contract analytics software

Data analytics and contract management

Data analytics plays a direct role in increasing the efficiency and effectiveness of contract management within a health care organization. This was outlined last month in an nThrive-hosted educational webinar featuring guest speaker Andy Weddle, vice president of revenue cycle at Sentara Healthcare. He shared that contract analytics is enabling Sentara Healthcare to actively work on transforming care and enhancing the customer experience. To view the on-demand recording, click here.

Sentara Healthcare has been using data and analytics for more than 20 years. In the webcast, Weddle shared the positive results Sentara has experienced from infusing data and analytics into their revenue cycle operations, specificaly contract management. He explained that changes in the health care industry and corporate culture continue to drive Sentara to focus on data to inform strategy and course correction instead of anecdotal insight.

The value of revenue cycle data analytics

Data analytics delivers deep visibility into payment methodologies and operations necessary to effectively evaluate and recommend improvement opportunities that lead to cost savings. It provides the structure from which organizations can measure, identify and continuously improve contract management operations. Analytics is what empowers your data to work for your organization. Weddle summarized the value of analytics best when he stated, “More data equals more opportunity.”

For Sentara Healthcare, data analytics has provided broader and deeper insight, and reporting capabilities without the need for additional employee resources. As an example, Weddle explained analytics systematically allows them to evaluate AR performance areas in a timelier manner than before. Now they can go deeper and evaluate discharge, final bill coding, etc. with a faster, more complete resolution turnaround time. In addition, they no longer must pull data from numerous data systems to create and combine reports in Excel to complete the analysis.

Instead, the data from multiple systems is integrated. Reports are created within the contract management tool which increases efficiency, accuracy and allows for the development of more sophisticated reports.

Together with nThrive, Sentara Healthcare developed a comprehensive analytics report to utilize as a benchmark tool to guide their contract management operations. Weddle advised when developing comprehensive analytics reporting it is important to focus on reports that will supply multi-level information and allow deep data analysis from various angles.
 
Sentara Healthcare continues to push the envelope when it comes to infusing data analytics into their organization. They are unlike many health care organizations that often overlook contract analytics as a key source of business intelligence that can inform their financial and operational tactics and strategy. Sentara Healthcare incorporates the data-driven insight gained from analytics with their vast health care expertise to identify opportunities across the organization’s various functions and guide their strategic initiatives.

To learn more about how nThrive’s contract analytics has enhanced Sentara’s contract management operations, view the webcast here.