Three Tips to Keep You on Track with Revenue Cycle Management
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
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.