Do you know what “nephelococcygia*” means? Or which insect shorted out an early supercomputer to inspire the term “computer bug?**” These are just a few of the million-dollar questions from “Who Wants to Be a Millionaire?” and believe it or not, only a dozen people have chosen the correct final answer to take home the coveted prize on the U.S. version of the game show since its 1999 premier.
But when the questions get tough and the answers are more difficult to determine, contestants are offered the option to phone a friend, ask the audience, or eliminate half of the answers to help increase their odds of winning.
Fortunately, there’s no need to take a 50:50 gamble with your revenue cycle.
That’s because advanced healthcare data analytics can provide actionable insight and provide your organization the answers it needs to identify missed areas of revenue, control overhead costs and increase your bottom line.
So what should you look for when it comes to a strong analytics solution? For starters, you’ll need:
- A dashboard that serves as mission control, highlighting meaningful KPIs such as first-pass, denial and rejection rates.
- Interactive reports that allow you to filter data in a variety of ways and drill down to the claims level.
- Peer-based benchmarks that enable you to compare your organization’s performance in critical KPI areas against your peers.
At Waystar, we love helping you find the best answers to those tough, “million-dollar” questions. Check out our slide share “Developing Criteria for a Data Analytics Solution: Five Crucial Elements” to learn more about what you should look for in a data analytics partner and best practices to achieve big, small and continuous wins that’ll have your teams saying “show me the money!”
*Nephelococcygia is the practice of finding shapes in clouds
** A moth