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Boosting Revenue through Data Analytics Diagnoses

Today’s patients often arrive at physician appointments with very specific questions, such as: “My anti-depressant makes me sleepy but I’ve read this one won’t. Can I try it?” or “Why do you think I have bursitis rather than arthritis? Here’s a list of arthritis symptoms I’m experiencing.”

Thirty years ago, most patients weren’t armed with such detailed information. What changed? Knowledge. Or more specifically, unprecedented access to health information via the Internet. Similarly, physician practice leaders can now leverage a wealth of data from their HIT systems. Data analytics can uncover and fix problems you didn’t know existed – problems that may be hindering revenue. It can fuel efforts to reduce denials and rejections, identify problematic procedures and services (for instance, the codes prone to reimbursement issues) and improve contract negotiations.

So where do you start? Clearinghouse reports are a good place; they can reveal trends as well as problems. For more data analytics tips, read this Medical Practice Insider article, Three Ways to Boost Revenue with Data Analytics.

Patients’ self-diagnosis can turn a doctor’s hair gray. Practice leaders’ diagnoses of revenue cycle problems, however, is always a great idea. After all, knowledge is power. And if you have all of that power right in front of you, why not use it to boost revenue?

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