According to Statistic Brain, 45 percent of Americans usually make New Year’s resolutions. And if it seems too early to think about resolutions, think again! The most effective resolutions result from careful analysis and insight, and what better way to achieve this insight than by reviewing the past year?
As 2016 draws to a close, we’re sharing highlights from all of our 2016 surveys to find trends that can help you set business goals for the upcoming year. For instance, 88 percent of respondents indicate data analytics is extremely or very important for making informed business decisions and 73 percent view it as a high organizational priority—if data analytics isn’t a business priority in 2017, maybe it should be!
Now that the ICD-10 transition is well behind us, more organizations are focusing on analytics—a trend that can propel goals such as decreasing A/R days, increasing patient payments revenue and reducing charge lag. Organizations are also revamping payment processes in an effort to address rising patient financial responsibilities. Here’s what else we found from our 2016 surveys:
- 63 percent of survey respondents say healthcare consumerism is affecting their patients and organizations. Patients are proactively asking about their cost of care and are more involved in decisions about their medical treatment—both factors that make technology to automate patient payment estimations especially important.
- Despite the overwhelming majority of respondents using a data analytics solution who believe it is important, 55 percent of respondents don’t have a data analytics solution in place for revenue cycle improvement (45 percent without one are looking to implement one).
- Organizations with analytics solutions report impressive results: More than 70 percent have improved cash flow and reduced A/R days, and 56 percent have increased revenue by reducing bottlenecks.
- And finally, 63 percent of survey respondents indicate patient payment processes are a high strategic priority. Patient accountability is the greatest challenge, and nearly a third of respondents say they struggle with patients’ inability to pay.
December is a great time to reflect and think about your goals for the upcoming year. In addition to personal resolutions such as eating healthier and hitting the gym more often, what goals can you set for your organization? Knowing what you want to accomplish can enable you to think strategically and determine how you can leverage staff, processes and technology to meet your goals in the new year.