Collaboration leverages data to help healthcare providers improve margins by gaining transparency and actionable insights into direct, controllable costs and revenue
CHICAGO–Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) and healthcare SaaS analytics market leader MedeAnalytics collaborate to create Service Line Data Signs, an easy-to-use analytics solution that allows healthcare providers to proactively monitor, analyze and improve the financial wellbeing of their organization. This joint effort empowers health systems to better understand where their costs can be contained as massive growth in workforce, supply and pharmaceutical costs, fueled by rising inflation and continued staff shortages, are cutting into already thin margins for hospitals across the country.
“One thing missing from our healthcare system reporting was easily accessible cost data associated with our supplies and pharmacy expenses,” said Bob Gongaware, chief financial officer of Indiana Regional Medical Center. “With the help of Service Line Data Signs, we were able to dig deep into our data to identify and prioritize service lines to take action on, and confidently begin to make the changes and decisions necessary to improve our overall profitability and patient quality.”
“With an increased need for more transparency in clinical operations, Baker Tilly and MedeAnalytics have designed a solution to help hospitals and healthcare systems discover, optimize and sustain opportunities for their organization to become financially sustainable,” said Michael Patti, Baker Tilly principal and healthcare practice leader.
Powered by MedeAnalytics, Service Line Data Signs enables providers to drill down into claims and encounter level data grouped by service line to easily pinpoint and target controllable costs and revenue. By allowing data to be viewed at both granular and executive summary levels, leaders can more accurately understand the financial health of their organization and define strategies to align costs to outcomes and reimbursement.
“Too often health systems are working on legacy data that may represent costs which are out-of-date. By enabling access to near real-time data insights and aligning expenses to reimbursement data, providers can improve their operating margins by better understanding their service line profitability, identifying revenue leakage related to current physician ordering patterns, and establishing physician level utilization and benchmark them against their peers to control costs,” said Steve Grieco, chief executive officer of MedeAnalytics. “This exciting innovation with Baker Tilly will have lasting impact for healthcare organizations.”
Service Line Data Signs is a customizable solution that allows providers to access their data in house and on demand or have a Baker Tilly healthcare professional do the heavy lifting of evaluating the data and identifying ways to minimize costs. Learn more about how Baker Tilly’s and MedeAnalytics’ Service Line Data Signs can help healthcare providers on their path to a more financially sustainable future: bakertilly.com/specialties/service-line-data-signs.