In healthcare, just like the Stark family motto in Game of Thrones, “winter is coming.” And it doesn’t take binge-watching a full season of Game of Thrones to see that drastic changes in the healthcare revenue cycle are creating new risks that make providers feel like zombie armies are storming the castle. As competing priorities emerge, it’s getting tougher and tougher to find the time and resources to effectively manage today’s revenue cycle processes.
Fortunately, healthcare data analytics and business intelligence (BI) solutions can help organizations get and stay ahead of the coming cold and storms. These solutions can help you closely monitor your revenue cycle and empower your staff to be more efficient. By providing valuable insight, BI tools can help you improve your bottom line, giving you the ability to:
- Correct issues immediately. A robust dashboard can help you keep up-to-minute details on your first-pass rate, denial rate, and charge lag so you can immediately correct issues. By looking at data trends and responding proactively, instead of reactively, your organization will become much more agile and able to preempt issues—often before they occur.
- Drill down into root causes. Interactive reports can help you dig deeper, and filter, sort, and group data to uncover what’s causing issues. Are key hang-ups in your revenue cycle occurring with a specific payer? Does one of your billers have challenges with a specific code? Seeing micro-trends can help alleviate macro issues.
- Dig into claims data. The right data and BI solution will enable you to pinpoint the claims that are troublesome so you can correct and resubmit them, quickly and efficiently. Bonus points of the solutions are that they also scrub and correct claims for you, and help you keep track of claims in every step of the process.
- Benchmark your performance. MACRA and consumerism trends mean that organizations must look beyond their own revenue cycle to remain successful. Comparing how your revenue cycle performs against similar providers is a great way to reveal areas to target for improvement, and can ultimately help you increase reimbursements and patient satisfaction.
Get more analytics insight from our white paper: Using Business Intelligence to Accelerate Your Revenue Cycle. These valuable tips will breathe fire into your revenue cycle and help you drive meaningful change. Spoiler alert: No dragons included.