycle staff productivity.”
– Leanzy Bailey, Corporate Manager of Denials and Audits
Watch the webinar to hear more from UF Health:
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...