As healthcare organizations track towards value-based reimbursement models, analytics will continue to play an important role to keep them financially viable. However, many healthcare organizations struggle to make the most of their data and tackle revenue cycle management (RCM).
We recently spoke with Tom Schaal, director of product management at MedeAnalytics, to gather insight on how healthcare organizations can master RCM through their available data. Below are his tips:
1. What end goals should healthcare organizations keep in mind when addressing RCM?
Tom Schaal (TS): Ultimately, the end goal in RCM is working smarter, not harder. Hospital staffs are routinely stretched thin. Intelligently designed analytical tools can be used to highlight opportunities and outliers, and focus staff attention to the most impactful workflow and resolution strategies.
2. Data can be overwhelming – what are the top focus areas for healthcare organizations?
TS: Having access to data is not in and of itself meaningful. In fact, it is oftentimes overwhelming. Organizations need to focus on key objectives that are most important and pressing. Leveraging analytical tools that are easy to use and configure to meet specific business and clinical objectives is key.
3. How can healthcare organizations implement, align and strategize around data?
TS: The key here is transparency. Typically, healthcare organizations use different tools across different teams that make it incredibly difficult for any organization to land on a single source of truth. The value of this central source of easily accessible data that people within the organization trust cannot be understated. It’s a game-changer.
To learn more about how MedeAnalytics can help improve your RCM strategy, visit our Business Office solution page. You can also visit Becker’s Hospitals Review to see Tom’s first tip.
Get our take on industry trends
Using data analytics to combat the maternal health crisis
With most pregnancy-related deaths being considered preventable, why is the United States facing a maternal health crisis? The country’s maternal mortality rate is the highest of any developed nation in the world and more than double the rate of peer countries.
Read on...Q&A with Dr. Lyle Berkowitz: Diving into the future of AI, analytics and precision medicine
Estimated reading time: 4 minutes After an excellent keynote session led by Dr. Lyle Berkowitz at our 2022 Impact Summit…
Read on...The missing piece to your Population Health strategy: A prescription for maximizing pharmacy data
The healthcare industry is swimming in data; sometimes organizations can even feel like they are drowning in available information. To…
Read on...Data, analytics and AI-enabled healthcare: Four key takeaways from the IS22 keynote
The 2022 Impact Summit (IS22) was outstanding for a plethora of reasons—and Dr. Lyle Berkowitz is foremost among them. For this year’s keynote, Lyle…
Read on...