Investing in a holistic healthcare revenue cycle analytics solution isn’t just about pretty dashboards and comprehensive reports, it’s about buying improvement. Today’s hospital administrator needs to “see” where breakdowns and disconnects occur throughout the revenue cycle, enabling course corrections to better manage healthcare operations. With the average hospital margin at 6.4 percent and 30 percent of hospitals operating with a negative margin1, having a window into what is going on across the revenue cycle is fundamental to reducing cost-to-collect, improving revenue yield and more.
Of course, gaining this level of insight has traditionally been akin to finding the Holy Grail. Most administrators still struggle to make sense of reports from multiple data sources, manually attempting to connect the dots. Missing or outdated information can invariably thwart the best efforts, making effective decision-making next to impossible.
Furthermore, the latest healthcare data collection and analysis best practices move beyond the map keys and look at control points or “switches” across the revenue cycle process. This can be overwhelming when mapping out all of the places to measure and track, often resulting in missed opportunities and costly, long-term initiatives.
Leveraging the power of automated healthcare revenue cycle analytics greatly improves this otherwise cumbersome, ineffective process. Centralizing data, bringing clarity to it, identifying opportunities and managing controls ensures the kind of performance improvements administrators need for business success.
Creating a single source of truth
Some analytics solutions require healthcare organizations to feed vendors data, often tying up hospital resources to write queries, package and send data, set up data pools and the like. nThrive’s automated approach pulls acute and ambulatory operational and financial data directly from multiple data sources and formats. This turn-key data extraction both frees up internal IT resources and results in higher data quality, especially when information is transferred and tuned to specific requirements.
As a technology player, we’ve derived this approach from running revenue cycle management operations for some of the largest medical organizations in the country. Working side-by-side, we’ve baked in subject matter expertise and best practices, enabling visibility to isolate and define opportunities and interventions, identify trends and root causes, and drive increased revenue performance throughout the continuum of care.
Clients tell us, “We now have a central source of truth to monitor our revenue cycle performance. Our colleagues throughout the revenue cycle are speaking the same language, unifying their approach toward continuous improvement.”
Meeting you where you are
Despite some overlap with high-level themes, we’ve learned that most hospitals and healthcare organizations have different strategies, health solutions and missions, and are therefore struggling with different challenges. It is essential to meet these organizations where they are, scaling capabilities to include as much or as little revenue cycle analytics power as needed.
An initial analysis may be the answer for those that want a snapshot on where they are, diagnosing key areas for improvement and helping to define actionable interventions. Others may want end-to-end monitoring and operational analytics tuned to a catalog of 250+ metrics across the revenue cycle.
Our nThrive Revenue Cycle Analyzer Analytics solution also enables users to integrate our industry-leading suite of nThrive technology solutions, which include Patient Access, Contract Management, Claims Management and Collections Management.
nThrive clients who have deployed nThrive Revenue Cycle Analyzer across their revenue cycle have demonstrated dramatic results. For instance, one organization improved collections 9.7 percent, bringing in $17 million in just 12 months. Another reduced pre-AR/DNFB from $14 million in work queues to $5.5 million. Clients also report reduced reporting costs in the range of 15-20 percent, related to assembling data, generating reports and analyzing impacts.
Ready to see your revenue cycle through a fresh lens?
1American Hospital Association, May 12, 2016