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
Combating the opioid epidemic in North America with Nobel Prize winning research
American Researchers Dr. David Julius and Dr. Ardem Patapoutian from California were awarded the Nobel Prize in medicine for their path breaking work on the development of non-opioid painkillers, showing immense promise for combating the epidemic.
Why managed Medicaid/Medicare health plans need analytics to improve outcomes
Managed care organizations that provide healthcare services to Medicare/Medicaid members are dedicated to improving the health and wellness of these underserved populations, especially those living in rural areas.
Using consumer analytics to steer health-related decisions
Companies tap into what people like to eat and drink, how we purchase consumables, where we like to shop, what shows we might like to stream, whether we vote, and so on. If you have ever created a profile on a streaming application (think Netflix or Amazon), you will receive recommended books, movies and other items just as soon as you start surfing.
Run: Bringing Data Science into your Organization
In this three-part series, we’ve been detailing a tiered approach to introducing and incorporating data science into your organization. In Part One: Crawl and Part Two: Walk, we discussed how to get started from scratch and start building out a dedicated data science program. Today, we’ll dive into the third and final phase to see how to grow quality, centralize governance, incorporate user feedback, and more.